January 2019 Austin Real Estate Market Report A comprehensive report on the Austin and Central Texas real estate market. Volume 1, Issue XIV
Year to Date Sales January 2019 3 1 Year to data sales in Austin are higher than the twelve previous years, showing stable demand and steady market. 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Homes Sold per Month December 2018 4 2 The chart below follows the trends of numbers of homes sold during any given month. Last month there were 2,312 homes sold in Austin, Texas. 3,500 3,000 2,500 2,000 1,500 1,000 2018 2017 2016 2015 2014 2013 2012 2011 500 0 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.
Pending Sales per Month January 2019 5 4 The chart below tracks the number of Pending Sales in the market. These are homes that are Under Contract that have yet to close. This month there are 2,598 homes Pending in Austin, Texas. The number of pendings is lower than any of the previous six years. 6000 5000 4000 3000 2000 2019 2018 2017 2016 2015 2014 2013 2012 TOP 1000 0 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.
Home Sales by Price Band- January 2019 6 Overall we are in an Extreme Seller s Market with 2.78 months of inventory. On average, home prices are showing 5 High Appreciation for the year. However, the Market is different based on demand and the number of homes for sale in each price range. Homes valued under $2,000,000 are in a Normal or Extreme Seller s Market. Price Range # of Solds Active Listings Months of Inventory Sold % of List Market $0-$100k 28 53 1.89 93.25% Extreme Sellers Market $100-$200k 205 298 1.45 98.72% Extreme Sellers Market $200-$300k 909 2068 2.28 98.12% Extreme Sellers Market $300-$400k 519 1516 2.92 97.94% Extreme Sellers Market $400k-$500k 263 761 2.89 98.31% Extreme Sellers Market $500-$600k 143 506 3.54 97.52% Normal Seller's market $600-$700k 82 303 3.70 96.58% Normal Seller's market $700-$800k 43 197 4.58 97.34% Normal Seller's market $800-$900k 36 138 3.83 97.13% Normal Seller's market $900-$1M 18 102 5.67 97.58% Normal Seller's market $1-$2M 55 311 5.65 95.10% Normal Seller's market $2-$3M 4 83 20.75 95.75% Extreme Buyer's Market $3M< 1 77 77.00 98.91% Extreme Buyer's Market Overall MKT 2306 6413 2.78 97.10% Extreme Sellers Market 12+ Months of Inventory Extreme Buyer's Market High Depreciation 9-12 Months of Inventory Normal Buyer's Market Moderate Depreciation 6-9 Months of Inventory Balanced Market Flat/Moderate Depreciation 3-6 Months of Inventory Normal Seller's Market Moderate Appreciation 0-3 Months of Inventory Extreme Sellers Market High Appreciation
Homes For Sale January 2019 7 3 The chart below follows the trends of the number of homes for sale during any given month. At the beginning of January there were 6,428 homes for sale in Austin, Texas. There are 7.17% MORE homes for sale than last year at this time. 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 2019 2018 2017 2016 2015 2014 2013 2012 2011 4,000
Home Sales by Zip Code- December 2018 8 Zip Code # of Active Months of Median Sales Solds Listings Inventory price Sold % of List Avg DOM 78701 13 85 6.54 $ 513,000 97.30% 84 78702 29 59 2.03 $ 460,000 96.85% 35 78703 14 47 3.36 $ 1,024,000 96.23% 47 78704 37 93 2.51 $ 615,000 97.18% 54 78705 3 10 3.33 $ 560,000 104.36% 41 78717 34 21 0.62 $ 381,604 98.50% 53 78722 1 7 7.00 $ 835,000 98.24% 32 78723 30 47 1.57 $ 395,177 97.51% 47 78727 15 18 1.20 $ 327,450 96.61% 37 78730 5 13 2.60 $ 550,000 98.46% 71 78731 28 47 1.68 $ 747,000 96.91% 81 78732 18 33 1.83 $ 455,250 97.83% 49 78733 11 16 1.45 $ 664,900 98.34% 83 78734 28 105 3.75 $ 450,495 95.89% 74 78735 13 41 3.15 $ 505,000 96.09% 55 78738 54 187 3.46 $ 553,600 97.94% 80 78739 29 46 1.59 $ 450,000 98.47% 30 78746 21 60 2.86 $ 1,027,000 95.60% 80 78749 25 25 1.00 $ 375,000 88.86% 27 78750 21 22 1.05 $ 500,000 98.04% 52 78751 13 19 1.46 $ 480,000 96.71% 45 78752 5 14 2.80 $ 410,000 99.23% 45 78757 28 28 1.00 $ 502,500 98.12% 52 78758 19 19 1.00 $ 284,250 96.99% 32 78759 27 31 1.15 $ 510,000 97.79% 47 12+ Months of Inventory Extreme Buyer's Market High Depreciation 9-12 Months of Inventory Normal Buyer's Market Moderate Depreciation 6-9 Months of Inventory Balanced Market Flat/Moderate Depreciation 3-6 Months of Inventory Normal Seller's Market Moderate Appreciation 0-3 Months of Inventory Extreme Sellers Market High Appreciation Central Austin 78701 78704 78705 West Austin/Westlake 78703 78733 78735 78746 Northwest Austin 78717 78727 78731 78750 78759 North Austin 78751 78752 78757 78758 Southwest Austin 78739 78749 East Austin 78702 78722 78723 Northwest Travis Co. 78730 78732 78734 78738
Months of Inventory Absorption Rate: Months of Inventory in Austin 2011-2018 9 The Absorption Rate, also called Months of Inventory, is the best indicator of how fast or slow home values are moving up or down. The formula is the number of homes on the market divided by the number of homes sold in the prior month. With 6 to 9 months of inventory, the market is called Balanced, and home values remain stable with slight decreases or increases possible. Below 6 months is called a Seller s Market, as home prices slightly increase due to demand. 12 10 Buyer s Market 8 6 4 2 Balanced Market Normal Seller s Market 2018 2017 2016 2015 2014 2013 2012 2011 0 Extreme Seller s Market Copyright 2017 All Rights Reserved.
