Home sales
buyers “will need to be ready to pay dearly to be in Central Austin neighborhoods. But those areas are so attractive, I don’t think it will stop buyers from buying.”
“I certainly know sellers who are leaving town, but more often than not it’s because they have to for work, not because they want to,” Affinito said. “The general consensus is, ‘Austin is a great city. We plan to stay.’ ”
Todd Grossman, an agent with Realty Austin, said the local market “has seen a vast increase in appreciation since the mortgage crisis of 2007-2008.”
In the city of Austin last year, the median sales price rose to $362,000 — an alltime high.
“It is no hidden fact that some of the consumers are starting to feel the pressure of being able to get into the Austin real estate market,” Grossman said. “The luxury home market may have a soft year in 2018 due to price points in Austin. One million dollars doesn’t buy you what it once did, therefore buyers moving to Austin may be priced out of the luxury segment.”
While the number of houses available in Austin declined, inventory gradually increased in the suburbs. Home sales indicate families continue to move to surrounding areas, seeking more affordable housing options, the board said.
In Williamson County, Leander had the greatest growth with a 7.4 percent increase in sales, followed by Cedar Park (4.5 percent) and Round Rock (3.7 percent).
While the median home price in Williamson County increased to $275,000, it still remains significantly lower than prices in Austin, the board said.
In Hays County, sales increased by 4.8 percent last year. The median homesales price in Hays County rose to $259,000, and inventory levels grew during the year, the board said.
Cord Shiflet, an agent with Moreland Properties in Austin, said 2017 “was a great market for homes” in the Austin area, and he doesn’t see anything changing for 2018, barring any turmoil with the stock market or unexpected world events.
“The recent tax law change that passed in December of 2017 has been very positive for Texas,” Shiflet said. “We’ve seen a sudden influx of very high earners from states like California and New York who are seeing residency in a state that doesn’t have a state income tax. Texas is always high on those people’s list and when you can live anywhere you want within Texas, Austin is always a buyer’s top choice. I expect we will see another banner year.”