Austin Real Estate Market Statistics: February 2018

    Austin Real Estate Market Statistics: February 2018

     

    Quick Facts:

    • February is typically a slow month for home sales, but the Central Texas housing market didn’t slow a bit last month, however, areas with the highest market demand and lowest inventory experienced double-digit percent price increases and annual declines in sales activity.
    • 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.

    Current Market:

    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.

    The February 2018 Central Texas Housing Market Report showed that while home sales volume across the Austin-Round Rock Metropolitan Statistical Area (MSA) grew in February, areas with the highest market demand and lowest inventory experienced double-digit percent price increases and annual declines in sales activity.

    Looking Ahead:

    “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.”

    Have questions about how the market conditions may affect you directly? Give us a call at 512-330-1004 or email office@papasanproperties.com.

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