Austin MSA Real Estate Market
Single family home sales improved throughout the Austin real estate market in April 2017, increasing 3.2% year over year to 2,640 sales.
The Austin Housing Market:
- Brandy Guthrie, 2017 President of the Austin Board of Realtors® commented, “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.”
- “The Austin area is delivering more lots than ever before, and as a result we’re seeing strong gains in new home starts so far this year, particularly in suburban areas in northeast Travis County and throughout Williamson County,” said Vaike O’Grady, Austin Regional Director for Metrostudy.
- The median home price for April rose to $305,000, an increase of 5.8% year over year in the five county MSA.
- Total single-family home inventory remains at an extremely tight 2.6 months inventory in the Austin-Roundrock MSA, an increase of only 0.3% year over year. An inventory level of 6.0 months is a balanced market in which the supply and demand for homes is in equilibrium.
- New single-family sales growth across the Central Texas region is partly being fueled by strong housing development activity, particularly in Williamson County. Last week, Metrostudy reported that annual new home starts through 2017-Q1 are up nearly 15% year-over-year, with 14,392 new home starts in 2017-Q1. The top five Austin-area submarkets for home starts – Cedar Park/Leander West, Pflugerville, Kyle/Buda, Hutto and Del Valle – comprised 46% of annual home starts during that time frame.
The Austin Economy:
- The Austin MSA reported a 32,700 net new jobs in the 12 months ending March 2017, a solid increase of 3.3% year over year.
- According to the Texas Workforce Commission, unemployment in the Austin – Round Rock MSA decreased by 0.3% to 3.6% from February to March 2017, well below the state and national unemployment average of 5.0% and 4.6%, respectively.
- Austin ranked as the eight overall best city in the United States in which to start a business, according to Wallet Hub’s 2017 list released May 1st.
- According to the July 2016 population estimates released in March 2017 by the US Census Bureau, the Austin area had a net gain of 159 people per day on average in 2016.
San Antonio MSA Real Estate Market
The San Antonio area housing market continues solid sales with the average and median sales prices increasing 8% over last year’s figures. Demand for new housing remains sound with tight inventories, and the housing market remains fundamentally sound as we move into the summer buying season.
The San Antonio Area Housing Market:
- April 2017 had a total of 2,427 sales vs 2,481 in April 2016, a slight decrease of 2%.
- “Though home sales experienced a small decrease, we saw 3,783 new listings come on the market last month with 8,845 listings active, the highest all year,” said Yvette Allen, SABOR’s 2017 Chairman of the Board. “This means sellers are taking the opportunity to get their homes on the market as the summer buying season gets closer and gives us a little more inventory to accommodate all the buyers looking for homes.”
- The average home price in April reached $252,854 vs $234,575 in April 2016, an increase of 8% year over year.
- The median price of a home sold in April was $215,500 vs $199,400 in April 2016, an 8% increase year over year.
- In April, 50% the homes sold were priced between $200,000 and $500,000 while 44% were priced under $200,000. Homes priced over $500,000 made up the remaining 6% of sales in April.
- Total single-family home inventory remained very tight at 3.6 months available. Anything below 6.0 months’ supply is considered a tight market.
The San Antonio MSA Economy
- The San Antonio MSA reported 24,500 net new jobs in the 12 months ending March 2017, an increase of 2.4% year over year.
- Unemployment in March 2017 was 4.1%, a 0.2% decrease from February 2017, and well below the state and national unemployment average of 5.0% and 4.6%, respectively.
Should you have any questions, please feel free to contact our office at (713) 535-2250.
Paul Connor , Hydie McAlister , Jim McAlister, Sr.
Principals, McAlister Investment Real Estate