Home sales in the Austin area dipped from a 7% increase over the prior year in January to only 1% increase in February. Some Austin news headlines are taking this stat to indicate maybe the market is turning a bit.
Obviously the home sales statistic is noteworthy, yet should not be cause for alarm for a market downturn.
2016 was a record year for home sales in Austin. So a smaller increase in the number of homes sold does not mean that the market is softening. The median sales price is still up 7% from this past year and the number of days a home is on the market is down, which are key indicators of market strength.
These stats echo the themes that we've been seeing for the past few months - homes are still selling for top-dollar, yet buyers are value-seekers and are only buying homes in which they see value. The combination of price, condition and location is still extremely critical for success in selling. We have a 3 step system for giving our clients the best chance to sell their home for top-dollar in less time.
Check out this infograph below from Austin Board of Realtors with key stats on the market.
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