We haven’t seen the end of record-setting annual real estate sales in Austin, it seems. The Austin Board of REALTORS® recently released their December and 2018 Austin real estate report which shows that home sales dollar volume hit another all-time high in 2018. In contrast, December monthly home sales lagged throughout the greater Austin-Round Rock Metropolitan Statistical Area (MSA) with some counties showing modest home sales increases for the month.
“Demand remains strong, but inventory remains low,” said David Brodsky, broker/owner of one of Austin’s premier boutique real estate brokerages. “What we’ve seen in the market is a hesitancy for many Austinites to list their homes and the inability of builders to fill this gap in supply,” he explained.
Despite the low inventory, Brodsky expects Austin area real estate to have another strong year in 2019.
“People want to relocate to Austin for what the city offers culturally, employers are constantly choosing Austin for expansion and relocation and we have a great diversity of industry.”
Austin-Round Rock MSA
Throughout the Austin-Round Rock MSA, real estate sales numbers were up overall for 2018. The median price for single-family homes increased annually by 3.6 percent to $310,400. Sales increased annually by 2.1 percent to 30,713 sales.
There were 30,713 single-family homes sold in 2018, generating $11.9 billion in sales dollar volume. New listings for the five-county MSA increased annually by 0.8 percent to 38,870 listings in 2018. During the same period, pending sales increased 1.9 percent to 30,805 pending sales.
In December, the median home price decreased 0.8 percent year over year to $305,000. Single-family home sales decreased 11.1 percent year over year to 2,370 sales. Housing inventory increased in December by 0.2 months to 2.3 months of inventory in the five-county MSA.
City of Austin
In the City of Austin, housing statistics distinctly demonstrate the effect of high demand and low inventory. While 2018 sales remained flat at 9,357 homes, sales dollar volume increased annually by 5.3 percent to $4,365,464,913. The increased sales dollar volume is a result of the 4.1 annual increase in the median price for single-family homes, which reached $375,760 in 2018.
While the median price for homes in the City of Austin increased 6.2 percent year over year in December to $376,875, sales decreased 17.3 percent year over year to 669 sales. Austin’s monthly housing inventory decreased 0.1 months to 1.4 months of inventory in December.
The median home price in Travis County showed an annual increase of 2.9 percent to $360,000. Home sales increased 3.2 percent to 15,240 annual sales.
In December, the median home price rose 0.4 percent year over year to $350,000. However, sales decreased 11.7 percent year over year to 1,135 sales. Monthly housing inventory remained at 2.0 months—the same as the previous December.
Williamson County’s median home price increased annually to $285,000 in 2018. Single-family home sales in Williamson County increased annually by 1.2 percent to 10,634 sales.
In December, the median Williamson County home price decreased 2.4 percent year over year to $280,000. Single-family sales decreased 12.4 percent to 856 sales in December. Housing inventory increased 0.4 months year over year to 2.4 months of inventory.
The median Hays County home price increased annually by 2.3 percent to $264,990 in 2018. Single-family home sales increased annually by 2 percent to 3,524 sales.
The median home price in December increased 2.3 percent year over year to $272,938, but December sales decreased 11.3 percent to 267 sales. Housing inventory increased 0.5 percent to 2.9 months of inventory.
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