October housing report: Flood affects Llano County closed sales; median prices up
FROM STAFF REPORTS
The October housing report from the Highland Lakes Association of Realtors shows another increase in median prices for homes sold compared to October 2017.
The month’s historic flood event, however, contributed to a large decrease in closed sales in Llano County.
The median price of 75 closed sales in Burnet County increased to $290,000 (plus-16 percent) and 52 closed sales in Llano County increased to $340,000 (plus-10.3 percent).
While the median price increased, the number of closed sales sharply decreased in Llano County to 52 in October, a 29.7 percent decline.
Burnet County closed sales increased slightly to 75 last month, up 4.2 percent.
Active listings were up in October compared to one year ago: 416 (plus-19.2 percent) in Burnet County and 454 (plus-7.1 percent) in Llano County.
The largest real estate market in the area — Horseshoe Bay — had 31 closed sales this October, which is by far the most of any city in the Highland Lakes despite that being a 31.1 percent decrease from October 2017.
The cities with the highest median prices in September were Horseshoe Bay ($291,000), Meadowlakes ($222,500), Marble Falls ($221,900), Kingsland ($219,068), and Burnet ($200,000).
The market is slowing down as inventory increased from October to the previous year. Llano County inventory went up to 8.2 months from 6.7 in 2017; Burnet County increased to 6.1 months from 4.7 in October 2017.