Thrills, chills, and terrifying peaks and plunges; that's right — it's Austin real estate report time.
The first six months of 2019 were a roller coaster for single-home sales inside the city limits. As home sales dipped, prices continued to rise, potentially "indicative of a larger trend," Austin Board of Realtors said in its June report.
And it's a trend that continued in July.
According to ABOR's July 2019 report, released on August 21, home sales in Austin plateaued, with 943 single-homes sold in July versus 985 in June. Though sales remained the same, the median home price continued to shoot skyward, leaping 6.9 percent year over year to $410,000.
Leading to that price jump is a lack of inventory. Homes inside the city are spending less than two months on the market (three to six months is considered a "balanced" market) while active listings decreased 14.7 percent over last July.
“It’s a sellers’ market right now. Even though we saw an increase in new listings, inventory remains low. Homes located inside city limits are spending less than one month on the market, on average," says ABOR 2019 President Kevin P. Scanlan in the report.
As Austin's real estate market feels the crunch, the suburbs are experiencing a windfall. Overall in the Austin-Round Rock metro area, single-family home sales increased 11.7 percent year over year in July, while home prices remained relatively steady at $325,000, a 3.2 percent increase over July 2018.
Travis County saw single-family home sales increase by 4.6 percent last month along with a median price of $390,500.
Other Central Texas counties, meanwhile, posted explosive numbers. In July, Williamson County single-family home sales volume increased 15.4 percent with only a slight increase to the median price — $292,000, or a 3.8 percent increase. In Hays County, home sales jumped 22.4 percent. Hays' median price, however, remained relatively steady at $265,000, just a 1.5 percent increase.
But those two have nothing on Bastrop and Caldwell counties. Bastrop saw a massive 41.1 percent spike in home sales in July, while the median price also jumped 11.3 percent to $256,868. And Caldwell's market saw a mind-boggling 52.2 percent jump in sales. That county's median home price was $193,590 in July, an 18.8 percent year-over-year increase.
"Due to the lack of affordable options and tight inventory in the city of Austin, home sales are declining within the city limits but increasing in the surrounding areas," Scanlan says. “The good news is, we’re seeing home prices begin to stabilize."