Homes Sales Neutral in Austin and Greater Austin
Home sales in Austin and Greater Austin were relatively neutral in March 2017. Within the city, home sales increased 1.2 percent compared to March 2016 to 780 home sales, according to the Austin Board of REALTORS® March 2017 Central Texas Housing Market Report. In the Austin-Round Rock Metropolitan Statistical Area, home sales decreased 1.4 percent compared to March 2016 to 2,509 home sales.
In both areas, home prices increased. Median home price in Austin increased 12.6 percent to $371,606, and in the Greater Austin area, median price increased 5.6 percent to $295,767. Inventory also increased in both areas, with inventory in Austin growing by 0.1 months to 1.8 months of inventory and with inventory in Greater Austin growing by 0.2 months to 2.4 months of inventory. Both are still extremely low compared to a balanced 6.5 month supply, as projected by the Real Estate Center at Texas A&M University.
On the whole, Austin-area homes spent 56 days on the market. Homes above $500,000 in Austin stayed on the market slightly longer, at over 60 days, and Austin homes priced between $150,000 and $250,000 spent under a month on the market. Inventory for the lowest priced homes in Austin, at $250,000 or less, was less than half a month.
The Real Estate Center at Texas A&M University Chief Economist Dr. Jim Gaines said, “As population grows and residents seek to live in closer proximity to key activities, demand is created for greater density. Without more housing, homebuyers and developers are forced to look outward; but there are often many ways that existing residential neighborhoods can be zoned to allow for greater infill. Central Texas, especially Austin, is rapidly approaching a critical mass of population growth when city leaders may be forced to create imaginative, higher-density options to accommodate popular demand.”
Austin Board of REALTORS® President Brandy Guthrie said, “As local market experts, Central Texas REALTORS® recognize the necessary balance of promoting the greater community benefit of affordability and preserving the character and quality of our communities, but we also believe that this balance can be achieved in a way that enhances, not deters from our neighborhoods.”
Austin-area March 2017 Sold Homes
- Number of sold homes: 2,509 (Up 1% compared to March 2016)
- Median sold price: $295,767 (Up 6% compared to March 2016)
- Days on the market: 56 (Unchanged compared to March 2016)
Austin-area March 2017 Single-Family Homes on the Market
- New listings: 4,199 (Up 16% compared to March 2016)
- Active listings: 5,962 (Up 15% compared to March 2016)
- Pending sales: 3,049 (Up 14% compared to March 2016)