According to the latest Central Texas Housing Market Report for the Austin Board of Realtors (ABOR) the Austin area housing market’s declining inventory and robust sales trends are creating an increasingly competitive housing market across all price classes.
Steve Corey, 2018 president of ABOR said, “In the Austin-Round Rock MSA, price classes across the board are seeing an increase in demand with a decrease in inventory.”
One of my go-to local economists Neal Spelce says: “The hot housing market in the 5 county Austin metro is showing no signs of slowing. Prices are higher. Sales are at the highest they’ve ever been at this time of year. Homes are being sold almost as fast as they come on the market. This is true across most price points, but especially in the lower price ranges. Counties outside Austin are also feeling the burn.”
Not all communities are feeling the demand. Prices outside the city limits are lower but the effect is comparable. When buyers find a house they like it’s wise to move quickly because there is lots of competition for the thin inventory! It is a seller’s market because home sales are growing faster than new listings.
Another one of my favorite Austin economists Mark Sprague, State Director of Information Capital for Independence Title said: “The desire to live in the city of Austin continues to drive sales. Inventory levels for luxury homes priced at $700,000 or higher have decreased year-over-year and the inventory for homes priced under $500,000 continues to decline in Austin. As a result we’re seeing locals purchase more homes in the suburbs. However the real estate landscape continues to be strong compared to most major cities in the country.”
There is 2.4 months of inventory, 0.2 months fewer than April 2017 but get this, 13.7 % more sales dollars volume..a whopping $1,055,410,883!
There are 6,154 active homes on the market 2.8% fewer than April 2017
Austin’s strong job market, climate and no state income tax continue to fuel Company’s interest in Austin. They are looking for an environment to thrive and entice employees looking for a more balanced way of life. According to Forbes Magazine from 2012-2116 California lost many residents to Texas. The affordability factor placed a strong part in their decision to make the move.
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.
If you are a homeowner thinking of selling, a prospective buyer or just curious about real estate in NW Austin; I welcome the opportunity to discuss our market. Feel free to contact me at 512-346-1799 or dillard@reloaustin.com. There is never a better time to buy or sell in Austin! Let’s talk..I can help!
