North-Northwest Austin Witnesses Boost in Home Sales
The North-Northwest Austin region saw a significant boost in home sales year over year in April, according to the latest data obtained from the Austin Board of Realtors. This surge marks a pronounced upward trend for the first time since the start of this year.
Zip Code Analysis
Breaking down the data by zip code, the 78729 region registered a positive increase in home sales year over year for the first time since January. In contrast, the 78750 zip code has shown at least double-digit percentage growth consistently since February. Interestingly, the only zip code that showed a relative decrease in the number of homes sold year over year in April was 78758. However, even there, the number of homes sold rose from 26 in March to 28 in April, indicating an overall consistent growth in the home sale market in the region.
Dynamics of Median Home Prices
Median home prices’ dynamics varied across different zip codes, adding another layer of complexity to the market trends. The data shows that while the 78727 and 78750 zip codes experienced a minor increase in their median home prices year over year, there was a decline in median home prices for the remaining zip codes in the area.
Time Spent on the Market
A major highlight in April’s data was the considerable decrease in the average number of days houses spent on the market, a positive sign for sellers. Homes in the 78729 zip code experienced a 59.38% decrease year over year in time spent on the market. As an exception, homes in the 78758 zip code spent slightly more days on the market in April compared to last year.
In addition, 17 homes in the North-Northwest Austin area with a price tag of $900,000 or above were sold in April, with the 78750 and 78759 zip codes accounting for eight sales each.
Inventory Analysis
The term ‘months of inventory’ measures how long the current number of homes on the market would take to be sold. According to the National Association of Realtors, six months of inventory implies that property values might slowly increase over time. Conversely, less than six months suggests home prices might rise more rapidly.
In April, the North-Northwest Austin market reported 6.3 months worth of inventory, a noticeable increase over the 2.2 reported in the same month last year. This number fluctuated between 2-2.4 from January through March this year.
Detailed Market Figures
For a better understanding, let’s have a look at some major market figures for the entire North-Northwest Austin market in April:
- Closed sales: 97 in 2023 and 116 in 2024
- Median home price: $515,000 in 2023 and $529,009 in 2024
- New home listings: 162 in 2023 and 210 in 2024
- Pending sales: 118 in 2023 and 110 in 2024
- Average days on market: 41 in 2023 and 30 in 2024
- Active listings: 217 in 2023 and 308 in 2024
- Price per square foot: $316 in 2023 and $304 in 2024