You don’t usually think of February as a month of strong home sales but the Central Texas housing showed numbers of sales didn’t slow a bit in February 2018. The latest report from the Austin Board of Realtors (ABOR) showed areas with the highest market demand and lowest inventory 
experienced double digit percent price increases and annual declines in sales activity. The report showed homes sales volume across the Austin-Round Rock Metropolitan Statistical Area (MSA) grew in February! Homes sales are up 5.7%, pending sales up 14%, single family homes sold are up 6% to 1,955 and median prices are up 3.6% to $299,900. Whew….all good news for Austin home owners.
Steve Crorey, 2018 president of the Austin Board of Realtors said, “Last month, economists predicted an upwards of 5 % growth in median home prices within the Austin area, and we have surpassed that. Home prices are the sharpest in Austin and Cedar Park and with dwindling housing inventory in the lower price classes could be discouraging people from buying.”
One of my favorite economists, Mark Sprague, State Director of Information Capital for Independence Title said, “While wages and jobs in the Austin area haven’t increase, the local economy remains strong and continues to attract new residents and potential homebuyers. This population growth is putting additional pressure on local housing markets with already critically low housing inventories, leading to sharp price increases and both homebuyers and new home developers cannot keep up with.”
Jim Gaines, economist for the Texas A & M Real Estate Center says, “he feels sales activity across the state should even be more robust in 2018.” He says his positive predictions are based on three things:
1. First time home buyers are finding builders focusing on entry level price points and they are jumping on these opportunities.
2. The lenders are relaxing the requirements for first time buyers.
3. It’s highly likely interest rates will increase in 2018 which will influence buyers to buy now!
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 reading this and thinking of selling your NW Austin home….Let’s talk!! I bring high tech touch to home sales and market your home to millions of customers across the internet and right here in Austin. As with everything preparation is the key and I will provide you what you’ll need, as seamlessly as possible, through the home selling process. Reach out to me at 512-346-1799 or email at dillard@reloaustin.com
Hiring the RIGHT NW Austin Realtor is critical to your home selling success!
