The Austin Real Estate Market is not showing any signs of slowing down. Yesterday, the Austin Board of REALTORS released the March 2018 market reports for the Austin Area. Across the board, we are seeing median price increases and an increase in the volume of single-family residential sales. With new listings going under contract quite quickly, we are also seeing an increase in the number of pending sales.
In the greater Austin area which encompasses Austin and suburbs such as Round Rock, Georgetown, Cedar Park, Kyle, Buda, and Manor, known as the Austin-Round Rock MSA, the median sales price reached $305,233 last month. That figure is up 4% compared to March 2017’s Austin area median sales price. Even more remarkably, this area saw a total of 2,714 single family sales last month; this is more sales than any previous March.
Within the Austin-Round Rock MSA, the average days on market (ADOM) increased slightly from last year. Homes stayed on the market approximately 3 days longer with an ADOM of 61 days last month. Homes prices under $250K in the greater Austin area averaged far fewer days on market.
In the City of Austin, single family homes spent on average 46 days on market last month. This is about 5 days less than the ADOM in March of 2017. The median sales price within the City of Austin increased only slightly compared to the median sales price of last March. Last month, the median sales price for single family homes in the Austin city limits was $370K.
Inventory continues to be a problem across the board as well. A balanced market consists of 6.5 months of available homes. Within the City of Austin, there is about 1.5 months of inventory; the greater Austin area has about 2.2 months. As buyers continue to seek out more affordable areas to live, suburbs like Buda are facing a shortage in supply. Last month, there was 1.9 months of inventory in Buda. In comparison, in March of 2017, Buda had 2.4 months of inventory. As inventory decreases, buyers are moving farther out to suburbs like Kyle in order to find homes.
If you are interested in learning more about the market conditions in your Austin neighborhood, contact me today. I’d be happy to give you a detailed breakdown of the activity happening in your hood.
Trinity has lived in Austin, Texas since childhood. She grew up in South Austin, becoming very familiar with the eclectic, “Keep Austin Weird” culture that is unique to this city. From playing at Zilker Park as a child, to running at Town Lake as an adult, she has a first-hand knowledge of all that is Austin. She is a true Austinite in every way.
Trinity has two children, a son and daughter, who are actively involved in numerous extracurricular activities. Family is a priority in her life, as well as exposing her children to culture and greater experiences.
Whether you are looking to lease, buy, or sell, it is one of the most important decisions that you will make. Trinity will give her highest level of dedication and expertise in finding the home that is right for you, as well as making it a fun and enjoyable experience.
The Austin Real Estate Market is not showing any signs of slowing down
"Trinity Gonzales did a great job of helping us find a home we will enjoy for years to come. She was very dedicated. From the information we provided she was able to find the right home to fit us. She was always available to answer our questions as well. What I liked most was that she made sure we were aware of all options available to us and getting the most out of what we spend. Your hard work is priceless and we've already recommended you to a friend in need. Thanks Trinity for everything!!!"