What you need to know about the dip in Austin home sales
Home sales in the Austin area dipped from a 7% increase over the prior year in January to only 1% increase in February. Some Austin news headlines are taking this stat to indicate maybe the market is turning a bit.
Obviously the home sales statistic is noteworthy, yet should not be cause for alarm for a market downturn.
2016 was a record year for home sales in Austin. So a smaller increase in the number of homes sold does not mean that the market is softening. The median sales price is still up 7% from this past year and the number of days a home is on the market is down, which are key indicators of market strength.
These stats echo the themes that we've been seeing for the past few months - homes are still selling for top-dollar, yet buyers are value-seekers and are only buying homes in which they see value. The combination of price, condition and location is still extremely critical for success in selling. We have a 3 step system for giving our clients the best chance to sell their home for top-dollar in less time.
Check out this infograph below from Austin Board of Realtors with key stats on the market.
Call or email me with questions about your home or when you're thinking about making a move.