Austin Area Home Prices Spike in February 2018
Wondering if this spring would bring a slowdown in the red hot Austin real estate market? Not so far, according to the February 2018 Central Texas Housing Market Report released by the Austin Board of REALTORS®. Prices spiked across the area, according to the report, with the most in-demand areas reporting double digit increases.
With the city of Austin, median price increased 12.2 percent compared to February 2017, to $367,701. With an inventory decrease from 1.4 months in February 2017 to 1.3 months in February 2018, home sales decreased 6.7 percent to 599 sales. A balanced market is considered approximately 6.5 months of inventory, according to the Real Estate Center at Texas A&M University.
Within the Austin-Round Rock Metropolitan Statistical Area, home sales increased 5.7 percent in February 2018, and median price increased 3.6 percent to $299,900, with an unchanged inventory of two months. Notably, pending sales increased 14 percent.
In Williamson County, with an inventory level of two months, home sales increased 13.1 percent in February 2018, while median price increased 1.1 percent to $275,000. In Hays County, with 2.2 months of inventory, home sales increased 12.1 percent in February 2018 and median price increased 6.7 percent to $255,000.
ABOR President Steve Crorey said price increases are “especially evident in local markets where housing demand is strongest, such as Austin and Cedar Park.”
Independence Title State Director of Information Capital Mark Sprague said the economy “remains strong and continues to attract new residents and potential homebuyers.” The resulting growth in population, he said, “is putting additional pressure on local housing markets with already critically low housing inventories, leading to sharp price increases that both homebuyers and new home developers cannot keep up with.”
Austin-area February 2018 Sold Homes
- Number of sold homes: 1,955 (Up 6% compared to February 2017)
- Median sold price: $299,900 (Up 4% compared to February 2017)
- Days on the market: 71 (Up 6 days compared to February 2017)
Austin-area February 2018 Single-Family Homes on the Market
- New listings: 2,819 (Down 1% compared to February 2017)
- Active listings: 4,969 (Up 1% compared to February 2017)
- Pending sales: 2,504 (Up 14% compared to February 2017)