Even though February is often a “slow” month for real estate, Austin’s real estate market didn’t show any signs of losing momentum, according to the latest market update from the Austin Board of REALTORS®. While the volume of home sales across the Austin-Round Rock Metropolitan Statistical Area (MSA) grew, pocket areas with the lowest inventory and highest market demand experienced double-digit percent price increase with overall declines in sales activity due to a shortage in home inventory.
The median price for single-family homes jumped 3.6% percent from $289,000 to $300,000 year-over-year, while the days on the market crept up six days from 65 to 71 during the same period. Additionally, there are 1% fewer homes on the market, as compared to February 2017.
“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.”
If you have questions about what these figures for the Central Texas housing market mean for your home or real estate investments, please contact Prism Realty Partners anytime: Info@PrismRP.com or (512) 609-8098.