January real estate statistics from the Austin Board of REALTORS® (ABoR), indicate that Austin area real estate is continuing to normalize. According to the ABoR report, the median home price in the Austin-Round Rock Metropolitan Statistical Area (MSA) was up 2.4 percent to $296,999 in January, reflecting much narrower growth than previous years. Single-family home sales remained relatively flat with a 1.8 percent decrease to 1,598 sales this year.
Despite the conservative sales numbers, the report highlighted the positive outlook for the real estate market this year. ABoR President, Kevin P. Scanlon, made a point to let consumers know that housing demand in the Austin area is still high. High housing demand coupled with an ongoing inventory shortage is bolstering home values and challenging buyers to take their time to find their ideal home.
“In December 2018, new listings on the market returned to more normal levels compared to December 2017. This resulted in a slight decrease in January sales this year,” Scanlon said. “However, even though we are seeing slowing home price appreciation, future homeowners are still buying. That means Austin’s market remains extremely competitive and 2019 is highly likely to be another strong year.”
Austin-Round Rock MSA
New home developers are continually challenged with providing much-needed inventory at an affordable price for buyers. For that reason, new home developments appear to be moving further into submarkets while resale homes in the city center come with an ever-growing price tag.
“In submarkets where there’s lots of growth, the price gap between home resales and new home construction is narrowing. New development is moving further away from the city—to areas where land is less expensive—and most resales are more centrally located,” Vaike O’Grady, Austin regional director of Metrostudy, said.
“However, in the city of Austin, we’re seeing the opposite trend. Older homes on larger lots are priced higher than new homes on smaller lots. As Austin runs out of space for inventory, developers are getting more creative with home and lot configuration.”
- Sales dollar volume in the Austin-Round Rock MSA increased year over year by 2.7 percent to $599,080,374 in January
- New listings rose 21.6 percent to 2,820 listings
- Active listings increased 20.6 percent to 5,840 listings
- Pending sales increased 10.7 percent to 2,452 pending sales
- Monthly housing inventory increased by 0.4 months to 2.3 months of inventory
City of Austin
In the city of Austin, single-family home sales remained flat at 481 sales in January. During the same period, sales dollar volume increased 10.4 percent to $218,598,560. The two statistics demonstrate how buyer demand is driving sales price despite constricted sales.
- The median price of single-family homes increased slightly—1.7 percent to $353,250
- New listings increased 24.4 percent to 784 listings
- Active listings increased 10.5 percent to 1,093 listings
- Pending sales increased 2.1 percent to 684
- Monthly housing inventory increased by 0.1 months to 1.4 months of inventory
Throughout Travis County, single-family home sales statistics were up across the board. The number of home sales increased along with sales dollar volume. Both active listings and housing inventory were up, which could be a good sign for February home sales numbers. Most notably, pending sales were up, which can contribute to a good start for February sales numbers.
- In Travis County, January single-family home sales increased 3.9 percent year over year to 806 home sales
- Sales dollar volume experienced a double-digit percent increase of 12.8 percent to $360,545,574
- The median price for a single-family home rose 1.6 percent to $334,400
- New listings increased 20.7 percent to 1,361 listings
- Active listings increased 11.2 percent to 2,490 listings
- Pending sales increased 8.8 percent to 1,167 pending sales
- Monthly housing inventory increased 0.2 months year over year to 2.0 months of inventory
Since last January, Williamson County single-family home sales decreased year over year by 2.6 percent to 557 home sales and sales dollar volume decreased 5.9 percent to $167,117,434. During the same period, the median price for single-family homes increased 1.6 percent to $275,400.
- New listings increased 17.8 percent to 927 listings
- Active listings increased 23.5 percent to 2,056 listings
- Pending sales increased 11.5 percent to 893 pending sales
- Housing inventory increased 0.4 months year over year to 2.3 months of inventory
Across Hays County, home sales and sales dollar volume decreased while median home price increased. However, pending sales saw double-digit gains. Housing inventory remained flat this year.
- Single-family home sales decreased 16.9 percent to 162 sales
- Sales dollar volume decreased 10.7 percent to $54,917,946
- Median price for a single-family home rose year over year by 3.4 percent to $267,900
- New listings spiked 34.6 percent to 381 listings
- Active listings rose sharply by 34.9 percent to 900 listings
- Pending sales experienced a double-digit percent increase of 14.9 percent to 286 pending sales
- Housing inventory increased 0.8 months to 3.1 months of inventory
Bastrop real estate statistics showed a decrease in the number of home sales. Concurrently, sales dollar volume was significantly down this January. However, active listings skyrocketed while pending sales jumped up.
- Single-family home sales decreased 3.2 percent to 60 sales
- Sales dollar volume decreased 24.7 percent to $14,467,871
- Median price for a single-family home decreased year over year by 11.2 percent to $215,000
- New listings rose 30.7 percent to 115 listings
- Active listings spiked 48 percent to 302 listings
- Pending sales increased 16.9 percent to 83 pending sales
- Housing inventory increased 1.2 months to 3.6 months of inventory
In Caldwell County, January single-family home sales dropped 40.9 percent to 13 sales and the median price decreased 13.2 percent to $156,167.
- Sales dollar volume plummeted 61.8 percent year over year to $1,992,376
- New listings increased 9.1 percent to 36 listings
- Active listings increased 35.3 percent to 92 listings
- Pending sales increased 4.6 percent to 23 pending sales
- Housing inventory increased 1.7 months to 3.9 months of inventory
Read more about Austin real estate.