In the most recent Austin real estate report from the Austin Board of REALTORS®, April housing statistics indicate that sales prices are moderating. Although housing demand is keeping sales numbers strong overall, demand for housing stock priced around $250,000 has maintained stable sales price growth. Housing inventory remains critically low.
“In the first quarter of the year, the median price of a single-family home in the Austin-Round Rock MSA increased by just 0.2%, which is a much smaller margin compared to previous years. Between 2012 and 2015, we saw price increases as high as 9%,” Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®, said in a report that was released with the statistics. “These narrower margins are a strong indication that market prices are starting to stabilize.”
A preference for small homes priced around $250,000 is largely attributed to modest price growth for homes in the Austin area. Vaike O’Grady, the Austin regional director of Metrostudy, explained the phenomenon. An abundance of new housing stock in a swath of land in the Austin suburbs is competitively priced to offer homes at a popular price point.
“What we are seeing along the eastern crescent, from Georgetown to Buda on the south side of State Highway 130, is quite remarkable. In the last five years, annual home starts have more than doubled in this area,” O’Grady said. “At the end of March this year, nearly a quarter of new homes were on lots smaller than 50 feet wide. This is the direction our market is going —smaller homes on smaller lots and price points closer to $250,000—and explains stabilizing prices.”
Real Estate Broker, David Brodsky, points out what’s driving suburban home sales. Brodsky is the owner of David Brodsky Properties, a boutique Austin real estate brokerage headquartered in Southwest Austin. After only two years as an independent brokerage, it has accomplished production that ranks it within the top 2 percent in production for independent brokerages in the Austin area.
“Developers have been very active in the Austin suburbs. Land prices, availability and the permitting process outside of the city have made the suburbs a much better landscape for new home development,” explained Brodsky. “Additionally, employers are moving further outside the city and workers are happy to follow, especially considering the real estate value that can be found in those areas.”
City of Austin
City of Austin real estate numbers revealed that home prices remained flat in April. Although single-family home sales increased this year, new listings, active listings and housing inventory decreased. Pending sales were up, which may provide some support for closed sales numbers in May.
- Median home price in April increased year over year by 1.1% to $394,450
- Single-family home sales increased by 3.6% to 889 sales
- Sales dollar volume increased by 1.1% to $421,578,061
- New listings decreased 10.7% to 1,158 listings
- Active listings decreased 12% to 1,163 listings
- Pending sales increased 4.2% to 1,070 pending sales
- Inventory dropped by 0.2 months to 1.5 months of inventory
In April, Travis County real estate statistics were similar to City of Austin real estate statistics.
- Single-family home sales increased in Travis County by 8.4% to 1,449 sales
- Sales dollar volume increased by 7.5%, to $701,190,973
- The median sales price for single-family homes increased 1.1% year over year to $379,250
- New listings decreased 5.4% to 2,003
- Active listings decreased 7.7% to 2,682 listings
- Pending sales jumped 11.5% to 1,801 pending sales
- Monthly housing inventory decreased by 0.2 months to 2.1 months of inventory
In Williamson County, April single-family home sales statistics showed very strong growth. However, the numbers for new listings were down. Housing inventory remained flat.
- Single-family home sales increased by 22.6% to 1,122 sales
- Sales dollar volume experienced a double-digit percentage increase of 22.3% to $354,646,228
- The median price for single-family homes decreased by 0.5% to $283,640
- New listings decreased 3.7% to 1,329 listings
- Active listings rose 0.7% to 2,108 listings
- Pending sales spiked 13% to 1,236 pending sales
- Housing inventory remained unchanged at 2.3 months of inventory in April
In April, Hays County single-family home sales increased across the board.
- Single-family home sales increased by 17.2% to 341 sales
- Sales dollar volume increased 29.2% to $118,921,131
- The median price for a single-family home increased by 18.7% to $296,500
- New listings increased 10.1% to 458 listings
- Active listings rose sharply by 15.2% to 957 listings
- Pending sales jumped 24.8% to 398 pending sales
- Housing inventory increased 0.3 months to 3.1 months of inventory
Real estate sales in Bastrop County showed strong growth this April, with the number of home sales up along with the median single-family home price. Housing inventory remained relatively flat.
- Bastrop County single-family home sales in April increased by 11.1% to 90 sales
- Sales dollar volume increased 10.3% to $22,854,793
- Median single-family home price increased by 4.5% to $235,000
- New listings rose 26.6% to 181 listings
- Active listings spiked 47.8% to 365 listings
- Pending sales jumped 30.4% to 120 pending sales
- Housing inventory increased 1.3 months to 4.2 months of inventory
In Caldwell County, April single-family home sales showed tremendous growth. Housing inventory remains flat, however. Pending sales numbers were remarkably strong, signaling potentially strong home sales numbers for Caldwell County in May.
- Single-family home sales increased by 83.3% to 33 sales
- Sales dollar volume more than doubled to $9,413,357
- The median home price rose 10.9% year over year to $214,000.
- New listings jumped 27% to 47 listings
- Active listings increased 32.9% to 105 listings
- Pending sales skyrocketed 65% to 33 pending sales
- Housing inventory increased 1.5 months to 4.3 months of inventory
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