Austin-Area Experiences Record-Breaking Home Sales for October 2018
October 2018 home sales in the Austin area were the highest on record for any October, increasing 8.8 percent to top $900 million, according to the Austin Board of REALTORS® October 2018 Central Texas Housing Market Report. Additionally, sales volume increased 4.3 percent compared to last October, and median price increased approximately eight percent to reach $308,355.
New listings were up 3.7 percent compared to October 2017, while active listing increased 8.2 percent and pending sales increased 2.8 percent. Inventory inched up 0.1 months to a 2.9 month supply.
ABOR President Steve Crorey said, “We saw slight inventory increases across the market, particularly in the suburbs, but they’re not enough to offset ongoing demand.”
In the city of Austin, home sales were up 7.8 percent in October 2018 compared to October 2017. Sales dollar volume increased 11.9 percent, and median price increased 3.7 percent to $377,000. While new listings increased five percent, active listings decreased 5.4 percent and pending sales decreased 2.2 percent. This resulted in Austin experiencing a decrease in inventory, with a drop of 0.2 months to 2.1 months.
MetroStudy Austin Regional Director Vaike O’Grady said, “Market demand for new homes in the Austin area continues to be robust this fall, especially in price points below $300,000. Factors such as inclement weather have slowed development, and a lack of available lots has pushed the housing market farther out from Austin proper. However, the fundamentals in Austin have not changed. The demand for housing is so great that if the product is priced correctly and in a desirable location, it’s going to sell.”
Williamson County had a small decrease of 0.5 percent in home sales, and inventory increased 0.2 months to 2.9 months. In Hays County, home sales increased 8.1 percent, while new listings and active listings saw large increases of 25.9 percent and 18.9 percent, respectively. Pending sales increased 3.6 percent. In total, this resulted in a 0.4 month increase in inventory, to reach 3.5 months.
Austin-area October 2018 Sold Homes
- Number of sold homes: 2,347 (Up 4% compared to October 2017)
- Median sold price: $308,355 (Up 8% compared to October 2017)
- Days on the market: 59 (Up 3 days compared to October 2017)
Austin-area October 2018 Single-Family Homes on the Market
- New listings: 2,871 (Up 4% compared to October 2017)
- Active listings: 7,434 (Up 8% compared to October 2017)
- Pending sales: 2,444 (Up 3% compared to October 2017)