The Official ABOR October Market Stats are in!
The official stats from the Austin Board of Realtors for October confirmed the what I sent out in last weeks email. The pricing increases and lack of inventory in the market is historic. This is the strongest seller’s market in Austin’s recorded history!!
October continued to see major pricing increases. - Median Sold Price in the greater Austin metro area increased +13% to $365K and Avg Sold Price increased +18.9% to $462,494. - Median Sold $/SqFt increased +10% and Avg Sold $/SqFt increases +8%.
Days on Market continued to fall - The Median Days on Market saw a huge drop from 28 days to 9 days. While the Average dropped from 35 to 19. It’s worth noting that October typically sees a seasonal slowdown. These short DOM show that this is not happening... Yet anyway.
The volume increases & inventory decreases are incredible. Total Closed sales jumped +29% year over year and inventory dropped to 1.1 months of inventory. Consider anything under 5 months of inventory a seller’s market. 1.1 months of inventory clearly puts us in the strongest seller’s market in Austin’s history.