It looks like this summer was another stellar selling season for Central Texas real estate, as August home sales outpaced last year’s numbers. Meanwhile, housing inventory took a dip and continues to be the driving factor in the continued growth in the median sales price of single-family homes in the area. The news comes from the latest sales report from the Austin Board of REALTORS® (ABoR) and is another indicator that the Central Texas real estate market is set for continued growth.
Throughout the Austin-Round Rock Metropolitan Statistical Area (MSA), single-family home sales increased 5.8% this August to reach 3,189 home sales. During the same time, inventory dipped. Pending sales, however, jumped 19%.
“A jump in pending sales in the Central Texas region indicates that housing sales for the month of October could be strong,” explained David Brodsky, broker/owner of David Brodsky Properties. “Pending sales give us insight into the number of closings we’ll see in the following month. When pending sales show strong growth, it’s a good sign that closings may be strong the next month.”
With a background in executive finance, Brodsky understands how economic indicators can influence the local real estate sales.
“Combined with strong job growth, increasing Austin real estate sales and a drop in inventory are signs that housing demand is likely to continue,” Brodsky said. “That means we’re likely to expect home price growth along with a very competitive market for buyers. Buying a home in Austin requires that consumers enlist the help of an experienced local agent who understands how to best position their clients when making an offer on a home.”
Of course, the ever-present demand for housing continues to put pressure on city planners and developers to help pave the way for more housing stock.
“While it’s typical to see a decrease in housing inventory and listings at the end of the summer, the continued year-over-year decrease in supply is proof that Austin’s housing stock is critically limited,” Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®, said. “We’re encouraged by the City Council’s stated commitment to creating more housing capacity. Increasing the supply and variety of housing is the only way to ensure a more balanced market.”
Austin-Round Rock MSA Real Estate Sales Statistics
This August, single-family home sales increased 5.8% throughout the Austin-Round Rock MSA. Sales dollar volume also increased, along with the median price for single-family homes. Concurrently, there was a drop in the number of new listings and active listings. However, pending sales jumped to over 3,000 pending sales.
- Single-family home sales in August increased by 5.8% to 3,189 home sales
- Sales dollar volume increased 7.8% to $1,289,691,264
- The median price for single-family homes slightly increased by 2% to $326,500
- New listings decreased 7.1% to 3,457 listings
- Active listings decreased 9.3% to 7,074 listings
- Pending sales jumped 19% to 3,114 sales
- Monthly housing inventory declined 0.3 months year over year to 2.7 months
City of Austin Real
August housing numbers in the City of Austin reflected the statistics throughout the metro. However, pending sales made a more significant increase. Housing inventory made a similar decrease.
- Single-family home sales increased 3.3% this August to 936 sales
- Sales dollar volume increased 7.1% to $479,729,986
- The median price for single-family homes rose 2.7% year over year to $400,500
- New listings decreased 10.3% to 947 listings
- Active listings dropped 19% to 1,418 listings
- Pending sales jumped 15.2% to 894 pending sales
- Monthly housing inventory decreased 0.4 months year over year to 1.8 months
In Travis County, home sales were up by over 4% in August. Sales dollar volume and the median price for single-family homes were both up during the same timeframe. Pending sales jumped over 16%.
- Single-family home sales increased by 4.3% to 1,526 sales
- Sales dollar volume increased 5.9% to $741,835,279
- The median price for a single-family home increased by 2.4% to $380,000
- New listings decreased 4.5% to 1,677 listings
- Active listings decreased 11.1% to 3,162 listings
- Pending sales spiked 16.1% to 1,475 pending sales
- Monthly housing inventory dropped 0.4 months to 2.4 months of inventory
Pending sales in Williamson County saw a big increase this August. Sales volume for single-family homes increased more than 8% and sales dollar volume grew by more than 10%. However, the median sales price for single-family homes remained flat.
- Single-family home sales volume increased by 8.3% to 1,137 sales
- Sales dollar volume increased 10.2% to $369,226,617
- The median price for a single-family home remained at $295,000, the same as August 2018 New listings decreased 13.6% to 1,188 listings
- Active listings decreased 13.7% to 2,375 listings
- Pending sales experienced a double-digit increase of 22.2% to 1,128 pending sales
- Housing inventory decreased 0.5 months to 2.5 months of inventory
Hays County saw some of the lowest decreases in housing inventory this August. Inventory in the area decreased by less than one percent. Pending sales jumped more than 17%, though.
- Single-family home sales increased by 4.7% to 376 sales in August
- Sales dollar volume rose 10.2% to $137,516,912
- The median price for single-family homes decreased by 6.9% to $270,000
- New listings increased 6.7% to 431 listings
- Active listings increased 2.5% to 1,058 listings
- Pending sales increased by 17.7% to 360 pending sales
- Housing inventory decreased 0.1 months year over year to 3.4 months of inventory
Sales dollar volume made strong gains in Bastrop County this August. However, the median price for single-family homes remained flat. In the same timeframe, new listings and active listings decreased.
- Bastrop County single-family home sales jumped 15.7% to 118 sales
- Sales dollar volume increased 12.1% to $31,352,458
- The median price for a single-family home remained unchanged at $240,000
- New listings decreased 15.3% to 122 listings
- Active listings increased 2.5% to 373 listings
- Pending sales rose 31.4% to 113 pending sales
- Housing inventory decreased 0.3 months to 4.0 months of inventory
Home sales in Caldwell County did not perform in tandem with the rest of the Central Texas real estate market. Single-family home sales in the area dropped while housing inventory increased. Despite that, sales dollar volume increased as well as the median home price for single-family homes.
- Single-family home sales dropped 18% to 32 sales
- Sales dollar volume increased 28.1% to $9,909,024
- The median home price increased 11% year over year to $216,500
- New listings decreased 4.9% to 39 listings
- Active listings increased 7.1% to 106 listings
- Pending sales rose 18.8% to 38 pending sales
- Housing inventory increased 0.3 months to 4.2 months of inventory
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