Austin 2017 Real Estate Market Review

One question that I have heard a lot lately is this: "Is the market starting to slow down?". This is usually followed by the commentary that the feeling is that it must be slowing down. Well, I hate to be the one who disrupts this fun little rumor, but 2017 was another record year in Austin area Real Estate. The numbers were big and the growth was even bigger.

My video gives you the summary, and below the video are the numbers--data-set provided by my friends at Independence Title. Enjoy the video and I will recap the numbers below.

2017 was a record year in Greater Austin area Real Estate:

• $13.009 Billion in sales revenue (includes all categories of MLS related real estate)
• 35,820 total homes sold
• Median home value: $291,000
• Highest volume bracket of sales was $200-300,000
• Inventory was a low 2.5 months, making 2017 another seller's market year

 2017 Over 2016:

• $1.2B more revenue in 2017
• 1,355 more homes sold in 2017
• Roughly a 5.4% increase in value

Looking back over the past decade:

• 2007-2010 the market declined some and then became flat
• 2010 was when the market starting recovering
• In 2010 revenues were $4.92B, or $8B less than 2017
• Homes sold in 2010 were 15,761 fewer homes than were sold in 2017

 While I still do not have a reliable crystal ball into the future of our market, I can tell you that since Christmas Eve, I have written 4 contracts. 2018 does not feel to me like it is heading toward a down year or that we are going to have anything short of another record year in Real Estate. I may be wrong, but there is nothing happening locally or nationally that make me believe that Austin is heading toward a correction or shift in the fundamentals that have rocked our area for the past 5 years.

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