Demand and supply of housing in Austin continues to set records and May was no exception. Home sales in the Austin metro reached $1 Billion in May and home sale volume was up nearly double digits year-over-year. Below is a recap on all homeowners and buyers need to know about the recent trends in the market and what to expect in the near future.
In May, while home sales dollar volume topped $1.2 billion and set an all-time high for sales dollar volume, according to the May 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®. Home sales volume increased 9 percent year-over-year to 3,170 home sales in the Austin-Round Rock MSA and rose 9.7 percent year-over-year to 993 home sales in the city of Austin. Home sales growth was equally strong at the county level during the same time frame, with single-family home sales volume jumping 14.8 percent to 364 home sales in Hays County, increasing 6.3 percent to 1,546 home sales in Travis County and increasing 8.3 percent to 1,117 home sales in Williamson County.
Coupled with rising home prices, this recent surge in home sales activity made May 2017 the highest-grossing month for Central Texas real estate in the region’s history. For the first time this year, single-family home sales dollar volume topped $1 billion ($1,234,217,617) in a single month within the five-county area, which is an increase of 18.4 percent from May 2016. This is an all-time high for home sales dollar volume in the Austin-Round Rock MSA.
During the same time frame, the median price for single-family home sales increased 8 percent year-over-year to $310,000 in the Austin-Round Rock MSA and rose 8.6 percent year-over-year to $380,000 within Austin’s city limits. At the county level, median sales price jumped 10.4 percent to $262,250 in Hays County, increased 8.5 percent to $371,000 in Travis County and increased 6.5 percent to $284,375 in Williamson County.
Strong gains in listings activity as well as pending sales activity across the region continued in May 2017, which in turn continues to boost both home sales volume and housing inventory levels. In the Austin-Round Rock MSA, active listings jumped 22 percent year-over-year to 6,972 listings; new listings jumped 15 percent year-over-year to 4,369 listings; and pending sales rose 7.7 percent year-over-year to 3,437 pending sales.
Housing inventory levels also continued to rise in May 2017, increasing 0.4 months annually to 2.8 months of inventory across the five-county MSA. Within the city of Austin, monthly housing inventory rose 0.2 months year-over-year to 2.1 months of inventory. An analysis of monthly housing inventory at the price class level, however, showed that inventory levels for homes priced under $250,000 mostly remain under one month of inventory throughout the region.