Where Did All the Inventory Go?
Round Rock, Texas – 17 April 2018 – Home sales in Williamson County increased 7.2 % in March 2018. Additionally, home prices increased (when compared year over year), according to the March 2108 Williamson County Housing Market Report released today by the Williamson County Association of REALTORS®.
According to the March 2018 Williamson County Housing Market Report, the median home price for all residential properties was $275,000, an increase of 4.2% when compared to March 2017. The median price in Williamson County is hovering about $25,000 less than the Austin MSA Median Price of $300,000.
“On paper, everything looks fantastic,” said Victoria Reviel, 2018 President of Williamson County Association of REALTORS®. “While most parts of Williamson County are seeing an increase in sales and prices, Cedar Park, Hutto, Taylor, and Leander all saw double-digit inventory drops during March.”
Based on the numbers in the Housing Report, 26.7% of Williamson County sales reported in the MLS were new construction. This number is higher than the Austin-Round Rock MSA (22.4%) and the state of Texas (15.3%). Without the new home builders, Williamson County would be experiencing a much tighter housing market.
Furthermore, the new construction market is showing a median price of $318,000, 20.0% more than the median price for existing homes sales ($265,000) in January. Currently, there are 935 active new construction listings reported across Williamson County, compared to 1,076 existing home listings.
Speaking of inventory, during the month of March, Williamson County had a total of 2.1 months of inventory and a 1.0 % decrease in listings compared to last March. Based on these numbers, Williamson County is still in a strong seller’s market; the Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes are balanced. Even though the number of listings and the total days on market has increased, it has not greatly affected the market conditions.
During March, existing homes spent an average of 64 days on the market, as compared to a new construction home which averaged 106 days on the market.
Quick Stats for March 2018 – All Residential Properties
- 953– Homes sold, 7.2 percent more than March 2017.
- $275,000 – Median price for homes, 4.2 percent more than March 2017.
- 2.1 – Monthly housing inventory in March 2018.
- 2,011 Active home listings on the market in March 2018.
Quick Stats for March 2018 –Existing Home Properties
- 699 – Homes sold, 5.0 percent more than March 2017.
- $265,000 – Median price for homes, 6.0 percent change from March 2017.
- 1.5 – Monthly housing inventory in March 2018.
- 1,076 – Active home listings on the market in March 2018.
Quick Stats for March 2018 –New Construction Properties
- 254 – Homes sold, 13.9 percent more than March 2017.
- $318,000 – Median price for homes, 4.1 percent more than March 2017.
- 3.9– Monthly housing inventory in March 2018.
- 935 Active home listings on the market in March 2018.
“Each city in Williamson County has their own mini real estate market. In March, Sales in Cedar Park plummeted 26.4%, whereas right next door in Leander, sales skyrocketed by 33% and prices also rose 22.2%,” said Reviel. “Consult with a REALTOR®, a member of the NATIONAL ASSOCIATION OF REALTORS®, before making your next major move, and make sure whoever you decide to work with know the market in which you are looking.”
About the data in this report
Certain information contained herein is derived from MLS listing data provided by Austin/Central Texas Realty Information Service as well as the Central Texas Multiple Listing Service through the Texas REALTOR® Data Relevance Project, a partnership among local REALTOR® associations and their MLSs, the Real Estate Center at Texas A&M and the Texas Association of REALTORS®.