October Smashes Records, Even as Inventory Plunges
Austin home sales increased by double digits in October, when compared to the same period in 2018, according to the Austin Board of Realtors. At the same time, the inventory of single-family homes for sale dropped to an all-time October low.
A report issued by the Realtors group shows that home sales increased 14.5% year over year, to 835 home sales — the most of any October on record. The numbers have local real estate experts worried about the sustainability of Austin’s rapid growth rate.
“Austin can no longer sustain its current rate of growth. With an average of 100 people moving here every day, the demand for housing is growing much faster than the number of homes available,” said Austin Board of Realtors president Kevin Scanlan. “Homes are hardest to find in the urban core where people can live closer to work and transit. Therefore, we need to plan more efficiently—not just in Austin’s urban core but in transit corridors and activity centers as well.”
Imagine Austin, a 30-year comprehensive plan for the city’s growth, was adopted in 2012. But since then, the median price of a detached single-family home in the city’s urban core has increased 67%—from $301,900 to $505,000. Austin Board of Realtors CEO Emily Chenever said that finding the right land development code for the city is key to solving Austin’s affordability crisis and ensuring sustainable growth for our region.
“In just the few years since Imagine Austin was passed, our community has already changed drastically,” she said. “We’ve lost precious time trying to find the perfect land development code solution, while home prices continue to rise and traffic continues to worsen. What we need right now is progress, through a working code that protects private property owner rights and ensures our region’s future growth is sustainable.”
Furthermore, the October housing market report shows that home sales are growing not only in the city of Austin, but also across the entire region.
In the Austin-Round Rock metro area, single-family home sales in October experienced a double-digit percent increase of 16.8% to 2,721 home sales. Sales dollar volume jumped 23.3% to $1,084,580,726. The median price for single-family homes increased 7.4% to $327,500. During the same period, new listings increased 8.4% to 3,067 listings and pending sales spiked 25.2% to 2,866 pending sales. However, active listings decreased 12.1% to 6,381 listings. Monthly housing inventory declined 0.5 months year over year to 2.3 months of inventory.
In Austin proper, the median price for a single-family home increased 8.9% to $405,000—the highest median price for any October on record. The city’s escalating demand and record-breaking median home price resulted in a 21.4% increase in sales dollar volume, raising October’s total to $407,873,084. During the same period, new listings decreased 5% to 840 listings; active listings decreased 25.1% to 1,229 listings; however, pending sales increased 8.4% to 745 pending sales. Housing inventory decreased 0.6 months year over year to 1.5 months of inventory.
In Williamson County, October single-family home sales rose 14.3% to 888 sales; sales dollar volume experienced a double-digit increase of 19.7% to $286,068,265. During the same period, the median price for single-family homes increased 4.2% to $295,000. New listings increased 10.8% to 1,066 listings while active listings decreased 13.2% to 2,250 listings. Pending sales spiked 29.6% to 1,046 pending sales. Housing inventory declined 0.6 months year over year to 2.3 months of inventory.
In October, Hays County single-family home sales increased 11% to 312 sales and sales dollar volume increased 9.6% to $100,655,239. The median price for a single-family home increased by 7.1% to $266,000. During the same period, new listings increased 6.6% to 372 listings while pending sales jumped 31.2% to 345 pending sales. Active listings dropped 5.2% to 931 listings. Housing inventory decreased 0.4 months to 2.9 months of inventory.
Here are additional Austin metro area home sales figures from October 2019.
Median Price for Single-Family Homes in the Austin Area — $327,500.
Single-Family Homes Sold in the Austin Area — 2,721
Average Number of Days on the Market — 54
Total Dollar Volume of Homes Sold in the Area — $1 billion
Months of Housing Inventory Available — 2.3
New Listings — 3,067
Active Listings — 6,381
Pending Sales — 2,866