Austin-Round Rock MSA Real Estate Update May 2018

By
Real Estate Agent with Coldwell Banker United Realtors® ~ 512.346.1799

The May 2018 Central Texas Housing Market report from the Austin Board of Realtors has been released and no surprise here! The decreasing housing inventory paired with strong demand continues to drive the City of Austin’s growing affordability crunch! However looking at the Austin-Round Rock MSA, not much of a change; housing inventory decreased by 0.1% and the median single family home price increased 5% year-over-year to $325,000. The total dollar volume of single family homes increased 7% to 1.3 Billion!

Steve Corey, 2018 President of the Austin Board of Realtors, said “The City of Austin’s lack of housing choices disadvantages first-time homebuyers, families with children and middle and lower-income buyers. Coupled with rapid growth, it’s driving an affordability crisis that leaves many residents looking for homes far from job centers and essential services.” Same song..second verse. To find affordable housing consumers move to the Austin-Round Rock MSA but are finding plenty of goods and services and businesses that are moving out to the burbs to be closer to their work force.

City of Austin inventory continues to be historically low while median home prices have reached historic heights! The debate continues over the CodeNext process, which many feel is the answer to ease affordability pressures by allowing a wider variety of homes along corridors and in transition zones while streamlining development regulations. There is a rush to get CodeNext pushed through but has enough time been allotted to make sure this measure is really going to help Austin with its growth or impede it? Unsubstantiated rumor has it CodeNext is back to the drawing board due to fierce opposition.

I always make time to read what Mark Sprague, Independence Title State Director of Information Capital, has to say about the Texas real estate market! In his latest post on his blog “The House/Apartment You look at Today Will be Gone Tomorrow,” I agree there is not enough resale inventory, rates are increasing and the cost of building is up dramatically! As he stresses, you may find it tomorrow but there is no question it will be more expensive.

Mark tells us “Builders have to pass the increased homebuilder costs on to the consumer and the cost of money is going up! Lumber prices are up 22% year to date due to imposed tariffs and demand. The cost of money is going up and for every 1% increase interest rates; you lose 12% buying power.” Wow..if you are sitting on the fence about buying the time is now to hop off or you’ll find yourself it’s going to cost you a lot more later!

Austin-Round Rock MSA is still moving single family homes at a record pace. There is a 6% increase in Pending sales while only a 1% in Active Listings, days on market are up 3%.

With the latest news in increased homebuilding costs and rises in the cost of money there is no better time to buy than now!

As always, Austin real estate information is brought to you as a courtesy by Dorie Dillard of Coldwell Banker United; your NW Austin Real Estate Professional.

As in everything preparation is the key to success. If you’re looking for an agent to provide you with what you’ll need to get as seamlessly through the home selling process then reach out to me ay 512-346-1799 or dillard@reloaustin.com and Let's Talk!

We can discuss current market trends in the area and if you want to sell at the highest list-to-sell price, in the shortest amount of time...I can help.

Remember ... Hiring the RIGHT NW Austin Realtor® is critical to your home selling success!

 

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Topic:
Real Estate Market Trends
Location:
Texas Travis County Austin
Groups:
Texas Real Estate
All Thing's Texas
Addicted to Active Rain
All Real Estate - Today and Tomorrow
2018 Market Reports
Tags:
austin tx
city of austin
independence title
mark sprague
dorie dillard
code next
roudn rock tx

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Rainmaker
281,305
Matthew Klinowski, PA
Downing-Frye - Naples, FL
Golf Community Real Estate Expert

Evening Dorie, great presentation of the real estate market in Austin! Looks like the market is hot. People would be well served by contacting you if they're planning to buy in the area.

Jun 23, 2018 06:01 PM #1
Rainmaker
2,755,310
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Dorie not surprised that the Days on Market increased a tad, it happened here too as the prices have increase in my market too..Endre

Jun 23, 2018 06:29 PM #2
Ambassador
3,721,943
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

You have such a strong market and sellers wanting to sell can surely do that if they call you, Dorie.

Jun 23, 2018 09:12 PM #3
Rainmaker
2,898,233
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hello Dorie --- as a professional in your area, your ability to stay informed serves you and your clients well. Good job.

Jun 24, 2018 07:31 AM #4
Rainmaker
1,333,374
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Dorie, anyone considering selling in your market needs to contact you. Your years of expertise and exceptional marketing will achieve them top dollar. I am always impressed with your market reports.

Jun 24, 2018 12:23 PM #5
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Dorie you guys have been in a HOT market for a long time now, and it does not seem like it will be slowing down anytime soon.

Jun 24, 2018 05:03 PM #6
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Dorie Dillard

Serving Buyers & Sellers in NW Austin Real Estate
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