The Austin Board of Realtors has released an analysis of how the real estate market in the Austin-Round Rock Metropolitan area in March 2018 compared to that of March 2017. To get the full report, visit https://www.abor.com/statsmar18/. Or, for a brief summary, watch my youtube video, or read below:
If you cannot decide whether or not to sell your home or buy a home, I have a very brief market update for you that can hopefully help you make some of those decisions. The numbers I have are from the Austin Board of Realtors’ March statistics, which is their latest release.
In the Austin-Round Rock Metro statistical area, which includes Hays, Travis and Williamson Counties, the median sales price of $305,233 in March of 2018 was 3.5 % higher than in March of 2017.
Broken down by county, for March 2018:
The median price of single family homes in Travis County was $355,000.
The median price of single family homes in Williamson County was $277,383.
And, the median price of single family homes in Hays County was 260,000.
The city of Austin had a median price of $370,000.
In a balanced market, homes will stay on the market for 50 or more days. In the Austin area that looks more like two weeks to a month. Some homes don’t even make it to the two week mark, as you have probably seen.
What does this mean for you as a seller or buyer?
- Since these statistics are from March, which was the beginning of the “buying season,” it looks like the selling market for the Summer will be really strong. This is a great time to sell. Keep in mind, according to Keeping Current Matters (https://www.keepingcurrentmatters.com/blog), Statistics show that May and June are the best two months of the year to sell.
- Does this mean this is a bad time to buy? No, certainly not. The summer months bring out some great inventory. Also, with the trend in rising prices, it may be wise to buy sooner rather than later. Plus, there are some real benefits to owning a home, possibly even paying less on your monthly payment than you do renting.
If you think you do not make enough money, or have enough money saved, but want to own a home, there are a number of government and lending programs to help with downpayment assistance. I know some great lenders to refer you to. Feel free to reach out to me to learn more about these things, or with any other questions.