I’ve got a quick update to share with you today regarding the Austin real estate market. We’re continuing to see higher sale prices and lower levels of inventory.
I’m here on location at one of my latest listings here on Lake Travis to give you a quick market update for the Austin real estate market. We’re still in a strong seller’s market, but here’s how it compares to the market we saw last year at this time.
The first thing to note is that the median sale price has gone up by about 8%, following the trend of 5% to 8% appreciation we’ve seen over the last four or five years. In the first quarter of this year, it looked like homes were taking a bit longer to sell than in the previous year. However, once April hit, everything sped up again and we are more or less at the same pace as we were last year. In many parts of Austin, it takes less than two weeks for homes to sell.
In terms of inventory, we are seeing a tighter market than last year. Right now we have about 2.6 months of inventory, down from 3.6 months at the same time last year. This means that if no other new homes came on the market, we would sell out of inventory in just over two and a half months. For reference, a balanced market has around six months of inventory.
Setting the statistics aside for a second, we are noticing that when homes are priced correctly and in good condition, they sell quickly. Many sell with multiple offers and above asking price as well. It’s a great time to sell if you’ve been considering it.
If you have any other questions about the market or if you’re interested in buying or selling a home, give us a call or send us an email. We look forward to hearing from you.