AUSTIN, TX–The Austin Board of REALTORS® (ABoR) first market analysis of the year shows slower growth in Austin’s median home price and sales, according to the January 2019 Central Texas Housing Market report, which indicates a normalizing of the market.
Though growth continues, the median home price in the Austin-Round Rock Metropolitan Statistical Area (MSA)increased by 2.4 percent to $296,999 last month, reflecting much narrower growth than previous years. January single-family home sales remained relatively flat, decreasing by 1.8 percent year over year to 1,598 sales.
"In December 2018, new listings on the market returned to more normal levels compared to December 2017. This resulted in a slight decrease in January sales this year," Kevin P. Scanlan, president of Austin Board of REALTORS®, said. “However, even though we are seeing slowing home price appreciation, future homeowners are still buying. That means Austin’s market remains extremely competitive and 2019 is highly likely to be another strong year."
Austin-Round Rock MSA
Last month, sales dollar volume within the five-county MSA increased year over year by 2.7 percent to $599,080,374. During the same period, new listings rose 21.6 percent to 2,820 listings; active listings increased 20.6 percent to 5,840 listings; and pending sales increased 10.7 percent to 2,452 pending sales. Monthly housing inventory increased by 0.4 months to 2.3 months of inventory.
"In submarkets where there’s lots of growth, the price gap between home resales and new home construction is narrowing. New development is moving further away from the city—to areas where land is less expensive—and most resales are more centrally located," Vaike O'Grady, Austin regional director of Metrostudy, said. "However, in the city of Austin, we’re seeing the opposite trend. Older homes on larger lots are priced higher than new homes on smaller lots. As Austin runs out of space for inventory, developers are getting more creative with home and lot configuration."
City of Austin
In the city of Austin, single-family home sales remained flat at 481 sales in January. During the same period, sales dollar volume increased 10.4 percent to $218,598,560. The median price of single-family homes increased slightly—1.7 percent to $353,250. New listings increased 24.4 percent to 784 listings, active listings increased 10.5 percent to 1,093 listings and pending sales increased 2.1 percent to 684 pending sales. Monthly housing inventory increased by 0.1 months to 1.4 months of inventory.
In Travis County, January single-family home sales increased 3.9 percent year over year to 806 home sales; sales dollar volume experienced a double-digit percent increase of 12.8 percent to $360,545,574. The median price for single-family homes rose 1.6 percent to $334,400. During the same period, new listings increased 20.7 percent to 1,361 listings; active listings increased 11.2 percent to 2,490 listings; and pending sales increased 8.8 percent to 1,167 pending sales. Monthly housing inventory increased 0.2 months year over year to 2.0 months of inventory.
Since last January, Williamson County single-family home sales decreased year over year by 2.6 percent to 557 home sales and sales dollar volume decreased 5.9 percent to $167,117,434. During the same period, the median price for single-family homes increased 1.6 percent to $275,400. New listings increased 17.8 percent to 927 listings, active listings increased 23.5 percent to 2,056 listings and pending sales increased 11.5 percent to 893 pending sales. Housing inventory increased 0.4 months year over year to 2.3 months of inventory.
Hays County single-family home sales decreased 16.9 percent to 162 sales in January and sales dollar volume decreased 10.7 percent to $54,917,946. The median price for a single-family home rose year over year by 3.4 percent to $267,900. During the same period, new listings spiked 34.6 percent to 381 listings; active listings rose sharply by 34.9 percent to 900 listings; and pending sales experienced a double-digit percent increase of 14.9 percent to 286 pending sales. Housing inventory increased 0.8 months to 3.1 months of inventory.