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Here are the November/2018 MLS single-family statistics for Austin, TX:
November’s home sales statistics in Austin produced the same number of red & greens and even the same categories as October. However, most of the changes were higher negatives (ie-red) in the number of listings, inventory, and Activity Index while 2 of our positives (ie-green) were less positive with sales only going up .20% and median prices only going up 1.6%. So, the Austin home market continues to slow down at a moderate pace much like the rest of the nation that is experiencing slower home sales activity the past few months.The months of inventory is one of the main bellwethers of any market so we will watch that one closely in the coming months. The general rule of thumb defines less than 6 months as a seller’s market (ie-they have the advantage) while more than 6 months is a buyer’s market.There are some, myself included, who feel that 6 is too abrupt a marker and believe that less than 5 is a seller’s market, 5-7 months is a market in equilibrium (ie-neither buyers or sellers have the advantage) and more than 7 months is a buyer’s market. Either way, we have a long way to go from our 3.1 months in November or our YTD average of 2.6 to proclaim we no longer have a seller’s market.