As Central Texas REALTORS® and ABoR leaders, you may often be asked, “How’s the market?” Following is the most recent information about market conditions in the Central Texas region to help you field those inquires.
||On Thurs., March 16, ABoR will release the Central Texas Housing Market Report for February 2017.
- Single-family home sales in the Austin-Round Rock Metropolitan Statistical Area (MSA) remained largely flat, increasing 0.9 percent year-over-year to 1,829 home sales in February. Single-family home sales declined in many surrounding cities with the exception of Buda, Cedar Park, Leander and Austin.
- In the city of Austin, home sales growth is currently being driven by the sales of single-family homes priced $750,000 and higher, particularly within the luxury housing market.
- Low inventory levels, high home prices and slowing job growth across the region are preventing a resurgence of the record-breaking numbers experienced the last two years. It’s important to remember that current figures are being compared to very strong housing market activity in 2016, so a decline in home sales growth does not automatically mean that the market is softening.
- Economists report that the Central Texas housing market is normalizing into a more stable housing market. The 2017 housing market is projected to be very strong, just not as robust as in previous years.
- According to economists, the Federal Reserve’s decision to raise U.S. interest rates by a quarter of a point could dissuade potential homeowners from buying a home, but there’s still no better time to buy a home than now. Even with this interest rate increase, Central Texans will not be able to buy a home for as low of a price and as low of an interest rate as they can today.
- Central Texans seeking to buy or sell a home this summer should begin working with a Central Texas REALTOR® now. A Central Texas REALTOR® can give you the expert local market knowledge you need to be fully prepared to make an offer on or sell your home.
|Austin-Round Rock MSA Statistics
||Following are February 2017 single-family housing market statistics in the Austin-Round Rock MSA:
- 1,829 – Single-family homes sold, 0.9 percent more than February 2016.
- $287,000 – Median price for single-family homes, 6.5 percent more than February 2016.
- 61 – Average days homes spent on the market, four days less than February 2016.
- 2,897 – New home listings on the market, 3.5 percent more than February 2016.
- 5,077 – Active home listings on the market, 8.7 percent more than February 2016.
- 2,361 – Pending sales for single-family homes, 3 percent more than February 2016.
- 2.1– Months of inventory, 0.1 months more than February 2016.
- $651,983,566– Total sales dollar volume, 9 percent more than February 2016.
| More Info
On the Austin Board of REALTORS® website at http://www.abor.com/StatsFeb17.