The Austin Board of Realtors released its April 2017 Central Texas Housing Market Report May 16, reporting that sales in Cedar Park and Leander had decreased 5.5 percent from April 2016, while median home prices rose to $300,000.
Across the Austin-Round Rock Metropolitan Statistical Area, which spans from Georgetown to San Marcos, single-family home sales increased 3.2 percent year-over-year to 2,640 home sales.
ABoR Board President Brandy Guthrie said 2017 started as a slow year.
“Increases in single-family home sales, homes on the market, and housing inventory across the region in April 2017 indicate that the Central Texas housing market is ramping up for a strong summer selling season,” she said in a statement.
On a county level, single-family home sales increased 8.6 percent year-over-year in Williamson County to 886 home sales in April. In contrast, Travis County sales decreased 2.1 percent to 1,283.
The median price in Williamson County increased 7.0 percent to $275,000.
Vaike O’Grady, Austin regional director for Metrostudy, a company that collects and analyzes primary and secondary market information to the housing and residential construction industry, said millennials are looking for attractive, smaller homes close to amenities and major thoroughfares. She said millennials make up more than one-third of Austin's population.
“Several developers have already proven that communities with smaller homes and lots can be successful in Austin, but it’s increasingly difficult to find areas where this type of product can be built. Our region’s cities need a compromise of vision between preservation and necessary change in development in order to meet the demand for affordable new homes.”
For more information on the April 2017 Central Texas Housing Market Report, go to ABoR.com/statsapr17.