Spring has sprung 🌷 Flowers are in full bloom, and so is the real estate market! Homes are moving fast, so we're here to get you up to speed on the market statistics and share what to expect as the market heats up. Cheers to the spring and it being a great time to buy & sell homes!
April 2018 Market Report:
There were a total of 2,611 single-family homes sold in the Austin-area in April, which is 4% more units sold than April 2017. However, an even more dramatic of change from this time last year is that the total dollar volume of single-family homes sold is up 14% to $1.1 billion in the Austin-area.
So where is this big jump in volume coming from? Our best bet is that the strong demand for housing is forcing buyers to pay a premium for homes & that increase in sales price is primarily contributing to the larger sales volume.
The median home price is up 4% from April 2017 to $316,000. Not to mention, inventory has decreased .2 months from this time last year to 2.4 months. Keep in mind 6.5 months of inventory on the market is a "balanced market" meaning it's neither a "buyer's" nor a "seller's" market.
What does this mean?
Mark Sprague, state director of information capital for Independence Title, says that while “the desire to live in the city of Austin continues to drive home sales,” housing inventory is low at all price points. "As a result, we’re seeing locals purchase more homes in the suburbs. However, the real estate landscape continues to be strong compared to most major cities in the country.”
New listings (new homes for sale) are up 6% at 4,139. Pending sales (homes under contract) are up a whole 14% at 3,320. At the same time, Active listings (homes still for sale) are down 3% at 6,154.
What does this mean?
Steve Crorey, ABoR President, says, “While new listings are up year-over-year, homes are selling faster than they can be listed on the market. This has led to a smaller number of active listings and an increasingly competitive market for homebuyers.”
Now we know you're thinking, “What can I do to get in on some of these top-dollar home sales??”
Bottom line: If you're thinking about selling your house or buying a new home, now is the time to do both!
So what are you waiting for?
P.S. We’re booking appointments right now for anyone looking to make a move this year, so be sure to reserve a spot on our calendar HERE as soon as possible. Spots fill up FAST, and we're ready to help you save money now!