Austin May 2017 Real Estate Report

Austin’s housing market is once again heating up after a couple months of relatively modest activity, a new report by the Austin Board of Realtors shows.

As we head into the most active home-selling season of the year, the number of active listings in Austin and nearby communities is expanding quickly. Active listings in the five-county area surrounding Austin in April increased 16.9 percent compared to April 2016 figures. That’s 6,474 listings in the Austin metro area, and that’s a sign of a hectic season of home sales to come.

“After a slow beginning to the year, increases in single-family home sales, homes on the market, and housing inventory across the region in April 2017 indicate that the Central Texas housing market is ramping up for a strong summer selling seasons,” said Brandy Gurhrie, 2017 president of the Austin Board of Realtors.

In April, the pace of single-family home sales in the Austin metro area increased 3.2 percent year-over-year. And in Austin proper, the pace increased by 2.2 percent. Meanwhile, surrounding areas experienced growth, too. Williamson County’s monthly sales total was 8.6 percent over April 2016 and Hays County saw 3.3 percent growth.

Metrostudy, an Austin-based housing analytics company, reported that Williamson County and a few other areas are experiencing a big boom in new construction, a move that could alleviate some of the pressure in the Austin housing market.

The report says annual new home starts are up 15 percent compared to last year, with 14,392 new home stars in the first quarter of 2017. That’s strong growth surrounding Austin’s fast-growing core. And of those areas, Cedar Park and Pflugerville are the hottest, with Kyle, Buda, and Del Valle also helping comprise 46 percent of the metro’s new home starts at the beginning of 2017.

“The Austin area is delivery more lots than ever before, and as a result we’re seeing strong gains in new home starts so far this year, particularly in suburban areas in northeast Travis County and throughout Williamson County,” Vaike O’Grady, regional director of Metrostudy, said.

Here are a few other key stats from the Austin Board of Realtor’s housing report on the Austin metro area in the month of April.

  • Median Price for Single-Family Homes in the Austin Area — $305,000
  • Single-Family Homes Sold in the Austin Area — 2,640
  • Average Number of Days on the Market — 49
  • Total Dollar Volume of Homes Sold in the Area — $986 million
  • Months of Housing Inventory Available — 2.6
  • New Listings — 3,977
  • Active Listings — 6,474
  • Pending Sales — 3,107