Central Texas Home Sales Jump 12.5 Percent, Austin Median Price Jumps Over Ten Percent
Single family home sales in Central Texas increased 12.5 percent in April 2016, compared to April of last year, for a total of 3,863 home sales. However, almost 80 percent of these homes were not sold within the City of Austin but in the surrounding region, according to the April 2016 Central Texas Housing Market Report released by the Austin Board of REALTORS®.
Hays County led the way, with a year-over-year increase of 17.8 percent in home sales in April 2016, for 338 home sales. The City of Austin had a 1.7 percent increase in single-family home sales, with 829 home sales. Williamson County actually saw a decline in sales, decreasing 5.1 percent year-over-year to 816 home sales.
Many analysts believe this pressure outward from the Austin city limits is due to increasing prices and tight inventory.
“Hays County is one of Austin’s few surrounding areas with entry-level homes priced less than $200,000, a price point with high demand,” said Mark Sprague, State Director of Information Capital for Independence Title. “In Williamson County, demand is highest for homes priced between $200,000 and $400,000, but there is not sufficient housing stock to meet demand, particularly in Round Rock and Pflugerville.”
ABOR President Aaron Farmer said, “The City of Austin’s housing market is drastically different than surrounding areas. In Austin, home sales growth is suppressed, inventory is more constrained and home prices are much higher.”
How much higher?
The median price for homes within Austin jumped 10.6 percent year-over-year to $359,450. Comparatively, the median price for single-family homes in Williamson County increased two percent to $255,000. The median price in Travis County increased 7.8 percent to $339,500.
Inventory remained very tight in Austin in April 2016, with a 1.8-month supply, an increase of 0.3 months from April 2015 but drastically below the 6.5 month supply deemed balanced by the Real Estate Center at Texas A&M University.
City of Austin April 2016 Sold Homes
- Number of sold homes: 829 (Up 2% compared to April 2015)
- Median sold price: $359,450 (Up 11% compared to April 2015)
- Days on the market: 41 (Up nine days compared to April 2015)
City of Austin April 2016 Single-Family Homes on the Market
- New listings: 1,157 (Down 1% compared to April 2015)
- Active listings: 1,376 (Up 24% compared to April 2015)
- Pending sales: 965 (Up 6% compared to April 2015)