April residential home sales decreased across the Austin-Round Rock MSA for the second month in a row according to the Austin Board of REALTORS® April 2022 Central Texas Housing Market Report. Despite the dip, the five-county MSA was just 216 homes shy of breaking the record set for April home sales in April 2021.
“Whether looking to buy or rent, the home search process in Central Texas is a much longer and more complex process than it used to be,” Cord Shiflet, 2022 ABoR president, said. “One of the biggest mistakes REALTORS® see prospective homebuyers make is not having a game plan before beginning the search process. Are you pre-approved with a lender? Do you have a clear understanding of the home features you need, and where you’re willing to make trade-offs? A REALTOR® has the connections, contract knowledge, and market intelligence to best position you for success.”
Last month across the MSA, residential home sales declined 6.2% year over year to 3,280 closed sales as the median price rose 19.6% to a new all-time record of $550,000. Sales dollar volume grew 11.6% to $2,231,215,686, new listings dipped 0.2% to 4,653 listings, and homes spent an average of 18 days on the market, unchanged from April 2021. Active listings jumped 52.5% to 2,763, causing housing inventory to increase 0.3 months to 0.8 months of inventory as pending sales declined 5.6% to 3,630 transactions.
This marks the biggest gain in housing inventory year over year since the summer of 2017 when housing inventory increased by 0.4 months for June 2017 year over year and 0.3 months for both July and August of 2017.
“We are far from a healthy number of homes for sale in our market, so any increase in housing stock, no matter how small, is a welcome sign for people looking to buy. Our area continues to really be influenced by companies targeting the Austin area for job creation and expansion, and that relocating workforce needs a place to live. Austin continues to be a demand-driven market.”
Shiflet reiterated that in Central Texas, the best time to buy a home will always be right now.
“The ups and downs we are seeing in our market are normal, and somewhat expected considering the fast pace at which our market has moved over the past two years. If you want to begin building equity through homeownership, or if there is a specific area you want to live in, the time to plant your flag is now. This is exactly why you want to have a REALTOR® in your corner advocating, negotiating, and counseling you throughout the entire process.”
City of Austin
In April, home sales decreased 4.2% to 1,095 sales, while sales dollar volume increased 10.7% to $849,688,168. At the same time, median price rose 16.3% setting a new all-time record of $640,000 for the City of Austin. Last month, new listings decreased 11.8% to 1,366 listings, active listings rose 15.1% to 747 listings as pending sales dropped by 11.4% to 1,112 pending sales. Monthly housing inventory increased 0.1 months year over year to 0.7 months of inventory.
In Travis County, home sales decreased 6.2% to 1,654 sales, while sales dollar volume increased 9.5% to $1,307,466,900. Last month, median price in Travis County rose 16.8% year over year to $625,000 as new listings decreased 4.9% to 2,221 listings and active listings increased 31.8% to 1,290 listings year over year. Pending sales declined 7.3% to 1,759 as monthly housing inventory increased 0.2 months year over year to 0.8 months of inventory.
April home sales decreased 11.2% to 1,037 sales in Williamson County. Sales dollar volume rose 7.8% year over year to $591,103,957. The median price increased 18.8% to $510,000 as new listings fell 1.5% to 1,557 listings. During the same period, active listings rose 65.2% to 849 listings while pending sales dropped 10.2% to 1,154 pending sales. Housing inventory rose 0.3 months to 0.7 months of inventory.
In Hays County, April home sales decreased 3.2% to 400 sales, while sales dollar volume rose 18.6% to $247,494,420. The median price for homes jumped 29.8% to $477,000. During the same period, new listings increased 11.7% to 629 listings, while active listings increased by 97.2% to 416 listings. Pending sales ticked down 1.2% to 517 pending sales as housing inventory rose by 0.5 months to 1.0 months of inventory.
Last month, Bastrop County home sales increased 20.0% year over year to 144 sales, while sales dollar volume rose 67.6% to $66,965,135. The median price also increased 38.1% to $402,000 as new listings rose 23.1% to 181 listings. Active listings soared 103.7% to 165 listings and pending sales increased 25.0% to 145 pending sales. Housing inventory increased 0.7 months to 1.3 months of inventory.
In Caldwell County in April, home sales increased 45.2% to 45 home sales, and sales dollar volume rose 84.2% to $16,300,293. The median home price rose 47.1% year over year to $365,000. At the same time, new listings rose by 85.7% to 65 listings as active listings also increased 59.3% to 43 listings. Pending sales rose 120.0% to 55 pending sales, and housing inventory increased 0.4 months to 1.3 months of inventory.
For more information or to download the April 2022 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics.