Cedar Park, Leander remain strong seller’s markets
Williamson County home prices hit an all-time high in February with a median sales price of $232,382, an increase of 16.19 percent over last year, according to the Williamson County Association of Realtors. Cedar Park and Leander remain strong sellers’ markets, according to Jack Stapleton, president of WCREALTORS.
“There are currently only 490 homes for sale (in Cedar Park and Leander),” Stapleton said. “In the past 180 days, a total of 1,064 homes have sold, of which 37 sold within hours of being placed on the market and 398 of these homes sold for list price or higher. Three to six months inventory is considered a healthy market. Keep an eye on the new home builder market as there is an unprecedented number of new homes being built, which should ease some of these tensions in 2016.”
Countywide, the number of homes sold increased slightly at 578 homes, a 3.03 percent increase over February 2014. More surprising was the total volume closed in Williamson County with more than $143.8 million in inventory moved, a 14.14 percent increase from February 2014, and a 117 percent increase from February 2011.
Inventory is up across the county when compared to previous months, and has almost doubled since December 2013; however, there is still only 2.97 months of inventory available county-wide. Inventory is even less in Cedar Park and Leander with only 1.36 months’ and 2.67 months’ inventory, respectively.
According to the Real Estate Center at Texas A&M University, a market where supply and demand is balanced should have 6.5 months of inventory, making the current real estate market a strong seller’s market within Williamson County. This number shows a 20 percent drop in months of inventory available.
In a report released March 9 by the Austin Business Journal, Williamson County is expected to grow over 367 percent by 2050, leaving real estate experts in Williamson County to believe that we are in the beginning stages of the real estate boom in Williamson County. According to this article, the population of Williamson County will be just shy of 2 million residents by 2050, only 35,000 residents less than Travis County will be at the same time.
New home communities are popping up quickly and everywhere across the county. According to the Real Estate Center at Texas A&M, there were 3,832 building permits issued in 2014 for Williamson County, up 1,000 units from 2013, or a 34.5 percent increase.
“With the population of Williamson County expecting to increase by 1.5 million residents over the next 35 years, inventory must increase across the county to match this demand,” according to a WCREALTORS press release. “If the inventory doesn’t keep up with growth, the county could see an even greater increase in pricing, leading to an affordability issue across the county.”