Austin-Area Home Sales Volume Up, Austin Volume Slows
Home sales volume in the Austin-Round Rock Metropolitan Statistical Area increased in November 2017, while home sales within the city of Austin decreased, according to the Austin Board of REALTORS® November 2017 Central Texas Housing Market Report.
Austin-Round Rock home sales increased 3.7 percent compared to November 2016, resulting in 2,196 home sales, and city of Austin home sales decreased 3.3 percent compared to November 2016, resulting in 653 home sales. Williamson County home sales increased 10.2 percent, and Hays County home sales increased 14.3 percent. Travis County home sales decreased 1.3 percent, due to Austin’s decline.
“Even with the market normalization trends we are seeing, home sales volume throughout the Austin-Round Rock MSA is still on-pace with 2016 year to date,” said ABOR President Brandy Guthrie. “If this month’s home sales volume exceeds that of December 2016, 2017 will most likely be another record-breaking year for the Austin-area housing market.”
Home price increases continued to moderate in November 2017, with Austin-Round Rock home prices increasing 2.9 percent to $296,500, Williamson County home prices unchanged at $275,000, Hays County home prices increasing four percent to $260,000, Travis County home prices increasing 6.1 percent to $341,000, and homes within the city of Austin increasing 6.8 percent to $360,000.
Housing inventory has increased but is still very tight and a clear sellers’ market, with about 6.5 months of inventory considered balanced by The Real Estate Center at Texas A&M University. Austin-Round Rock inventory increased 0.2 months to 2.5 months, and Austin inventory increased 0.1 months to 2.0 months.
“Due to rapid population growth throughout Central Texas, Austin continues to have one of the highest demands for housing in the nation,” said Guthrie. “Homes sales are the strongest where price points are the lowest and where development options are available, such as parts of Williamson and Hays counties. We are seeing some slowing home price appreciation and housing inventory gains, which is normalizing us to a more stable market and aligning us with long-term historical market trends.”
Independence Title State Director of Information Capital Mark Sprague said, “The 2018 Austin-area housing market will be a lot like this year’s housing market – slower, but still very strong housing market activity.”
Austin-area November 2017 Sold Homes
- Number of sold homes: 2,196 (Up 3.7% compared to November 2016)
- Median sold price: $296,500 (Up 2.9% compared to November 2016)
- Days on the market: 61 (Up 6 days compared to November 2016)
Austin-area November 2017 Single-Family Homes on the Market
- New listings: 2,377 (Up 12.1% compared to November 2016)
- Active listings: 6,391 (Up 13.7% compared to November 2016)
- Pending sales: 2,340 (Up 14.9% compared to November 2016)