March 2017 Market Report
The March 2017 Central Texas Housing Market Report is out from the Austin Board of REALTORS®:
In March 2017, single-family home sales in the Austin-Round Rock MSA declined 1.4 percent year-over-year to 2,509 home sales. During the same time frame, median price for single-family homes increased 5.6 percent to $295,767, and housing inventory increased 0.2 months to 2.4 months of inventory.
Within the city of Austin, single-family home sales increased 1.2 percent year-over-year to 780 home sales in March 2017. The median price for single-family homes jumped 12.6 percent from March 2016 to $371,606, and housing inventory increased 0.1 months to 1.8 months of inventory.
Here are the basic stats on single-family homes sales for March 2017 for the city of Austin and the greater Austin area:
This report highlights in particular the growing disparity in market conditions among different price bands:
An analysis of March 2017 housing market data by price class revealed disparities in sales activity, time spent on the market and inventory of single-family homes throughout the region. Price class breakdowns of single-family home sales revealed annual declines in the sales volume and availability of lower-priced homes and corresponding gains in the sales volume and inventory of higher-priced homes.
In the city of Austin, sales volume among single-family homes priced less than $300,000 fell sharply in March 2017, while the volume of homes sold for $300,000 and higher increased significantly during the same time frame (see chart).
The monthly housing inventory for single-family homes priced $250,000 or less in the city of Austin was less than half a month in March 2017, or essentially nonexistent. Single-family homes priced between $150,000 and $250,000 spent less than one month on the market in March 2017. During the same time frame, Austin single-family homes priced $500,000 and higher spent more than 60 days on the market and posted significantly higher inventory levels.
