ABOR report says all price ranges experiencing competition
All Austin area real estate price ranges are experiencing pressure due to limited inventory and high demand, according to the Austin Board of REALTORS® Central Texas Housing Market Report based on data from April 2018.
Pending sales in the Austin-Round Rock MSA increased 14.3 percent in April 2018 to 3,320 pending sales, while new listings were up 5.6 percent to 4,139 listings and active listings decreased 2.8 percent to 6,154 listings. Median price within the Austin-Round Rock MSA increased 3.8 percent compared to April 2017, for a median of $316,000. Inventory decreased 0.2 months to 2.4 months, well below the approximately 6.5 month supply that is believed to be balanced, according to the Real Estate Center at Texas A&M University. Total sales dollar volume increased 13.7 percent compared to April 2017, to $1,055,410,883.
“In the Austin-Round Rock MSA, price classes across the board are seeing an increase in demand with a decrease in inventory,” said ABOR President Steve Crorey. “While new listings are up year-over-year, homes are selling faster than they can be listed on the market. This has led to a smaller number of active listings and an increasingly competitive market for homebuyers.”
Within the city of Austin, home sales increased 7.4 percent in April 2018 compared to April 2017, and median price increased by 9.3 percent to $390,000. Inventory decreased from 2.1 months to only 1.7 months, comparing April of 2017 and April 2018. Homes spent 37 days on the market, on average, an increase of four days.
Independence Title State Director of Information Capital Mark Sprague said, “The desire to live in the city of Austin continues to drive home sales. Inventory levels for luxury homes priced at $700,000 or higher have decreased year-over-year, and the inventory for homes priced under $500,000 continues to decline in Austin. As a result, we’re seeing locals purchase more homes in the suburbs. However, the real estate landscape continues to be strong compared to most major cities in the country.”
Austin-area April 2018 Sold Homes
- Number of sold homes: 2,611 (Up 4.1% compared to April 2017)
- Median sold price: $316,000 (Up 3.8% compared to April 2017)
- Days on the market: 51 (Up 2 days compared to April 2017)
Austin-area April 2018 Single-Family Homes on the Market
- New listings: 4,139 (Up 5.6% compared to April 2017)
- Active listings: 6,154 (Down 2.8% compared to April 2017)
- Pending sales: 3,320 (Up 14.3% compared to April 2017)