It was a record-setting summer selling season for Austin area home sales volume, according to the recent Austin market report from the Austin Board of REALTORS® (ABoR). While single-family home sales volume made stable gains throughout the Austin-Round Rock Metropolitan Statistical Area (MSA), home sales volume jumped in the City of Austin. Single-family home prices held steady and inventory made modest increases throughout the region.
“This is a definite sign that the Austin area is continuing to grow,” said David Brodsky, broker/owner of Austin real estate brokerage David Brodsky Properties. “With Austin area home sales reaching their highest levels in tandem with inventory growth during the Summer, it’s clear that housing demand is still strong. If economic factors remain stable, the Austin area housing market is not likely to weaken anytime soon.”
Austin Area Home Sales Statistics
August 2017 single-family home sales volume increased one percent throughout the Austin-Round Rock MSA. Home sales reached 2,994 in the region in August. Single-family housing inventory levels increased 0.4 months to 3.1 months of inventory. The median price for single-family homes made a steady increase as well, reaching $361,000. Home sales price throughout the MSA increased 4.0 percent year-over-year in August.
According to the ABoR report, “this recent surge in home sales activity made May-August 2017 the highest-grossing summer selling season across Central Texas real estate in the region’s history.” The report also highlighted that single-family home sales dollar volume within the MSA exceeded $1 billion within a single month for the fourth time this year. Home sales dollar volume reached $1,128,565,155 in August 2017. The stellar sales volume represents a 5.9 percent increase over the same time last year.
Austin Real Estate Continues to Normalize
The ABoR report quoted Jim Gaines, Chief Economist for The Real Estate Center at Texas A&M University. “The Austin-Round Rock MSA looks like it is moving toward a more normalized housing market. Similar to what we’re seeing across the state, housing inventory levels are slowly increasing, despite continued increases in sales volume and median price,” he explained. “That could indicate that in the latter half of 2017, we will likely experience some slowing of the home price increases that have become common in recent years – not price decreases, as the relationship between home buying and selling activity begins to balance out.”
Listings and pending sales activity also made great strides in August 2017. Active listings were up a whopping 16.1 percent compared to August 2016, reaching 7,781 listings. New listings made an 8.2 percent increase to 3,316 listings. Pending sales are up 8.1 percent compared to August 2016, to 2,710 listings.
City of Austin Real Estate Statistics
In the City of Austin, home sales made a 6.1 percent gain year-over-year. August 2017 shows 927 home sales in the city. Median price for single-family homes in the City of Austin reached $361,000 this August. Homes spent one day less on the market this August versus last August, with an average of 35 days on the market. The total dollar volume of single-family properties sold was up 13 percent to $415 million.
Other City of Austin Real Estate Statistics:
- There were 956 new listings in the City of Austin, representing a 2 percent increase
- Active listings were up 9 percent to 1,880 active listings in the City of Austin in August 2017
- In August 2017, there were 801 pending sales, which is a 2 percent year-over-year increase in pending sales
- Housing inventory was up 0.1 months to reach 2.4 months of inventory in August 2017
Austin Area Home Sales Statistics by County
In Travis County, home sales statistics show that single-family home sales volume increased 0.9 percent to 1,463 home sales in August 2017. Median single-family home price increased 2.7 percent year-over-year to reach $350,000 in Travis County. Average days on market was unchanged, however, at an average of 45 days on market in Travis County. Single-family home sales in Travis County reached $664 million, which is a 6 percent gain over August 2016.
Housing statistics also show that:
- Travis County had 1,560 new listings, up 4 percent over August 2016
- Active listings were up 12 percent in Travis County, reaching 3.722 active listings
- Pending sales in Travis County were up 1 percent throughout Travis County, reaching 1.275
- There was a peak of 3.0 months of single-family housing inventory in August 2017, representing a 0.3 month increase
Williamson County August 2017 Real Estate Statistics
In Williamson County, single-family home sales made modest gains this August. Home sales were up less than one percent in Williamson County, reaching 1,025 homes sales in August 2017. Median sales price for Williamson County single-family homes increased 6 percent to $276,500. Homes spent an average of 47 days on market this August, which is a 7 percent increase over August 2016. Home sales dollar volume made a 5 percent gain, reaching $310 million this August 2017. Additionally,
- New listings in Williamson County were up 15 percent to 1,170 in August 2017
- Active listings reached 2,542 in August 2017, which is a whopping 24 percent increase year-over-year
- There were 975 pending sales throughout Williamson County this August, representing a 15 percent gain in pending sales activity this August
- Williamson County single-family housing inventory was up 0.6 months to 3.0 months of inventory in August
Hays County August 2017 Real Estate Statistics
Hays County was the one county that experienced a decline in home sales in the Austin-Round Rock MSA this August. The number of homes sold in Hays County declined 1 percent year-over-year to 365 homes sold in August 2017. Despite that decline, median home sales price was up 4 percent this August over last, reaching $262,990. Homes also sold one day faster this August, with 49 average days on market compared to 50 days on the market in August 2016. In Hays County, homes sales dollar volume made a 4 percent gain despite the decline in the number of homes sold.
Recent statistics also show that:
- There were 425 new listings in Hays County in August 2017, which equals a 4 percent gain in new listings year-over-year
- Hays County had 1,100 active listings this August, reaching a 21 percent increase in active listings compared to August 2016
- Pending sales grew by 20 percent to 333 pending sales in August 2017
- August 2017 showed 3.6 months of inventory, which is up 0.3 months over last August
The Strong Market Presents a Great Opportunity
A record summer selling season is a good sign that Austin area homeowners continue to build wealth through homeownership. Residents who are still renting could share in the gains by entering the real estate market sooner rather than later. Waiting could mean thousands in lost equity.
Brandy Guthrie, 2017 President of the Austin Board of REALTORS®, commented: “The Central Texas housing market just experienced the strongest summer selling season on record. The Austin-Round Rock MSA saw record-breaking growth, during which median price topped $300,000 and home sales volume topped $1 billion four consecutive months in a row.”
For homeowners who are considering a move, listing now would allow you to leverage home equity in a strong market in order to move up to a new home or downsize. As Austin area home prices make stable gains, it’s wise to take advantage of low mortgage interest rates and high equity to make a smart play in Austin real estate. “This is a unique time for Austin real estate,” said David Brodsky. “Austin area homeowners have a great opportunity right now, with the right help. It’s very important for both sellers and buyers to take advantage of the expertise that a real estate professional can provide. Without expert guidance, buyers and sellers could really be losing out in Austin real estate.”
To learn more about the expert consultation and guidance that David Brodsky Properties can provide, reach out to us for a complimentary strategy session. You’ll learn how we can help position you to your best advantage in the Austin real estate market. Developing your strategy early is key to success.
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