Austin, Texas Real Estate Market Update and Statistics April 2018
Posted by Regent Property Group on Friday, April 20th, 2018 at 10:57am. 545 Views
Record-breaking March for Home Sales, Strong Summer Expected
Over 2,700 homes sold in March 2018 in the Austin-Round Rock Metropolitan Statistical Area, a 10.5 percent increase compared to March 2017 and the most sales ever in that month, according to the Austin Board of REALTORS® Central Texas Housing Market Report. Total sales dollar volume increased 18.4 percent over March 2017 to a total of $1,071,274,938, and median home price was up 3.5 percent to $305,233. Inventory was down 0.2 months compared to March 2017 for 2.2 months of inventory.
“Last month, 2,714 single-family homes were sold in the five-county Central Texas region, which is more sales than any March we’ve seen on record,” said ABOR President Steve Crorey. “This type of growth early in the year indicates a strong summer selling season ahead. Those who are interested in buying or selling a home this summer should seek out the services of a REALTOR®.”
In the city of Austin, home sales increased 8.5 percent compared to March 2017, while home prices remained relatively flat, with a 0.1 percent increase for a median home compared to March 2017. Housing inventory dropped from 1.7 months in March 2017 to 1.5 months in March 2018, and homes spent five fewer days on the market, at an average of 46 days.
Crorey said, “Historically, it’s common for some homes to be on the market for 50 days or more, even in markets with strong housing demand. Within the city of Austin and other local markets with limited inventory, homes are spending a fraction of time on the market—as little as two weeks in some areas. This is an indicator of just how competitive it’s become to purchase a home in and around Austin.”
Countywide, Travis County experienced a 12.8 percent increase in home sales, Williamson County had a 9.1 percent increase, and Hays County had a 2.8 percent increase. Notably, Kyle, in Hays County, experienced a 19.7 percent increase in sales, while Buda, also in Hays County, experienced a decrease of 35.1 percent.
Metrostudy Austin Regional Director Vaike O’Grady said, “Buda’s sales are lower this year due to a lack of supply of new homes. Shoppers are moving farther from Austin in search of affordable homes, which is driving sales in Kyle.”
A similar occurrence was found in Williamson County, with Leander sales increasing 33 percent and Cedar Park sales decreasing 28.8 percent.
Austin-area March 2018 Sold Homes
- Number of sold homes: 2,714 (Up 10.5% compared to March 2017)
- Median sold price: $305,233 (Up 3.5% compared to March 2017)
- Days on the market: 61 (Up 3 days compared to March 2017)
Austin-area March 2018 Single-Family Homes on the Market
- New listings: 4,008 (Down 2.8% compared to March 2017)
- Active listings: 5,640 (Down 2.4% compared to March 2017)
- Pending sales: 3,049 (Up 7.4% compared to February 2017)
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