By Victoria Reviel • 2018 President
Every month, the Association shares real estate market data compiled by the Texas Association of REALTORS and the Texas A&M Real Estate Center. The data is compiled by TAR and consists of data from each MLS across the state of Texas. From there, Texas A&M Real Estate Center scrubs the data to remove duplicates to publish accurate and precise data. Finally, the numbers are analyzed by local Association to be presented to the membership and media.
Over the past six months, the Association has seen a shift in the real estate data presented. The number of new homes being reported has increased drastically and is starting to affect the real estate information we’ve been presenting.
There is no doubt that new home builders are sustaining the demand for homes in Williamson County. Based on the numbers we saw in December 2017, the number of new home sales in Williamson County, increased over 63 percent from December 2016. There are no signs in the near future of this slowing down. According to the Real Estate Center at Texas A&M University, there were 4,188 new home permits issued in 2017 in Williamson County; an increase of 10.2 percent from 2016.
All of this information made the Association dissect the data even further and split it into the existing home market and the new home market for the entire year of 2017.
Quick Stats for 2017 –Existing Home Properties
- 8,301 – Homes sold, 0.8 percent decrease from 2016.
- $260,000 – Median price for homes, 6.1 percent increase from 2016.
- $2,393,176,820 – Total dollar volume, 5.5 percent increase from 2016
Quick Stats for 2017 –New Construction Properties
- 2,768 –Homes sold, 28.8 percent increase from 2016.
- $309,000 – Median price for homes, 0.0 percent increase from 2016.
- $922,968,930 – Total dollar volume, a 28.8 percent increase from 2016
Quick Stats for December 2017 – All Residential Properties
- 11,068 – Homes sold, 5.0 percent increase from 2016.
- $273,500 – Median price for homes, 11.2 percent increase from 2016.
- $3,315,207,886 – Total dollar volume, 11.1 percent increase from 2016
What does this mean for you and your consumers?
- Based on the data presented, a new home will run you approximately $30,000-$60,000 more than an existing home in Williamson County.
- The new home market makes up approximately 25 percent of all data presented in the MLS.
- New home prices remained flat in 2017.
- In December 2017, there were only 1.3 months of inventory for existing homes, compared to 4.4 months for new homes.
The past couple of years have been a real estate market riddled with inventory problems. This can be attributed to two main causes. First, sellers just are not interested in selling their homes; secondly, Williamson County has experienced a population increase of over 100,000 residents since 2010. According to the 2017 Texas Relocation Report, 46 people are moving to the Austin-Round Rock MSA each day, and many are choosing Williamson County as their home. The infrastructure of the county is being updated to help move these new residents, so it also makes sense to build new homes to house them.
We thank our new home builders across the County for filling the inventory gap and for building high-quality homes in Williamson County. If you are interested in learning more about the new homebuilders in Williamson County, join us for the West Side Bus Tour on Feb. 22, the All Star Builders Fair on April 12 at the Dell Diamond, and on the East Side Bus Tour on June 20. RL