December 2019 WAP Market Report
December 18, 2019 by wampadmin · Leave a Comment
West Austin Properties Market Report for December 2019
1) 9% more homes sold last month, than one years ago. Most ever for Austin November sales. Compared to 5 years ago, total sales are up 27%
2) 9% more homes are Pending, compared to one year ago. Compared to 5 years ago, current Pendings are up 26%
3) 10% less homes are for sale compared to one year ago. The number of homes for sale compared to prior years had been increasing each month until May 2019. Since May 2019 the number of homes for sale have been below 2018 and 2019.
4) Average homes sold prices have risen 4.2% in the last year. Median homes sold prices have seen a slight decline of .8% from one year ago.
5) Average days on market for homes sold in November was 59 days. One year ago the average days on market was 61 days.
6) Today there are 2.6 Months of Inventory, defined as an Extreme Seller’s Market. One year ago there were 3.2 Months of Inventory , defined as a Normal Buyer’s Market.
Austin Real Estate Market Report for January 2018
January 23, 2018 by Laura Duggan · Leave a Comment
December saw a significant increase in home sales, 2693 homes sold, a 26% increase from last December! We think Hurricane Harvey, the California fires, a rising interest rates and perhaps the tax bill contributed to the rise. We had buyers coming to Austin from both the Houston area hit by the hurricane and from California where one family lost everything. Thankfully, inventory is also up so we had good Austin properties to show them.
To Summarize:
Currently Pendings are lower than the last two years.
It is an Extreme Seller’s Market for homes priced under $500,000. This is 72% of the homes for sale.
Of homes prices above $2M, only 9 homes sold in December out of 192 homes on the market. Of the 4 that sold over $3M, the sales price was only 73% of the asking price.
There are currently more homes for sale in January, 5,967, than the previous 5 years. There are 11% more homes for sale than last January.
Overall the Austin market has 2.43 Months of Inventory, the lowest of any December in the last 7 years.
The average sales price for a home in Austin, $376,185, was an increase of 3.4% from one year ago. The prior year also saw an increase of 3.4%
The median sales price for a home in Austin, $310,000, was an increase of 6.9% from one year ago. The prior year saw an increase of 5.6%
Conclusion: The Austin market remains strong. Demand overall is high and homes for sale have increased. The only weakness in the Austin market are the homes priced over $2M.
See the entire market report where we break down the statistics by price band and zip code.
Housing Market Normalizes in Austin Area
November 17, 2017 by Laura Duggan · Leave a Comment
For the first time in 5 years the OVERALL Austin market has moved from an Extreme Seller’s Market (less than 3 months of inventory) to a Normal Seller’s Market (3 to 6 months of inventory).
The reason for the movement is the increase in inventory. There are more homes for sale now this November than in any time in the last 6 years. There are 21.31% more homes for sale now than one year ago.
Demand, the number of homes sold in October, is nearly identical this year to the last three years. Pending sales, homes under contract but not yet closed, are nearly identical to last year. Demand is staying steady. However with more inventory, the average number of days to sell a home is 8 days longer than a year ago, now at 53 days.
The above are overall averages. Market conditions are different by Price Band, Zip Code and Neighborhood. For instance homes valued over $2M are in an Extreme Buyer’s Market while homes valued under $300K are in an Extreme Seller’s Market. The following Zip Codes are still in an Extreme Seller’s Market: 78705, 78727, 78730,78739,78749,78750 and 78759
Historically, the total number of homes sales declines during the holidays and through November, December and January. Sales begin to increase in February. (February sales are the result of homes going under contract in January.)
If you want to sell your home, you should use this time to get it ready for a January listing. We have a designer on staff along with a great work crew that can help you get your home ready.
Submitted by Laura Duggan, President, West Austin Properties, 3312 River Road, Austin, Texas 78703, 512-750-2425, homes@westaustin.com