It’s most likely going to be another great year for Austin real estate. The latest report from the Austin Board of REALTORS® shows Austin housing statistics will set yet another annual record for 2018. A few months of dips and signs of market moderation set off alarms of a possible real estate decline earlier in the year. However, the November statistics make it clear that Austin housing is on track to set another consecutive annual record in 2018.
“Job creation is still strong throughout the Austin area,” said David Brodsky, broker/owner of David Brodsky Properties. His boutique real estate brokerage benefits from his experience as a Chief Financial Officer for Fortune 500 companies as well as his years of experience buying, selling and investing in Austin real estate.
“Although the market is showing signs of moderation, the local economy is still adding jobs at a stable rate,” he explained. “Job growth brings newcomers who need housing and that bolsters the Austin housing market. The recent news about Apple investing in a new campus in Austin is a great example of businesses expanding their presence and/or moving to the area and stimulating job creation.”
Additionally, the continued housing demand is contributing to homeowner wealth. “Since demand is high and developers are struggling to produce sufficient inventory to meet demand, home price growth and has been steady. As a result, local homeowners are building wealth through homeownership.”
Austin Area Housing Statistics
The number of home sales in the Austin-Round Rock Metropolitan Statistical Area (MSA) grew slightly this November. However, the sales dollar volume grew almost 6 percent and median home price grew modestly.
- New listings increased 1.7 percent year over year to 2,380 listings in November
- Active listings increased 11.5 percent to 6,907 listings
- Pending sales increased 2.5 percent to 2,217 pending sales
- Monthly housing inventory increased by 0.2 months to 2.7 months of inventory
- Sales volume slightly increased 0.7 percent year over year to 2,201 sales last month
- Sales dollar volume increased 5.6 percent year over year to $839,317,911
- Median home price increased 2.2 percent year over year to $301,391
City of Austin
Home sales in the city of Austin decreased this November and sales dollar volume remained flat. The dip in sales and unchanging home sales dollar volume may be a result of home values in the city pricing many buyers out of the market. Homebuyers are increasingly being drawn to the suburbs where home prices tend to be more affordable.
- Home sales decreased 5.4 percent year over year to 618 homes sold
- Sales dollar volume remained flat at $288,251,771
- Median price rose 5 percent to $374,900
- New listings decreased 3.9 percent to 697 listings
- Active listings decreased 2.4 percent to 1,487 listings
- Pending sales decreased 4.6 percent to 638 pending sales
- Monthly housing inventory decreased by 0.1 months to 1.9 months
Travis County also saw a decline in the number of homes sold this November. Home sales dollar volume made stable gains, though. The growth in sales dollar volume is likely due to the rise in the median price for single-family homes, which increased more than 5 percent this November over last.
- Single-family home sales decreased 0.5 percent year over year to 1,029 homes sold
- Sales dollar volume increased 5 percent to $474,252,517
- Median price for single-family homes rose 5.4 percent to $355,000
- New listings decreased 0.9 percent to 1,189 listings
- Active listings increased 2.7 percent to 3,112 listings
- Pending sales increased 0.8 percent to 1,058 pending sales
- Monthly housing inventory decreased 0.1 months year over year to 2.4 months
Single-family homes sales in Williamson County grew this November as well as sales dollar volume and median home price.
- Single-family home sales increased 4.5 percent to 812 homes sold
- Sales dollar volume increased 4.9 percent to $246,902,818
- Median price increased 1.8 percent to $280,000
- New listings increased 4.9 percent to 798 listings
- Active listings jumped 20.8 percent to 2,449 listings
- Pending sales decreased 2.6 percent to 764 pending sales
- Housing inventory increased 0.3 months year over year to 2.7 months
Hays County also saw a rise in single-family home sales as well as a sharp increase in sales dollar volume. The median price for single-family homes in Hays County saw healthy growth, while active listings made a double-digit increase.
- Single-family home sales rose 1.9 percent to 269 sales in November
- Sales dollar volume spiked 18.6 percent to $94,305,038
- Median price increased 2.8 percent to $262,047
- New listings increased 7.3 percent to 281 listings
- Active listings increased 15.9 percent to 950 listings
- Pending sales increased 21.1 percent to 287 pending sales
- Housing inventory increased 0.3 months to 3.2 months of inventory
Homebuyers and sellers are urged to enlist the service of an experienced Austin real estate professional in their upcoming home sale or purchase. The market may appear to be straightforward in the housing statistics reports depicted in the news, but lending restrictions, competition from buyers and sellers as well as the volatile stock market contribute to a market that is both strong and fiercely competitive for buyers and sellers. Reach out to an experienced Austin real estate strategist to get a complimentary consultation and learn how an experienced Austin area realtor will help you achieve your real estate goals.
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