Austin may have seen a mild spring selling season, but the market is poised for a hot, hot summer, according to the latest monthly report from the Austin Board of Realtors.
"After a slow beginning to the year, increases in single-family home sales, homes on the market, and housing inventory across the region in April 2017 indicate that the Central Texas housing market is ramping up for a strong summer selling season," says ABoR president Brandy Guthrie in a release.
Let’s look at the numbers…
In April 2017, the metro area saw a 3.2 percent increase in home sales compared to April 2016. Overall, 2,640 houses were sold in the Austin-Round Rock metro, with a median price of $305,000 (up about 6 percent from the previous year). Active listings jumped almost 17 percent year-over-year, indicating the potential for a hot
In Austin proper, home sales grew 2 percent in April 2017. Active listings grew significantly here too — almost 15 percent year-over-year. A single-family home in the city will cost you, however. The median home price? A whopping $370,600.
Those looking for more affordable housing options should note a recent report from Metrostudy, which shows that Central Texas experienced 14,392 new home starts in the first quarter of 2017 alone. Many of these new builds are found in the suburbs of northeast Travis County and throughout Williamson County.
Why so far from Central Austin?
"Rising development and construction costs, as well as regulatory hurdles, however, are impeding growth in some markets, causing some builders to look outward in attempt to meet buyers' affordability needs," says ?Vaike O'Grady, Austin regional director for Metrostudy.
The submarkets with the most new home starts are Cedar Park/Leander West, Pflugerville, Kyle/Buda, Hutto, and Del Valle.
By Nicole Raney, CultureMapAustin.com