Increasing sales and decreasing home stock leave few choices for Austin residents
As the summer-selling season came to an end, August Austin-area home sales continued to increase, while listings on the market decreased compared to the same month last year. The Austin Board of REALTORS® latest Central Texas Housing Market Report indicates the imbalance between supply and demand––which continues to drive up the cost of homes in Austin––will persist beyond this summer’s sales activity.
“While it’s typical to see a decrease in housing inventory and listings at the end of the summer, the continued year-over-year decrease in supply is proof that Austin’s housing stock is critically limited,” Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®, said. “We’re encouraged by the City Council’s stated commitment to creating more housing capacity. Increasing the supply and variety of housing is the only way to ensure a more balanced market.
Which brings up many controversial efforts by the city of Austin (and real estate developers) to “upzone” our city’s central core of single-family neighborhoods to allow for higher density (thus more affordable) new housing developments. The latest rendition of the code overhaul will be when the Land Development Code Revision Leadership Team publishes it’s latest draft of the code and maps. Austinites will have opportunities to voice their opinions and concerns on the new code during October and November city council sessions and public forums.
Austin-Round Rock MSA
In the Austin-Round Rock MSA, single-family home sales in August increased 5.8% to 3,189 home sales, and sales dollar volume increased 7.8% to $1,289,691,264. The median price for single-family homes slightly increased by 2% to $326,500. During the same period, new listings decreased 7.1% to 3,457 listings; active listings decreased 9.3% to 7,074 listings; but pending sales jumped 19% to 3,114 pending sales. Monthly housing inventory declined 0.3 months year over year to 2.7 months of inventory.
City of Austin
Single-family home sales increased 3.3% this August to 936 sales in the city of Austin. During the same period, sales dollar volume increased 7.1% to $479,729,986, and the median price for single-family homes rose 2.7% year over year to $400,500. New listings decreased 10.3% to 947 listings; active listings dropped 19% to 1,418 listings; but pending sales jumped 15.2% to 894 pending sales. Monthly housing inventory decreased 0.4 months year over year to 1.8 months of inventory.
In Travis County, August home sales increased by 4.3% to 1,526 sales, and sales dollar volume increased 5.9% to $741,835,279. The median price for a single-family home increased 2.4% to $380,000. During the same period, new listings decreased 4.5% to 1,677 listings; active listings decreased 11.1% to 3,162 listings; and pending sales spiked 16.1% to 1,475 pending sales. Monthly housing inventory dropped 0.4 months to 2.4 months of inventory.
Williamson County single-family home sales volume increased 8.3% to 1,137 sales and sales dollar volume increased 10.2% to $369,226,617. The median price for a single-family home remained at $295,000, the same as August 2018. New listings decreased 13.6% to 1,188 listings and active listings decreased 13.7% to 2,375 listings. At the same time, pending sales experienced a double-digit increase of 22.2% to 1,128 pending sales. Housing inventory decreased 0.5 months to 2.5 months of inventory.
In Hays County, single-family home sales increased 4.7% to 376 sales in August and sales dollar volume rose 10.2% to $137,516,912. During the same period, the median price for single-family homes decreased 6.9% to $270,000. New listings increased 6.7% to 431 listings; active listings increased 2.5% to 1,058 listings; and pending sales increased 17.7% to 360 pending sales. Housing inventory decreased 0.1 months year over year to 3.4 months of inventory.
In August, Bastrop County single-family home sales jumped 15.7% to 118 sales and sales dollar volume increased 12.1% to $31,352,458. The median price for a single-family home remained unchanged at $240,000. During the same period, new listings decreased 15.3% to 122 listings; active listings increased 2.5% to 373 listings; and pending sales rose 31.4% to 113 pending sales. Housing inventory decreased 0.3 months to 4.0 months of inventory.
In Caldwell County, August single-family home sales dropped 18% to 32 sales and sales dollar volume increased 28.1% to $9,909,024. The median home price increased 11% year over year to $216,500. During the same period, new listings decreased 4.9% to 39 listings as active listings increased 7.1% to 106 listings. Pending sales rose 18.8% to 38 pending sales. Housing inventory increased 0.3 months to 4.2 months of inventory.
And also this month….
AISD School Changes
Austin Independent School District released it’s district-wide “scenarios” for school changes. A full copy of the plan can be found here.
Dorms for Adults?
Defined as housing where residents share communal areas such as kitchens and living rooms, “co-living” is an affordable housing trend that has already taken root in Europe. Germany-based Quarters plans to open in 2021 a five-story, 120-bedroom co-living facility at 1108 Nueces St. downtown, according to a Sept. 18 announcement — replacing a low-slung office building currently on the site. More details