To begin 2017 we saw a normalization of the real estate market as home sales began to slow and inventory began to return to a more normal level. As we head into the hot summer selling season the market seems to have responded. Especially in the area;s surrounding Austin with dramatic home sale increases in Williamson and Hays county! Below is the information that is pertinent for anyone thinking of entering the market as a buyer or seller.
Home sales in the Austin-Round Rock MSA increased 3.2 percent year-over-year in April 2017 to 2,640 home sales. In the city of Austin, single-family home sales rose 2.2 percent annually to 827 home sales during the same time frame.
At the county level, single-family home sales jumped 8.6 percent year-over-year in Williamson County to 886 home sales in April 2017. In Hays County, single-family home sales grew 3.3 percent during the same time frame to 344 home sales. Single-family home sales in Travis County, conversely, declined 2.1 percent annually to 1,283 home sales in April 2017.
Single-family sales growth across the Central Texas region is partly being fueled by strong housing development activity, particularly in Williamson County. Last week, Metrostudy reported that annual new home starts through 2017-Q1 are up nearly 15 percent year-over-year, with 14,392 new home starts in 2017-Q1. The top five Austin-area submarkets for home starts – Cedar Park/Leander West, Pflugerville, Kyle/Buda, Hutto and Del Valle – comprised 46 percent of annual home starts during that time frame.
Both active listings and monthly housing inventory experienced significant gains throughout the five-county area in April 2017, which could indicate strong home sales activity in the summer months to come. Active listings jumped 16.9 percent year-over-year to 6,474 listings in the Austin-Round Rock MSA and rose 14.6 percent year-over-year to 1,564 listings within the city of Austin.
At a county level, active listings increased 24.6 percent to 2,056 listings in Williamson County, increased 15.1 percent in Travis County to 3,233 listings, and increased 13.7 percent to 857 listings in Hays County in April 2017.
Monthly housing inventory increased 0.3 months from April 2016 to 2.6 months of inventory in the Austin-Round Rock MSA. City of Austin housing inventory remains the most constrained throughout the region, increasing 0.2 months during the same time frame to 2.0 months of inventory in April 2017.
Home prices posted moderate gains in April 2017. In the Austin-Round Rock MSA, median sales price for single-family homes increased 5.8 percent year-over-year to $305,000. In the city of Austin, median price increased 4.1 percent to $370,600 during the same time frame.
Single-family home prices remain most affordable in Hays and Williamson Counties, but it’s also where home prices are rising the fastest. In April 2017, the median price for single-family homes in Hays County increased 7.1 annually to $267,500, while median price increased 7.0 percent in Williamson County to $275,000.
Info and Graphics courtesy of Austin Board of Realtors