“Last month, economists predicted an upwards of 5 percent growth in median home prices within the Austin area, and we have far surpassed that,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “This is especially evident in local markets where housing demand is strongest, such as Austin and Cedar Park. Home price increases are sharpest in these markets, while dwindling housing inventory in the lower price classes could be discouraging people from buying.” In the Austin-Round Rock MSA, home sales increased 5.7 percent year-over-year in February 2018 to 1,955 sales. The median price of single-family homes increased 3.6 percent to $299,900. Housing inventory remained flat at 2.0 months, the same as last February. “While wages and jobs in the Austin area haven’t increased, the local economy remains strong and continues to attract new residents and potential homebuyers,” Mark Sprague, state director of information capital for Independence Title, said. “This population growth is putting additional pressure on local housing markets with already critically low housing inventories, leading to sharp price increases that both homebuyers and new home developers cannot keep up with.”

In the city of Austin, the median price for single-family homes increased 12.2 percent to $367,701 year-over-year in February. Single-family home sales decreased 6.7 percent from the same period last year to 599 sales. Inventory decreased from 1.4 months of inventory in February 2017 to 1.3 months of inventory this year.  

Williamson County experienced a double-digit increase in sales volume, while median price growth remained relatively flat. Single family home sales increased 13.1 percent year-over-year to 689 sales in February 2018, and the median price increased 1.1 percent to $275,000. Overall, housing inventory of single-family homes in Williamson County increased slightly to 2.0 months of inventory, compared to 1.9 months of inventory in February 2017. In Cedar Park, February sales decreased 6.8 percent to 69 sales, while the median price of single-family homes increased 12.5 percent to $329,000. In Leander, where there’s a greater supply of new homes, February sales increased 13.9 percent to 82 sales, and the median price of single-family homes decreased 6.6 percent to $269,900. Round Rock experienced a subtle increase in sales--2.8 percent from last February to 109 sales; median home prices increased 6 percent to $263,840.

To talk about your specific real estate needs call/text me directly at 512-791-7473 or email me at eric@koparealestate.com.

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