It’s been another amazing month for Austin real estate, according to the latest data from the Austin Board of REALTORS® (ABoR). The ongoing trend of increasing sales and price gains indicates that Austin area real estate is poised to have another great year in a string of great years. Austin home sales have maintained steady growth due to an increasing population in the region. Economic stability and steady job growth continue to attract newcomers from across the state and country.
Throughout the Austin-Round Rock Metropolitan Statistical Area (MSA), home sales have posted double-digit increases as buyers are shopping the entire region for a great deal on the perfect home. Steve Crorey, 2018 president of the Austin Board of REALTORS®, commented on what the incredible home sales could mean for the local real estate market in the coming months. “This type of growth early in the year indicates a strong summer selling season ahead. Those who are interested in buying or selling a home this summer should seek out the services of a REALTOR®.”
David Brodsky, broker/owner of boutique real estate services firm David Brodsky Properties, echoed Crorey’s warning with words of advice for would-be homebuyers. “In a market like this one, it’s important to get in now while we know what the numbers look like. Interest rates are expected to increase and Austin real estate prices have been showing no signs of dropping,” Brodsky explained. “If you’re considering a home purchase or a home sale, I highly encourage you to start with your plans now rather than waiting for the market to shift. At this point, the trend suggests prices will continue to rise.”
Austin-Round Rock MSA Statistics
Throughout the Austin-Round Rock MSA, homes sold for a median price of $305,233. The home price increase represents a 3.2 percent sales price growth. Inventory levels for homes decreased 0.2 months from March 2017 to 2.2 months of inventory.
Homes spent an average of 61 days on market, with some homes priced in the $150,000-$250,000 taking far less time to sell. In the city of Austin, single-family homes in this price range spent an average of between 27-35 days on the market this March due to the critically low supply of homes within Austin.
As housing supply continues to languish in Austin, buyers are increasingly moving further outward to find a home in the suburbs. The submarkets of Del Valle and Manor have seen real estate growth recently due to this phenomenon.
“Demand for homes priced below $250,000 is driving the emergence of new submarkets like Manor and Del Valle, where builders can construct homes at a lower cost,” Vaike O’Grady, Austin regional director for Metrostudy, said. “We’re also seeing creative land plans that provide common area open space to offset smaller lot and home sizes. Attached single-family homes are also coming to the market to meet buyer demand for more affordable housing.”
City of Austin Home Sales Statistics
As mentioned earlier, the City of Austin continues to see critically low levels of housing inventory while demand remains high. Single-family homes spent an average of 46 days on the market, which is five fewer days than March 2017. Because homes are selling quickly, buyers are highly encouraged to seek the assistance of an experienced Austin real estate agent to help ensure their chances of buying their Austin dream home.
This March, single-family home sales increased 8.5 percent over last year to 831 sales. The median price for single-family homes remained flat in March at $370,000, which is a 0.1 percent increase year-over-year. Housing inventory decreased from 1.7 months of inventory in March 2017 to 1.5 months of inventory this year.
Single-family home sales made a whopping 12.8 percent year-over-year increase in March 2018, reaching 1,388 sales in Travis County. This March, the median price for single-family homes in Travis County grew 1.4 percent to $355,000. Housing inventory saw a slight decrease of 0.2 months this March to 2.1 months of inventory.
The median sales price for single-family homes in Manor made a 6.5 percent year-over-year increase to $195,900. The number of home sales increased to 41 homes sold. With the average home sales price below $250,000, home sales may continue to increase in Manor throughout the rest of the year.
Sales volume continues to maintain a steady pace in Williamson County, with 915 homes sold in March 2018. The March Williamson County sales volume represents a 9.1 percent increase over the same time last year. Median sales price saw a 4.6 percent increase, with homes selling for a median sales price of $277,383 throughout Williamson County this March. Single-family housing inventory decreased slightly from last year, reaching 2.2 months of inventory in March 2018.
Leander saw a staggering 33 percent increase in home sales this March. There were 125 homes sold in Leander this March. The median sales price of single-family homes increased almost as strongly at 22 percent, reaching $297,500. Cedar Park saw homes sales decrease 28.8 percent to 84 homes sold. However, the median sales price increased 8.1 percent over last March to $319,000 this year. Round Rock had 167 home sales this March, which is a 2.5 percent increase over the same time last year. The median home price in Round Rock increased 7 percent to $259,000.
In March, Hays County home sales increased 2.8 percent to 293 home sales. The median home price increased 2 percent to $260,000. Inventory of single-family homes in Hays County remained unchanged at 2.6 months of inventory from the previous March.
Surprisingly, sales in Buda decreased 35.1 percent year-over-year to 24 sales. Despite the decrease in sales, median home price increased 7.4 percent to $280,000. O’Grady attributes Buda’s declining home sales on insufficient inventory.
“So far, Buda’s sales are lower this year due to a lack of supply of new homes,” O’Grady, said. “Shoppers are moving farther from Austin in search of affordable homes, which is driving sales in Kyle.”
In Kyle, single-family home sales made a strong 19.7 percent increase in March 2018. Kyle recorded 85 home sales. The median price increased 8.4 percent to $225,000.
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