December 15th, 2017 By James Soletti in Blog.
According to the November, 2017 Central Texas Housing Market Report compiled by the Austin Board of REALTORS® (ABOR) the median single-family home price year-over-year increased in Hays County by 4.0 percent to $260,000, in Travis County by 6.1 percent to $341,000 and in the City of Austin by 6.8% to $360,000. The ABOR reports in November the number of Active Listings increased 13.7% and Pending Sales jumped 14.9%. Both Pending Sales and Active Listings figures across the five-county Central Texas region indicate that single-family home sales growth could continue through the end of 2017.
“Due to rapid population growth throughout Central Texas, Austin continues to have one of the highest demands for housing in the nation”, says Brandy Guthrie, President of the ABOR. Guthrie added, “We are seeing some slowing home price appreciation and housing inventory gains, which is normalizing us to a more stable market and aligning us with long-term historical market trends. Even with the market normalization trends we are seeing, home sales volume throughout the Austin-Round Rock MSA is on-pace with 2016 year to date. If this month’s home sales volume exceeds that of last December, 2017 will most likely be another record-breaking year for the Austin-area housing market.”
“The 2018 Austin-area housing market will be a lot like this year’s housing market – slower, but still very strong housing market activity,” said Mark Sprague, State Director of Information for Independence Title. “However, there are multiple economic factors to watch out for going into next year. Slowing job growth in Central Texas, the impact of Hurricane Harvey on the price of building materials and housing development costs and the overhaul of the U.S. tax plan are all factors that could hinder housing market growth and negatively impact housing affordability in the Austin area in 2018.”
So there you have it! The Austin area real estate market continues to be strong and stable with prospects for continued growth next year. Your friends at Eanes Properties wish you a happy holiday season and stand ready to help with any of your future real estate needs!