In April, Austin home sales statistics show that homes are selling faster as the Spring and Summer selling season approaches. Due to the rapidity of home sales in the Austin area, an increase in the number of listings in April made no headway in terms of increasing housing inventory. Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “While new listings are up year-over-year, homes are selling faster than they can be listed on the market. This has led to a smaller number of active listings and an increasingly competitive market for homebuyers.”
Despite the seemingly futile efforts of developers to keep up with demand, the Austin housing market remains stable. “Austin real estate is being bolstered by organic housing demand that’s a result of the strong local jobs market,” explained David Brodsky, broker/owner of David Brodsky Properties. Brodsky entered the real estate market after leaving a successful career as a Chief Financial Officer in the tech industry. “The Austin area is still one of the fastest-growing regions in the U.S., so naturally housing demand is going to remain high. As a result, we’re seeing stable price appreciation and inventory hovering well under 3 months in our market.”
Additionally, it appears that homes across all price points are in high demand while inventory decreases. Mark Sprague, state director of information capital for Independence Title, said. “Inventory levels for luxury homes priced at $700,000 or higher have decreased year-over-year, and the inventory for homes priced under $500,000 continues to decline in Austin. As a result, we’re seeing locals purchase more homes in the suburbs.”
Austin Area Real Estate Statistics
New listings increased 5.6 percent to 4,139 listings across the Austin-Round Rock MSA. Active listings decreased 2.8 percent to 6,154 listings while pending sales rose 14.3 percent to 3,320 pending sales. This April, the median price of single-family homes in the Austin-Round Rock MSA increased 3.8 percent year-over-year to $316,000. Housing inventory decreased 0.2 months year-over-year to 2.4 months of inventory during the same time frame.
On average, homes priced between $150,000 and $250,000 stayed on the market fewer than 35 days in the Austin-Round Rock MSA. In the city of Austin, single-family homes in this price range spent an average of between 20 and 33 days on the market this April. The low average number of days on the market indicates a continued inventory shortage and strong demand for homes in this price range. According to the Real Estate Center at Texas A&M University, the price threshold for affordable, entry-level homes is $200,000 or less.
City of Austin Real Estate Report
In the city of Austin, single-family homes spent four more days on the market this April than a year before, reaching an average of 37 days. Single-family home sales reached 859 sales, which is an increase of 7.4 percent from a year ago last April. This April, the median price for single-family home sales increased by 9.3 percent year-over-year to $390,000. Housing inventory decreased from 2.1 months of inventory in April 2017 to 1.7 months of inventory in April 2018.
Travis County Real Estate Sales
Single-family home sales in Travis County increased 6.4 percent year-over-year to 1,324 sales this April. The median price for single-family homes in Travis County also showed strong overall growth. Median home price reached $380,143 in April, which is up 7.1 percent year-over-year. Housing inventory decreased by 0.3 months from the previous April to 2.3 months of inventory.
Williamson County Housing Sales
Home sales volume in Williamson County saw a 7.6 percent increase year-over-year to 904 home sales. The median price for single-family homes increased 3.6 percent to $285,000 during the same time frame. Inventory of single-family homes in Williamson County decreased slightly from last year’s 2.4 months of inventory to 2.3 months of inventory in April 2018.
In Leander, April home sales remained flat year-over-year at 97 sales. The median price of single-family homes a slight 1.8 percent year-over-year increase to $280,000. In Cedar Park, April home sales volume decreased 11.9 percent to 89 sales. At the same time, the median price of Cedar Park homes increased 11.2 percent year-over-year to $339,000. Round Rock experienced a staggering 30.9 percent home sales surge over last April to reach 178 sales. Round Rock median home price increased 8.1 percent to $275,000.
Hays County Real Estate Numbers
April home sales in Hays County experienced a year-over-year decrease, dropping 8.5 percent this April to 281 home sales. Unlike the other areas in the MSA, median Hays County home price declined 6.8 percent to $247,000. Inventory of single-family homes in Hays County remained unchanged at 2.8 months of inventory from the previous April.
Locally, home sales in Buda dropped 19.6 percent year-over-year to 37 sales, but the median home price increased 14 percent to $285,000. Kyle experienced a double-digit increase in sales, with an 11.9 percent increase to 75 sales this April compared to the same time last year. The median price increased 2.7 percent to $215,500 during the same time frame.
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