Austin Area Market Snapshot – January 2019 Stats
Like this report? Use the form to the right to sign up and it will be emailed to you every month!
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.”
Source: Austin Board of REALTORS® (ABoR)