Reports sponsored by Realtors are always to be taken with a grain of salt, of course. Nevertheless, the news from the Austin Board of Realtors that the city hit an all-time high of $1.2 billion in home sales in May 2017 is worth noting.
According to a report on its blog last week, home sales dollar volume for the Austin area topped $1.2 billion and set an all-time high for sales dollar volume.
ABOR president Brandy Guthrie noted that an increase in listings activity and inventory could continue throughout the summer selling season.
According to the report, single-family home sales volume increased 9 percent year-over-year in May, to 3,170, in the larger Austin area and rose 9.7 percent year-over-year, to 993 home sales, within the city of Austin.
Single-family home sales jumped 14.8 percent, to 364 home sales, in Hays County and 6.3 percent, to 1,546, Travis County. Williamson County sales increased 8.3 percent, to $1,117.
This unprecedented increase in sales rate, combined with ever-higher prices, made May 2017 the highest-grossing month for Central Texas real estate in the region’s history, according to the report.
For the first time this year, the report continued, single-family home sales dollar volume topped $1 billion in a single month within the five-county area—an increase of 18.4 percent from May 2016 and an an all-time high for sales volume in the area.
During the same time frame, the median price for single-family home sales in the Austin-Round Rock area increased 8 percent year-over-year to $310,000 and rose 8.6 percent year-over-year to $380,000 within Austin’s city limits.
At the county level, median sales price jumped 10.4 percent to $262,250 in Hays County, increased 8.5 percent to $371,000 in Travis County, and increased 6.5 percent to $284,375 in Williamson County.
Housing inventory levels over the area continued to rise in May 2017, increasing 0.4 months annually to 2.8 months of inventory across the five-county MSA. However, monthly housing inventory within the city of Austin rose relatively less: 0.2 months year-over-year to 2.1 months of inventory.
An analysis of monthly housing inventory at the price class level showed that inventory levels for homes priced under $250,000 primarily remain under one month of inventory throughout the region.