More homes for sale and more homes sold is the theme in one of the hottest destination cities in the nation, Cedar Park, Texas. Pricing is steady with no significant changes in listing prices or sold prices.
Elton Rude, an Austin real estate and housing market consultant reports 26 production homebuilders he’s been tracking saw healthy sales for both January and February with the same trend expected in March and April. Rude adds Central Texas has seen 53 months in a row where the supply of homes is less than 4 months, creating an imbalance in the supply and demand equation. Bottom line is there is more demand than the available inventory of homes.
Despite the decline of new homes across the nation, Cedar Park and the Northwest Corridor enjoys a healthy new construction home market. Homes in the $250,000 to $350,000 price range are being bought quickly, Rude reports that price range has about a month and a half worth of inventory.
For the last 30 days, according to the Austin Board of Realtors MLS as of 3/15/2017
Number of homes for sale: 139 167
Number of homes sold: 62 99
Average days on the market for sold homes 35 32
Median price of homes for sale: $399,900 $399,900
Average price of homes for sale: $431,674 $434,705
Median price of homes sold: $261,250 $298,000
Average price of homes sold: $298,964 $319,268