Austin-area Home Sales Dollar Volume Hits All-Time High in May 2017
Austin-area home sales hit a record breaking total of $1,234,617,317 for the month of May 2017, an 18.4 percent increase over May 2016, according to the Austin Board of REALTORS® May 2017 Central Texas Housing Market Report. This over $1.2 billion total was helped by strong home sales increases across the board in the Austin-Round Rock Metropolitan Statistical Area.
“Housing is the backbone of our region’s economy and the heart of our communities,” said ABOR President Brandy Guthrie. “Housing demand continues to be at an all-time high in and around Austin, indicated by steady growth in home sales and prices, listing activity and housing inventory. The concurrent gains in listing activity and inventory, in particular, are a positive sign that housing inventory could continue to increase throughout the aggressive summer selling season.”
Single-family home sales in the Austin area jumped nine percent this May 2017, to 3,170 home sales. Within the city of Austin, home sales increased 9.7 percent to 993 home sales. Countywide, sales volume increased 14.8 percent in Hays County to 364 home sales, 6.3 percent in Travis County to 1,546 home sales, and 8.3 percent in Williamson County to 1,117 home sales.
Home prices, as expected, continued to rise. In the Austin area, home prices increased eight percent to a median of $310,000. Within the city of Austin, the median price hit $380,000, an 8.6 percent over the previous May. In Hays County, median price increased 10.4 percent to $262,250. In Travis County, median price increased 8.5 percent to $371,000. And in Williamson County, median price increased 6.5 percent to $284,375.
Inventory for the Austin area saw a much larger increase than in recent past, with a 0.4 month increase compared to May 2016, for a total of 2.8 months of inventory. Within the city of Austin, inventory increased 0.2 months to 2.1 months of inventory.
“The Central Texas housing market is moving at an increasingly faster pace,” said Guthrie.
Austin-area May 2017 Sold Homes
- Number of sold homes: 3,170 (Up 9% compared to May 2016)
- Median sold price: $310,000 (Up 8% compared to May 2016)
- Days on the market: 43 (Down 1 day compared to May 2016)
Austin-area May 2017 Single-Family Homes on the Market
- New listings: 4,369 (Up 15% compared to May 2016)
- Active listings: 6,972 (Up 22% compared to May 2016)
- Pending sales: 3,437 (Up 7.7 % compared to May 2016)