News from the Austin Board of REALTORS® (ABoR) reveals that Austin area home prices hit a record high this September. Conversely, housing inventory dipped yet again and remains the driving factor behind consistently increasing home values. Although an updated land-use code is likely to stimulate the proliferation of housing development in the city, Austin area real estate growth will likely continue to be fueled by strong economic expansion.
“What we’re seeing in Austin real estate is the result of unprecedented economic expansion,” explained David Brodsky, broker/owner of David Brodsky Properties. “People are continuing to move to the area in droves and that’s driving job growth. While that happens, we’re going to continue to see real estate growth.”
While the numbers that we’re seeing for median sales price might be a reality check for some residents, strong real estate price appreciation translates into greater wealth for homeowners.
“Sticker shock is sometimes an issue when we’re working with clients who want to buy in the City of Austin,” explained Brodsky. “The good thing is that if we take a look at what that home is going to potentially sell for in the future, the likelihood of it being priced higher than at the time it was purchased means that a homeowner can create wealth just by living in their home in one of the best cities in the nation,” he said. “That’s one of the first indicators that a market is worth buying into.”
Due to the popularity of the region, low housing stock presents challenges on both sides of a real estate transaction when it comes time to buy or sell. That’s why both buyers and sellers are cautioned against engaging in a real estate transaction without consulting the assistance of an experienced professional in the industry. With such a competitive market and an increase of “do-it-yourself” online real estate services, consumers have more at risk in a competitive market with new and sometimes dubious real estate services.
“Our agents sometimes hear from their clients about looking into an online home listing service,” said Brodsky. “Increasingly, consumers are discovering for themselves that the online, ‘sell-it-fast’ model is potentially causing them to lose out on tens of thousands of dollars. After researching online services versus a reliable agent, real estate clients are learning the true value that a knowledgeable consultant presents.”
Although different consumer needs necessitate a variety of services to succeed, the real estate consumer who wants to get the most out of their real estate experience will undoubtedly benefit from working with a trusted consultant rather than opting for perceived convenience through online services. For that reason, Brodsky sees online real estate services as an advantage-building benefit for real estate agents that have a proven value proposition.
“When savvy real estate consumers come to us for a consultation on how we can help them sell their homes at the top of the market, they can easily see the value in investing in an expert agent after we show them the numbers and how we’ve developed our strategy.”
Austin-Round Rock MSA
Single-family home sales experienced big gains this September with double-digit growth in multiple areas. The number of single-family homes sold increased 13.4% and sales dollar volume grew by 19.6%. There was also a strong gain in the median home price for Austin area listings and pending sales made a remarkable 27.8% increase in September. A strong jump in pending sales is a good sign that housing sales will turn out big numbers for the end of 2019.
- Single-family home sales increased 13.4% to 2,654 home sales
- The median price for single-family homes increased 6.7% to $320,000
- Sales dollar volume jumped 19.6% to $1,062,527,517
- New listings increased 9.5% to 3,047 listings
- Active listings decreased 11.7% to 6,686 listings
- Pending sales spiked 27.8% to 2,861 sales
City of Austin
City of Austin single-family home sales statistics also saw increases this September. The number of single-family homes sold grew by 14.8% while sales dollar volume saw a sharp 23.3% increase. There wasn’t a notable increase in the number of new listings and active listings decreased a considerable amount. However, pending sales jumped by a little more than 20%. Housing inventory decreased 0.5 months year over year.
- Single-family home sales increased by 14.8% to 798 sales
- Sales dollar volume spiked 23.3% to $393,731,739
- New listings remained flat at 808 listings
- Pending sales jumped by 20.3% to 824 sales
- Active listings decreased 24% to 1,274 listings
- Housing inventory decreased 0.5 months to 1.6 months
Travis County single-family home sales were up a little more than 10% this September. Sales dollar volume made a healthy 20.1% increase and median home price increased by 9.1%. Notably, pending sales jumped by 28.7% and monthly housing inventory decreased.
- Single-family home sales increased in Travis County by 10.6% to 1,267 sales
- Sales dollar volume also increased by 20.1% to $620,090,740
- The median price for single-family homes increased 9.1% year over year to $382,000
- New listings increased 5.1% to 1,436 listings
- Active listings decreased 16% to 2,897 listings
- Pending sales jumped 28.7% to 1,421 pending sales
- Monthly housing inventory decreased 0.5 months to 2.2 months
September single-family home sales made strong gains in Williamson County, with a 22% increase in home sales. Sales dollar volume made double-digit gains and median home price also grew. New listings were up while active listings were down. However, pending sales made big gains at over 28% and housing inventory decreased 0.5 months in the county.
- Single-family home sales increased 22% to 953 sales
- Sales dollar volume experienced a double-digit increase of 26.1% to $307,745,640
- The median price for single-family homes increased 6.1% to $295,000
- New listings increased 18.9% to 1,121 listings
- Active listings decreased 12.4% to 2,352 listings
- Housing inventory decreased 0.5 months year over year to 2.5 months of inventory
Single-family home sales in Hays County grew by just under 10% in September. Sales dollar volume increased a little more than 6%. The median price for a single-famliy home in the county increased by just over 5%, while both new listings and active listings decreased throughout Hays Count in September.
- Hays County single-family home sales increased 9.7% to 329 sales
- Sales dollar volume increased 6.3% to $107,164,718
- The median price for a single-family home increased by 5.2% to $269,950
- New listings slightly decreased 0.6% to 334 listings
- Active listings decreased 3.5% to 963 listings
- Pending sales jumped 29.3% to 344 pending sales
- Housing inventory decreased 0.2 months to 3.1 months
In an uncharacteristic move for the region, Bastrop County home sales declined more than 15% in September. Sales dollar volume also dropped this September. However, the median price for a single-family home in the county saw double-digit growth. New listings and active listings also increased.
- Single-family home sales declined 15.6% to 76 sales
- Sales dollar volume dropped 10.6% to $20,552,725
- The median price for a single-family increased by 11.2% to $258,000
- New listings spiked 24.8% to 126 listings
- Active listings rose 10.5% to 370 listings
- Pending sales increased 6.1% to 87 pending sales
- Housing inventory remained flat at 4.1 months of inventory
In Caldwell County, September single-family home sales jumped while sales dollar volume spiked by slightly more than 56%. The median home price increased 6.1% year over year to $206,930. During the same period, new listings decreased 18.9% to 30 listings; active listings slightly decreased 1% to 104 listings, and pending sales sharply increased 31.8% to 29 pending sales. Housing inventory increased 0.1 months to 4.3 months of inventory.
- Single-family home sales jumped 26.1% to 29 sales
- Sales dollar volume spiked 57.6% to $6,544,941
- The median home price increased 6.1% year over year to $206,930
- New listings decreased 18.9% to 30 listings
- Active listings slightly decreased 1% to 104 listings
- Pending sales increased 31.8% to 29 pending sales
- Housing inventory increased 0.1 months to 4.3 months
Reach out to David Brodsky Properties to learn more about how we can help you develop a successful real estate strategy.
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