Homes are selling fast in the Austin-Round Rock area—even faster than they were at this time last year. While that means good news for sellers, it could mean more competition and higher prices for buyers. Check out the most recent stats here:
According to the most recent Central Texas Housing Market Report released by the Austin Board of REALTORS® (ABoR), in July 2020, the Austin-Round Rock Metropolitan Statistical Area (MSA) posted its second consecutive month of strong home sales numbers with a 21.5 percent increase in July sales year over year.
The median price increased 10.7 percent to $353,000. Pending sales climbed 32.2 percent to 4,607 as new listings increased 13 percent to 4,767, and active listings dropped 32.4 percent to 5,309 due to demand, according to the report.
“July was a very encouraging month for the Central Texas housing market,” said Romeo Manzanilla, 2020 ABoR president. “Strong home sales, combined with an increase in new listings and pending sales, are important benchmarks when analyzing the health of our market. A healthy housing marketing is vital to the overall economic recovery in the region, and with two consecutive months of positive numbers, we are growing more confident that this is sustainable and can help be the spark that gets our economy back on track.”
Homes across the Austin-Round Rock MSA spent an average of 44 days on the market in July, which was three fewer days than July of last year, and housing inventory fell by a full month to 1.7 months of inventory. Manzanilla said this low level of inventory is “extreme,” and when paired with continued demand across the region, has led to rising home prices, creating a strong seller’s market.
“Our market is now ultra-competitive because of our dangerously low inventory and that is cause for concern over the long-term,” he said. “Homeowners thinking of listing their home need to understand the opportunities in the market and our elected leaders should focus on promoting policies that create increased housing capacity. The jobs pipeline into Austin continues to create new economic opportunities and a double-digit percentage gain in new listings in July, coupled with buyers continuing to take advantage of historically low interest rates, allows us to be cautiously optimistic about the remainder of 2020.”
While optimism is key for both buyers and sellers, it’s important to understand what the market looks like in the area you are buying or selling a home.
According to the report, in the city of Austin, there was a 21.4 percent increase to 1,470 home sales. The median price for residential homes increased 11.3 percent year over year to $423,000. During the same period, new listings jumped 20.4 percent to 1,676 listings and active listings decreased by 19.1 percent to 1,653 listings. Monthly housing inventory decreased 0.3 months year over year to 1.7 months of inventory.
In Travis County, residential sales increased by 17 percent to 2,258 sales. The median price for residential homes increased 10.3 percent year over year to $411,412. New listings also increased 13.7 percent to 2,503 listings, while active listings declined 29.6 percent to 2,697 listings. Monthly housing inventory decreased 0.8 months year over year to 1.7 months of inventory, according to the report.
Williamson County residential sales increased by 24.5 percent to 1,530 sales in July. The median price increased 10.5 percent to $314,995. New listings were up 6.5 percent to 1,450 listings, while active listings fell by 39.1 percent to 1,524 listings. Housing inventory declined 1.1 months year over year to 1.5 months of inventory.
If you’re interested in working with an agent who can assist you in maneuvering through the current seller’s market, let Andrea Curry, residential and commercial Realtor® with JB Goodwin, help. Ms. Curry has more than 13 years of experience serving the Austin and Central Texas areas. Call (512) 547-0823 today!