The Word on Winter: How Does Austin’s 2018 Winter Market Compare to 2017?

As we’re deep into the chilly winter season of 2018, how is the Austin market faring compared to last year in 2017? To put it simply, 2018 is about the same for luxury sellers and better for the general housing market than 2017. Prices are increasing, the sold price to list price ratio is strong, and both markets are still active overall.

High-end sellers with homes listed over $2M are in a very similar market to 2017. One improvement in this sector is that a home’s average days on the market decreased and is averaging 171 days based on 2016 and 2017 data from our Austin MLS. Although it’s not showing a huge change from previous real estate conditions at this time last year, the luxury arena certainly isn’t going down with continued increase in property values.

This winter shows a slight increase in overall upscale inventory over last year, but sellers are not lowering prices to make the sale during these colder months. In fact, Austin experienced the largest annual gain in total sales volume on luxury homes in Texas, says the Texas Association of REALTORS®’ (TAR) 2017 Texas Luxury Home Sales Report. The overall consensus for these sellers is that we are in good shape and premium real estate isn’t slowing down.

Meanwhile the circumstances for general real estate this winter shows strong improvement over last year. The median sale price grew over $11,000 and is expected to continue increasing. December 2017 had the highest median list price of $364,000, states Austin MLS statistics on single-family homes from Stewart Title of Austin, LLC , even with an average days on the market increasing, year-to-date.

The increase in home prices means this market is expected to remain best for sellers through the upcoming robust spring season. Home sales in Austin increased annually to an all-time high, says The Austin Board of Realtors’ (ABOR) December 2017 Market Report.

There are fewer homes available around the greater Austin-area, less competition, and sellers can ask more for their home due to the current lack of inventory on the market. The sold price to list price ratio stayed about the same, meaning sellers are getting closer to their asking price. While the weather has been unexpectedly cold this winter, the average housing market here in Austin is only getting hotter.

In summary, those selling properties over $2M saw essentially the same market in 2017 as they are currently seeing in 2018, with a few positives in sale prices and fewer days listed on the Austin MLS. For those homes with prices listed under this range, this winter has been even more pleasant. These homes might be listed for a little longer, but overall property values in Austin are steadily increasing. Ultimately, neither market appears to be slowing down.

Have you noticed any changes in the winter market that were fascinating? How did your winter home sale compare to the above numbers? Got some interesting predictions for what the market will be like in 2018? Make sure to reach out to us on Facebook and Twitter to let us know your thoughts on this post!