According to the April 2017 Central Texas Housing Market Report single-family home sales increased across the Austin-Round Rock Metropolitan Statistical Area (MSA) See the report released: Austin Board of REALTORS®.
Single Family homes in the Austin-Round Rock MSA increased 3% year over year to 2,640 home sales. During the same time frame the median home price increased 6% to $305,000.
Our 2017 Austin Board of Realtors President, Brandie Guthrie commented “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 season.”
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.
I’ve personally found first and second quarter to be very busy, it’s just taken some sellers longer to get ready to go to market and more have been coming on the market in April and May where in 2016 we had more listing coming on in February and March. Good quality listings priced right are selling and in some areas with multiple offers.
With April closing more homes, appraisers found more sales to help them make value and we are seeing fewer homes not appraising for the negotiated price.
We’re seeing strong gains in new home starts because the top five Austin area submarkets Cedar Park/Leander West, Pflugerville, Kyle, Buda, Hutto and Del Valle are fueling strong market activity. They comprise 46% of annual home starts! There were a total of 14,392 new home starts in 2017 in first quarter up 15% over last year.
Over 1/3 of Austin’s population are Millennials and they are seeking smaller, homes with character close to amenities and major thoroughfares. It’s increasingly difficult to get this product built in Austin with all the codes and ordinances. We need a compromise between preservation verses necessary changes in development to accommodate the demand for affordable housing.
Austin is growing by leaps and bounds and we no longer have the luxury of keeping our heads in the sand about affordability issues.. people are arriving daily and they need housing!
As always, what’s going on in Austin and real estate information is brought to you as a courtesy by Dorie Dillard, Coldwell Banker United, your NW Austin Real Estate Consultant.
P.S. If you are considering the sale or purchase in NW Austin I would appreciate the opportunity to earn your business and exceed your expectations.
Selling or buying a NW Austin home is a complex process and you want to work with a REALTOR that understands the process and the ever changing dynamics of the Austin housing market. I have systems in place, references and am a good listener and communicator. It would be my pleasure to schedule time to see if we are a good match. Reach out to me at 512.346.1799 or email at dillard@reloaustin.com
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Don’t forget to visit my website: www.reloaustin.com
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       Dorie Dillard is the most frequently hired REALTOR® in the Canyon Creek Subdivision. “YOUR PERFECT PARTNER”
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