Austin remained busy after strong first-quarter sales, with the number of April home sales skyrocketing almost 15% in the Austin-Round Rock Metropolitan Statistical Area (MSA) over the same period last year. However, because the median sales price increased by a much narrower margin, results signal market prices stabilizing, according to the Austin Board of REALTORS® April 2019 Central Texas Housing Market Report.
"In the first quarter of the year, the median price of a single-family home in the Austin-Round Rock MSA increased by just 0.2%, which is a much smaller margin compared to previous years. Between 2012 and 2015, we saw price increases as high as 9%," Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®, said. “These narrower margins are a strong indication that market prices are starting to stabilize.”
Austin-Round Rock MSA
In April, the median home price in the five-county MSA increased 1.6% to $320,000. Home sales increased year over year by 14.9% to 3,035 sales; sales dollar volume increased 14.1% to $1,207,238,711. During the same period, new listings decreased 1.8% to 4,018 new listings, while active listings increased 1% to 6,217 active listings. Pending sales jumped 14.3% to 3,588 pending sales. Housing inventory in April remained unchanged at 2.4 months of inventory.
Scanlan added that a slight dip in new listings one month, “isn't indicative of a larger trend."
"We expect to see listings increase as we enter the summer selling season," he said.
City of Austin
In the city of Austin, the median home price in April increased year over year by 1.1% to $394,450. During the same period, single-family home sales increased by 3.6% to 889 sales and sales dollar volume increased by 1.1% to $421,578,061. New listings decreased 10.7% to 1,158 listings and active listings decreased 12% to 1,163 listings, but pending sales increased 4.2% to 1,070 pending sales. Inventory dropped by 0.2 months to 1.5 months of inventory.
In April, single-family home sales increased in Travis County by 8.4% to 1,449 sales and sales dollar volume increased by 7.5%, to $701,190,973. The median price for single-family homes increased 1.1% year over year to $379,250. During the same period, new listings decreased 5.4% to 2,003 and active listings decreased 7.7% to 2,682 listings. However, pending sales jumped 11.5% to 1,801 pending sales. Monthly housing inventory decreased by 0.2 months to 2.1 months of inventory.
In Williamson County, April single-family home sales increased 22.6% to 1,122 sales; sales dollar volume experienced a double-digit percent increase of 22.3% to $354,646,228. During the same period, the median price for single-family homes decreased 0.5% to $283,640. New listings decreased 3.7% to 1,329 listings, while active listings rose 0.7% to 2,108 listings. Pending sales spiked 13% to 1,236 pending sales. Housing inventory remained unchanged at 2.3 months of inventory in April.
“What we are seeing along the eastern crescent, from Georgetown to Buda on the south side of State Highway 130, is quite remarkable. In the last five years, annual home starts have more than doubled in this area,” Vaike O'Grady, Austin regional director of Metrostudy, said. “At the end of March this year, nearly a quarter of new homes were on lots smaller than 50 feet wide. This is the direction our market is going —smaller homes on smaller lots and price points closer to $250,000—and explains stabilizing prices.”
In April, Hays County single-family home sales increased 17.2% to 341 sales and sales dollar volume increased 29.2% to $118,921,131. The median price for a single-family home increased 18.7% to $296,500. During the same period, new listings increased 10.1% to 458 listings; active listings rose sharply by 15.2% to 957 listings; and pending sales jumped 24.8% to 398 pending sales. Housing inventory increased 0.3 months to 3.1 months of inventory.
For more information, and to download the April 2019 Central Texas Housing Market Report, visit www.abor.com/statsapr19.