November 21, 2019 at 10:51am | Crystal Gonzales

October 2019 Market Report

Home sales in Austin experienced a double-digit percent increase in October—creating a new record even as the inventory of single-family homes in Austin dropped to an all-time October low—according to the latest monthly report from the Austin Board of REALTORS® (ABoR).
CITY OF AUSTIN
In the city of Austin, the median price for a single-family home increased 8.9% to $405,000—the highest median price for any October on record.
“If you restrict density and resist growth, especially in a rapidly growing community like Austin, you’re going to drive home prices up. That means everyone below a certain income level won’t be able to afford to live in the community,” Jon M. Roberts, principal at TIP Strategies, Inc., said. “The more a community advocates for no-growth and restricting density, the more exclusive that community is going to become.”
The city’s escalating demand and record-breaking median home price resulted in a 21.4% increase in sales dollar volume, raising October’s total to $407,873,084. During the same period, new listings decreased 5% to 840 listings; active listings decreased 25.1% to 1,229 listings; however, pending sales increased 8.4% to 745 pending sales. Housing inventory decreased 0.6 months year over year to 1.5 months of inventory.
WE KNOW AUSTIN
Prospect Real Estate is a boutique real estate company with over 35 years of real estate experience in the Austin area. Prospect Real Estate is focused on providing the best urban living experience for the future of Austin in all areas of Austin specializing in Downtown, East Austin, South Austin, Central Austin and the UT Campus area.
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There's never been a better time to invest in Austin real estate and our agents have unparalleled experience and knowledge of the Austin market. Let us help you find where you belong.
 
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