2001 Q-1 2001 Q-3 2002 Q-1 2002 Q-3 2003 Q-1 2003 Q-3 2004 Q-1 2004 Q-3 2005 Q-1 2005 Q-3 2006 Q-1 2006 Q-3 2007 Q-1 2007 Q-3 2008 Q-1 2008 Q-3 2009 Q-1 2009 Q-3 2010 Q-1 2010 Q-3 2011 Q-1 2011 Q-3 2012 Q-1 2012 Q-3 2013 Q-1 2013 Q-3 2014 Q-1 2014 Q-3 2015 Q-1 2015-Q-3 2016-Q-1 2016-Q-3 2017-Q-1 2017-Q-3 2018-Q-1 2018-Q-3 2019-Q-1 Mortgage Rates - 18 Year Summary 10 9.00% 8.00% 7.00% 6.00% We monitor interest rates because they directly affect buying power. The higher the rate, the more it costs for a buyer to buy. When interest rates rise, it has the same effect as a seller raising his price and fewer homes sell because mortgage payments are higher. Conversely, when rates decrease more buyers qualify to purchase and home sales usually increase. The chart below tracks mortgage rates for the past 18 years. Mortgage rates have remained fairly consistent over the last several years, however they are starting to show signs of increasing. Current Rates Conforming 30 yr: 4.375% Jumbo* 30 yr: 4.125% Conforming 15 yr: 3.895% *(over $421K loan amount) 5.00% 4.00% 3.00% 30 Year Rate 15 Year Rate Jumbo Rate 2.00% 1.00% 0.00%
Average and Median Sold 19 Year Summary 11 8 The chart below follows the trend of average and median sales price per year. Last month the average sales price was $372,381. The median sold price was $303,000 last month. The average sales price in December is down 1.01% and the median sales price is down 2.26% from one year ago. The chart below shows the annual average and median Austin home sold. $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 Average Median $150,000 $100,000 $50,000 $0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average Days on Market 2011-2018 12 9 Of the homes that sold last month, the average amount of days they had been on the market was 61 days. This is the same number of days as a year ago. 100 90 80 70 60 50 2018 2017 2016 2015 2014 2013 2012 2011 40 30 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.
13 Laura Duggan, Broker/Owner REALTOR CRB, CRS, CIPS, CLHMS MILLION DOLLAR GUILD AUSTIN NATIVE Direct: (512) 750-2425 Email: laura@westaustin.com Ted Smith, Realtor Direct: (512) 766-4484 Email: ted@westaustin.com Kimberly Kohlhaas, Realtor Direct: (512) 947-1007 Email: krkohlhaas@gmail.com Kerry Cameron, Realtor Direct: (512) 423-4840 Email: kerry@westaustin.com Katy Duggan- Freshour, Broker/Realtor CRS, CLHMS MILLION DOLLAR GUILD Direct: (512) 826-4316 Email: katy@westaustin.com For five decades and three generations, West Austin Properties has been passionately committed to the core values that guide it. Highest integrity in every relationship. Unsurpassed knowledge of Austin and the ever changing real estate market. Educating and empowering our clients so that they can make decisions that best meet their unique needs. Focus on the people and not the real estate; the quality of our service not the volume of our business. Build on the strengths and talents of our team s generational blend. Improving our community through service and mentorship. WEST AUSTIN PROPERTIES 3312 River Road Austin, TX 78703 Direct (512) 345 1252 Email homes@westaustin.com