Cedar Park, Leander Led Williamson County In 2017 Home Sales

CEDAR PARK-LEANDER, TX — Leander and Cedar Park led in home sales throughout Williamson County for 2017 for what would go down as a record-setting year, according to an Austin Board of Realtors report released Thursday.

The greatest growth in home sales was seen in Leander, with a 7.4 percent jump in single-family home sales. Cedar Park came second, with an increase of 4.5 percent from the prior year. Round Rock also sold homes at a brisk pace, with a 3.7 percent increase to rank it third in the county in home sales.

Here's a breakdown as detailed in the report:

• Leander recorded 1,231 single-family homes sold in 2017, with the average home price increasing by 11.2 percent to $315,910.
• Cedar Park had 1,244 homes sold, with the average price jumping 8.2 percent to $329,520.
• In the Austin-Round Rock metropolitan statistical area (consisting of Bastrop, Caldwell, Hays, Travis and Williamson counties) home prices rose by 5.4 percent in 2017, and the number of homes sold increased by 2.4 percent to 30,059 — an all-time high for the region.
• Also in the Austin-Round Rock MSA, the 31st largest metropolitan area in the U.S., the price of homes increased by 5.4 percent to $299,900 in 2017.
• In Austin proper, the median price for single-family homes increased annually to $362,000 — an all-time high—and sales increased annually by 2.5 percent to 9,278 sales. In December, sales increased by 13.4 percent to 802 sales for the month, a contrast from October and November when the city saw declining sales, according to the report.
• In Austin, housing inventory decreased year over year from 1.6 months of inventory in 2016 to 1.5 months of inventory in 2017. "While the number of houses available in Austin declined, inventory gradually increased in the suburbs," the report reads. "Home sales indicate families continue to move to surrounding areas, seeking more affordable housing options."

Notwithstanding such gains, the level of home sales and prices are beginning to stabilize, according to the report.

“While the Austin area continues to break records, the pace at which annual home sales and prices are increasing in Central Texas is beginning to normalize, indicating a more stable market,” Steve Crorey, 2018 president of Austin Board of REALTORS®, wrote in the report. “Affordability in Austin and the surrounding areas remains a concern for potential buyers. It’s important to address this issue in the coming years through policies and development codes that allow for more diverse housing options so that everyone can participate in home ownership.”

While the median home price in Williamson County increased to $275,000, it still remains significantly lower than pricing in Austin, analysts noted. Housing inventory in Williamson County steadily increased from 1.8 months of inventory to 2.1 months of inventory, according to the report.

“As more families move outside city limits, the city of Austin will lose out on economic development opportunities,” Crorey said. “Initiatives such as CodeNEXT can pave the way for smarter more sustainable growth in Austin, and in turn make housing more affordable across the region. It’s imperative that we get a handle on our growth as a region through these types of initiatives.”

To read the full report, click here. To see some nifty infographics extrapolated from same, click here.

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