Looking Back on the 2018 Market
Well, it’s 2019: That means it’s time for us to take a look back at how the real estate market here in Central Texas fared in 2018.
Today I wanted to take a little bit to look back on how the market did in 2018, with specific attention to residential home sales.
In 2018, home sales were up. The median sales price went up to about $310,000 on average, versus $299,000 in 2017. We made a nice improvement there.
The number of sales was also up across the board by almost 1,000—there were 32,400 sales in 2018, whereas there were about 31,400 in 2017.
The number of active listings was also up year over year in eight of the 12 months in 2018.
Interestingly enough, the average days on market was also up, which most sellers would consider to be a negative trend. In 2017, homes took on average 23 days to sell, and in 2018, that number rose to 25 days.
So what does this all mean?
First, it means that it might take a little bit longer for that home to sell. However, if you’re patient and you prepare and price the home correctly, you should be able to sell your home at or possibly above your expectations. It also means that the Austin area is and continues to be a strong investment and a strong market. Coupled with the recent news about Apple growing their presence here in Central Texas, that number should continue to improve.
If you have any questions, feel free to reach out to me. Otherwise, check out our website at www.culhaneproperties.com.