Average home prices top $400,000 in Austin, TX!

Here are the April/2018 MLS single-family statistics for Austin, TX:

Even though sales dropped slightly for the 1st time this year, Austin had a very solid month in April for home sales:

• The number of homes for sale (listings) continue to fall in Austin which is exacerbating our already tight market for home buyers.  But, to keep things in perspective, Austin went into our seller’s market (ie-less than 6 months of inventory) in March/2011 when we were coming out of the national recession.  April/2011 had 9,679 homes for sale and April/2010 had 10,749, so we are down nearly 40%.  Using the average of these two Aprils is 10,214, so even if we had that many homes for sale now, our inventory would still only be 3.92 months given our 2,611 sales.  That clearly shows you just how strong our market is now;
• Pending sales are a future indicator of a real estate market since they are homes with contracts but not closed.  Our 7% in April is the best this year;
• We’ve only had 3 negative sales months in the 1st 4 months of the last 4 years and with last month being so small at only 1%, I’m not putting much emphasis on this being a red flag in any way;
• Our low inventory continues to be a real problem for home buyers in the Austin metro area.  The lower the price, the tougher it is to get a home under contract.  Let our team show you how we can use techniques to find you just the right home in this tight market;
• The big news for pricing is that the average price for an Austin home just topped $400,000 for the 1st time!  Just to give you some perspective, the average Austin home price in April/2008 (10 years ago) was $242,160...an average of 67% or 6.7% per year appreciation!!
• The days on market (how long it takes for a home to get under contract) has been negative all year, but the number has slowly decreased from 15-16% to 4%;
• The Activity Index is a ratio of our pendings to our pendings+listings and is another indicator of the strength of the market.  The higher the number the better.  This has been in the green all year.