The Austin real estate market remains a hot commodity right now and it’s showing no signs of slowing down.
In fact, just this March, the city registered 2,714 single-family properties sold, which was a record in Central Texas. Realtors are always looking for the numbers in the first quarter as the trend the market will follow for the rest of the year.
The mean price for houses in the metro area is $305,233, which indicates that Austin is still very much a seller’s market. However, the price increase is still within bounds of 3.5% year-on-year. Outside of the metro area, the prices basically remained the same.
Zillow said that the housing market is projected to hike another 3.3% in 2018. By the end of this year, Austin would rank sixth in the list of hottest housing markets across the United States.
One indication of a robust real estate market is how long a property stays unsold from the time of listing. The National Association of Realtors claims that on average, an inventory lasting 4-6 months would still be good. In Austin, the average is 2.5 months.
But ask Austin Summit Group and its team of experienced realtors will tell you that the Austin average is an overestimation. In reality, properties do not stay in the market for more than 1.5 months.
What that means is that buyers are not expected to get a huge discount on the listing price. There is little elbow room for negotiation. On the flip side, this is good news for homeowners looking to sell.
Another phenomenon of the Austin real estate market is that the demand is so high that the construction industry is having difficulty catching up. This trend means that the prices of the housing market will continue to be on the high side in the foreseeable future.
With that said, the property market is showing signs of stabilizing toward a more balanced inventory. Although Austin is not there yet, it’s approaching the point when the scales tip toward the buyer’s favor. It’s not a matter of if, but when. Historically, prices of properties not just in the Austin area but in the whole country tend to fluctuate.
Does that mean being in a seller’s market is a good time to sell? Yes and no.
If you are engaged in flipping houses for profit, then this is the best time for your business. The same goes for homeowners who are looking to scale down on their lifestyle to live in a smaller space or those who want to move from the metro area and into the suburbs, driven by the need to live in a quieter place or avoid the high property costs downtown.
But selling a home shouldn’t be dictated by the trends in the market. Ultimately, you should decide on what’s best for your family. If you are selling though, a good realtor like the Austin Summit Group can help you sell your home at a good price without leaving money on the table.