March 2018 ABOR Market Report
AUSTIN, TX–The Austin housing market continues to show increased demand, with double-digit percent increases in sales in March 2018 according to the Austin Board of REALTORS® (ABoR). The Austin-Round Rock Metropolitan Statistical Area (MSA) experienced a 10.5 percent increase in sales compared to the same time last year, the March 2018 Central Texas Housing Market Report found.
“Last month, 2,714 single-family homes were sold in the five-county Central Texas region, which is more sales than any March we’ve seen on record,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “This type of growth early in the year indicates a strong summer selling season ahead. Those who are interested in buying or selling a home this summer should seek out the services of a REALTOR®.”
In the Austin-Round Rock MSA, the median price of single-family homes increased 3.5 percent to $305,233. Housing inventory levels decreased 0.2 months from March 2017 to 2.2 months of inventory.
“Historically, it’s common for some homes to be on the market for 50 days or more, even in markets with strong housing demand,” Crorey, said. “Within the city of Austin and other local markets with limited inventory, homes are spending a fraction of time on the market—as little as two weeks in some areas. This is an indicator of just how competitive it’s become to purchase a home in and around Austin.”
In the Austin-Round Rock MSA, homes priced between $150,000-$250,000 stayed on the market less than 50 days on average. In the city of Austin, single-family homes in this price range spent, on average, between 27-35 days on the market in March 2018 due to the critically low supply of homes within Austin.
“Demand for homes priced below $250,000 is driving the emergence of new submarkets like Manor and Del Valle, where builders can construct homes at a lower cost,” Vaike O’Grady, Austin regional director for Metrostudy, said. “We’re also seeing creative land plans that provide common area open space to offset smaller lot and home sizes. Attached single-family homes are also coming to the market to meet buyer demand for more affordable housing.”
City of Austin
In the city of Austin, single-family homes spent an average of 46 days on the market, or five fewer days than March 2017. Single-family home sales increased 8.5 percent from March 2017 to 831 sales. The median price for single-family homes remained flat in March, with a 0.1 percent year-over-year increase. Housing inventory decreased from 1.7 months of inventory in March 2017 to 1.5 months of inventory this year.