Hays County Housing Stats – March 2017

“Without more housing, homebuyers and developers are forced to look outward; but there are often many ways that existing residential neighborhoods can be zoned to allow for greater infill.”

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.

Analyzing a growing disparity in market conditions among housing price classes, the report underscored the need for policies that create additional housing capacity to meet the market demand and a broader range of housing types throughout the region.

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.

Dr. Jim Gaines, Chief Economist for The Real Estate Center at Texas A&M University, agreed: “As population grows and residents seek to live in closer proximity to key activities, demand is created for greater density. Without more housing, homebuyers and developers are forced to look outward; but there are often many ways that existing residential neighborhoods can be zoned to allow for greater infill. Central Texas, especially Austin, is rapidly approaching a critical mass of population growth when city leaders may be forced to create imaginative, higher-density options to accommodate popular demand.”

“Townhomes, duplexes, mid-rise condos and smaller single-family homes are all solutions that can increase density throughout Austin, but those solutions continue to be largely prevented in the proposed zoning changes,” said Guthrie. “As local market experts, Central Texas REALTORS® recognize the necessary balance of promoting the greater community benefit of affordability and preserving the character and quality of our communities, but we also believe that this balance can be achieved in a way that enhances, not deters from our neighborhoods.” 

This information is courtesy of the Austin Board of REALTORS® (ABoR). For more, contact the ABoR Department of Public Affairs at marketing@abor.com or 512-454-7636.