January 2018 Austin Real Estate Market Report A comprehensive report on the Austin and Central Texas real estate market. Volume 1, Issue XIII
Year to Date Sales January 2018 3 1 Year to data sales in Austin are higher than the thirteen previous years, showing stable demand and steady market. 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Homes Sold per Month December 2017 4 2 The chart below follows the trends of numbers of homes sold during any given month. Last month there were 2,693 homes sold in Austin, Texas. 3,500 3,000 2,500 2017 2016 2,000 1,500 1,000 500 2015 2014 2013 2012 2011 0 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.
Pending Sales per Month January 2018 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 2,710 homes Pending in Austin, Texas. This is the third highest number of January pendings in the last 7 years. 6,000 5,000 4,000 3,000 2,000 2018 2017 2016 2015 2014 2013 2012 2011 1,000 0 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.
Home Sales by Price Band- December 2017 6 Overall we are in an Extreme Seller s Market with 2.43 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 $800,000 are in a Normal or Extreme Seller s Market. Price Range # of Solds Active Listings Months of Inventory Sold % of List Market $0-$100k 25 66 2.64 97.78% Extreme Sellers Market $100-$200k 296 339 1.15 98.16% Extreme Sellers Market $200-$300k 846 1578 1.87 98.35% Extreme Sellers Market $300-$400k 555 1436 2.59 97.93% Extreme Sellers Market $400k-$500k 332 810 2.44 97.60% Extreme Sellers Market $500-$600k 152 501 3.30 97.66% Normal Seller's market $600-$700k 84 282 3.36 97.53% Normal Seller's market $700-$800k 56 183 3.27 97.01% Normal Seller's market $800-$900k 30 112 3.73 97.22% Normal Seller's market $900-$1M 16 97 6.06 98.16% Balanced Market $1-$2M 47 363 7.72 95.04% Balanced Market $2-$3M 5 106 21.20 93.66% Extreme Buyer's Market $3M< 4 86 21.50 73.40% Extreme Buyer's Market Overall MKT 2448 5959 2.43 95.35% 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 2018 7 3 The chart below follows the trends of the number of homes for sale during any given month. At the beginning of December there were 5,967 homes for sale in Austin, Texas. There are 11.28% 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 2018 2017 2016 2015 2014 2013 2012 2011 4,000
Home Sales by Zip Code- January 2018 8 7 The chart below provides details on how well each Zip Code is currently selling and the impact on home values. 14 out of 20 zip codes have less than 3 months of inventory and are defined as in an Extreme Seller s Market. Zip Code # of Solds Active Months of Median Sales Listings Inventory price Sold % of List Avg DOM 78701 16 99 6.19 $533,750 97.41% 84 78702 34 71 2.09 $450,000 96.90% 48 78703 18 53 2.94 $862,500 93.86% 71 78704 46 89 1.93 $634,665 96.65% 59 78705 7 7 1.00 $509,000 95.56% 25 78717 48 57 1.19 $361,250 98.52% 56 78722 7 12 1.71 $415,000 99.42% 9 78727 16 33 2.06 $320,750 97.59% 44 78730 8 25 3.13 $847,500 96.23% 80 78731 16 45 2.81 $738,500 96.06% 54 78732 28 57 2.04 $500,000 96.91% 88 78733 9 31 3.44 $775,000 95.60% 84 78734 43 103 2.40 $455,000 96.82% 95 78735 14 61 4.36 $622,500 95.71% 84 78738 49 228 4.65 $509,707 97.40% 86 78739 30 34 1.13 $490,000 97.78% 65 78746 16 92 5.75 $805,000 96.23% 75 78749 38 25 0.66 $365,000 98.91% 43 78750 28 24 0.86 $417,500 96.66% 45 78759 28 41 1.46 $517,000 99.00% 33 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 78702 78703 78704 78705 78722 78731 Northwest Travis Co. 78730 78732 78734 Southwest Austin 78739 78749 Northwest Austin 78717 78727 78750 78759 West Austin/Westlake 78733 78735 78746
Months of Inventory Absorption Rate: Months of Inventory in Austin 2011-2017 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. 9 8 7 Buyer s Market 6 5 4 3 2 Balanced Market Normal Seller s Market 2017 2016 2015 2014 2013 2012 2011 1 0 Extreme Seller s Market January February March April May June July August September October November December 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 Mortgage Rates - 17 Year Summary 10 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 17 years. As you can see, mortgage rates are at close to their lowest levels. Current Rates Conforming 30 yr: 4.10% Jumbo* 30 yr: 4.14% Conforming 15 yr: 3.49% *(over $421K loan amount) 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 30 Year Rate 15 Year Rate Jumbo Rate 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 $376,185. The median sold price was $310,000 last month. The average sales price in December is up 3.4% and the median sales price is up 6.9% from one year ago. The chart below shows the annual average and median Austin home sold. $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 Average Median $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
Average Days on Market 2011-2017 12 9 Of the homes that sold last month, the average amount of days they had been on the market was 68 days. This is 9 days more than a year ago. 100 90 80 70 60 50 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