Recent numbers from the Austin Board of REALTORS® (ABoR) show that Austin area real estate statistics continue to outperform predictions and seasonal trends. Although February has typically proven to be a slow month for Central Texas real estate, this February showed strong gains in home sales volume across the region. Home prices made double-digit increases in some of the areas with the strongest demand, while housing inventory remains critically low. As for home sales prices, economists had predicted a 5 percent increase last month. However, local statistics show single-family home sales prices made much stronger gains in February 2018.
“According to the latest Job Growth and Unemployment Report from the Texas Workforce Commission [TWC] and the U.S. Bureau of Labor Statistics [BLS], the Austin area experienced 3.7% job growth for the 12 months ending in January. Those job growth numbers make the Austin area the second-fastest growing metro in the nation,” said David Brodsky. Brodsky is the broker/owner of David Brodsky Properties, which is a boutique Austin real estate brokerage specializing in residential, relocation, investment and multi-family real estate. “Considering how fast Austin is growing, it’s likely that housing demand will continue to remain high,” Brodsky explained. “Since inventory hasn’t caught up to demand, we’re likely to see home prices continue to strengthen.”
Austin Area Real Estate Statistics
Throughout the Austin-Round Rock MSA, home sales experienced a 5.7 percent year-over-year increase in February 2018, reaching 1,955 sales. The median price of single-family homes increased 3.6 percent to $299,900. Housing inventory remained flat at 2.0 months, which is the same as February 2017.
Other Austin area real estate statistics include:
- New listings were down 1% to 2,819
- Active listings were up 1% to 4,969
- Pending sales were up 14% to 2,504
- The Austin-Round Rock MSA sold a total dollar volume of $736 million, which is up 11% from February 2017
Travis County Real Estate Statistics
The number of homes sold in Travis County increased 1% in February 2018, reaching 962 homes sold. Homes for sale spent 4 more days on the market than in February 2017. It took homes an average of 69 days to sell this February. Median home sales price reached $345,000, which is an 8% increase year-over-year. Inventory was unchanged at 1.9 months of inventory.
Travis County real estate statistics also include:
- New listings were down 1% to 1,430
- Active listings were up 4% to 2,284
- Pending sales were up 12% to 1,240
- Travis County sold a total dollar volume of $432 million, which is up 6% from last February
Williamson County Real Estate Statistics
Sales volume made impressive gains in February. Sales volume increased 13.1 percent year-over-year, reaching 689 sales. Median price growth remained relatively flat, increasing 1.1 percent to $275,000.
Also in February 2018:
- New listings were down 3% to 967
- Active listings were up 9% to 1,746
- Pending sales were up 15% to 859
- Williamson County sold a total dollar volume of $211 million, which is up 16% from February 2017
Hays County Real Estate Statistics
February home sales throughout Hays County also showed an impressive increase this year. February home sales increased 12.1 percent year-over-year to 222 sales in Hays County. Median home price increased 6.7 percent to $255,000 in February 2018. Hays County showed a nominal decrease of 0.3 months of inventory, bringing the total months of inventory to 2.2 from 2.5 months of inventory a year before.
- New listings were down 5% to 312
- Active listings were up 5% to 658
- Pending sales were up 25% to 208
- HaysCounty sold a total dollar volume of $76 million, which is up a whopping 29% from February 2017
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