The Austin real estate market saw a slight dip, around 3% less single-family sales, in June according to the Austin Board of Realtors. This is the first time we’ve seen a year-over-year decline in June since 2013. 3,299 single-family homes sold in June with an average of 44 days on the market.
Austin Real Estate Market Report – June 2018
It’s not as bad as it sounds – Austin is still experiencing a strong, healthy market. “Consecutive years of record-breaking sales activity have set the bar incredibly high,” says Steve Crorey, 2018 president of the Austin Board of REALTORS®. Austin Business Journal agrees this dip does not indicate a declining market.
Real Estate Growth
We’re still seeing substantial growth in the Austin area. For the first half of this year sales volume is up 3.7%. Median price is up 5% from 2017, to $326,250. Active listings are down 1% and pending sales are up 8% for the Austin area. Total dollar volume June 2017 to June 2018 is pegged at $1.4 billion, a gain of 1% over 2017.
Austin Real Estate Inventory
Inventory is also slightly up, but last summer we were down to 0.3 months – or about 9 days – of inventory and we’re only up to 2.9 months now. A neutral market is 6.5 months of inventory according to the Real Estate Center at Texas A&M, so we’re still solidly in a seller’s market here.
Real Estate Investor Perspective
We’ve touched on Austin’s accessory dwelling boom in the past, and this continues to be a driving force in the Austin real estate market this year. ADUs present an amazing opportunity to maximize value for Austin real estate investors as well as provide much-needed density in Austin’s urban core.
We’re currently funding renovation and construction projects in Austin, Houston, and San Antonio. 100% loan to cost is possible. Our lending criteria do not include tax returns, pay stubs, or bank statements. Let us know if we can help fund your next Austin real estate deal!