Austin Real Estate: Strong January to Start 2017
The Austin area experienced strong real estate gains in January 2017, starting the year with a seven percent increase in home sales, according to the Austin Board of REALTORS® January 2017 Central Texas Housing Market Report. The City of Austin kicked off the year with a 9.8 percent increase in home sales.
“Consecutive years of strong housing demand and sales growth throughout Central Texas have significantly changed housing market conditions in Austin and the surrounding region,” said ABOR President Brandy Guthrie. “The radius of local market areas with critically low housing inventory levels has expanded out from Austin into surrounding counties, shifting the price range of available homes in local communities upward.”
Housing levels in the Austin-Round Rock Metropolitan Statistical Area increased 0.1 months to two months of inventory, and inventory in the City of Austin was unchanged at 1.4 months of inventory. Inventory of homes listed under $250,000 was less than one month in many Central Texas areas. An approximately six-month supply is considered balanced between buyers and sellers, according to the Real Estate Center at Texas A&M University.
Home prices continued their upward trend, with the median price for the Austin-Round Rock MSA increasing 9.8 percent year-over-year to $279,990, and the median price in the City of Austin increasing 2.3 percent year-over-year to $312,000. The total volume of sold homes in the Austin-Round Rock MSA was $552 million, up 19 percent.
“The range of home prices available in local market areas are slowly trending upward, changing the local profile of what homes and price ranges are considered ‘affordable’,” said Guthrie. “Single-family homes priced for entry-level homebuyers are increasingly harder to find throughout the region.”
Austin-area January 2017 Sold Homes
- Number of sold homes: 1,549 (Up 7% compared to January 2016)
- Median sold price: $279,990 (Up 10% compared to January 2016)
- Days on the market: 59 (Up 1 day compared to January 2016)
Austin-area January 2017 Single-Family Homes on the Market
- New listings: 2,559 (Up 8% compared to January 2016)
- Active listings: 4,828 (Up 7% compared to January 2016)
- Pending sales: 2,290 (Up 11% compared to January 2016)