January 2018 shows continued strength of Austin-area real estate market: Record-breaking sales and prices could continue
Home sales increased across the five-county Austin Metropolitan Statistical Area in January 2018, “setting the pace for what could be another record-breaking year,” according to the Austin Board of REALTORS® January 2018 Central Texas Housing Market Report. Sold prices for homes in the Austin-area increased 3.6 percent over January 2017 to $290,000, and home sales volume increased 8.5 percent to 1,655 sales. Inventory remained the same as last January at 1.9 months, well below an average balanced market of six to 6.5 months. Pending and active listings indicate February 2018 also will be a strong month for sales, according to the report.
Real Estate Center at Texas A&M University Chief Economist Jim Gaines said the Central Texas housing market “will continue to see an increase in both sales and price” in 2018, despite low inventory levels. In fact, he said, “The housing demand and lack of inventory is so great, that if supply does not increase, we could see a upwards of five percent growth in median home prices within the Austin-Round Rock MSA. Inventory will be a determining factor in the direction of this year’s market.”
Within the city of Austin, inventory constraints were even more pronounced, with 1.3 months of housing inventory in January 2018, down from 1.4 months in January 2017. Median price increased by double digits: a 10.2 percent increase in median price compared to the previous January, to $347,000. Home sales were up 1.5 percent to 482 sales.
In Hays County, median price increased 13 percent compared to last January to $259,743, and home sales increased 14.5 percent to 198 total sales. In Williamson County, median price for homes increased by 1.4 percent in January 2018 to $270,215, and home sales increased 10.3 percent to 579 sales.
Austin-area January 2018 Sold Homes
- Number of sold homes: 1,655 (Up 8.5% compared to January 2017)
- Median sold price: $290,000 (Up 3.6% compared to January 2017)
- Days on the market: 68 (Up 8 days compared to January 2017)
Austin-area January 2018 Single-Family Homes on the Market
- New listings: 2,316 (Down 7.9% compared to January 2017)
- Active listings: 4,876 (Up 4.2% compared to January 2017)
- Pending sales: 2,365 (Up 12.2% compared to January 2017)