Austin Board of Realtors Forecasts Hot Housing Market for Summer 2017
By all reports, home sales in Austin cooled a little this spring — not necessarily a slump but also not the meteoric rise that the city has been experiencing over the past few years. According to a new report by the Austin Board of Realtors, however, that is expected to change this summer with the housing market heating up as the weather gets warmer.
Prices and Sales Started Increasing in April, Particularly for Round Rock
The Board of Realtors reported a slow start to 2017 but noted that prices began rising once more in April. During that month, the Austin metro prices jumped about 3.2% compared to prices in April 2016. In Round Rock, prices were up about 6% over the prior year, with the median price resting at $305,000. During this period, more than 2,640 houses were snapped up in the Round Rock area.
Another interesting facet to the data presented by the Board of Realtors is that this year there are nearly 17% more active listings than there were last year. Additionally, both new listings and the number of pending sales are up 6% each. In other words, these numbers show that not only are there more homes on the market, but there are also more buyers in the area looking to purchase those homes while they can.
All told, the dollar volume of homes sold within Austin this past April totaled $986 million, which is an 11% increase over April 2016.
While Round Rock is reporting some of the best numbers, the rest of Austin is not far behind. For instance, the city of Austin reported a 4% increase in median home prices, which places the median at $370,600. The number of homes sold in Austin proper rose 2% between April 2016 and April 2017 and the total dollar volume of those homes went up 9%, totaling $373 million for the year.
Investors will find it worthwhile to browse the Austin Board of Realtor’s findings. Across the board, in every community, active listings, prices and sales are up. Those that are holding property might find that the time is right to sell while those looking to make a purchase can forecast that prices will rise even more in the coming months.