Austin, TX – Homes sales in the Austin area reach new highs amid the COVID-19 pandemic, outperforming almost every stat benchmark from 2019. Austin Board of Realtors reported August home sales increased 12% year-over-year to 4,019 and sales dollar volume increased 35% to $1.88 billion. Pending sales also surged by an astounding 40% to 4,533 driving homes to sell an average of 10 days faster.
A low home inventory of 1.4 months continues to stand as a catalyst for the market’s competitive edge. The popular Austin lifestyle introduced a surplus of home buyers competing on multiple offer listings, increasing the median sales price 11% to $355,000. Active listings are selling faster than ever at 42 days on the market, down ten days from 2019.
ABOR President and Realty Austin Broker in charge, Romeo Manzanilla, says low inventory is cause for long-term concern.
“Austin’s popularity has left the market with critically low levels of housing supply, which continues to drive home prices up. While home prices are rising, historically low-interest rates are giving buyers increased power to meet the increases. Buyers should be aware of just how competitive this market has become and would benefit enlisting the help of a REALTOR® who can help every step of the way during the home buying process.” he said.
Mark Sprague, state director of information capital at Independence Title, shares insight into the housing market’s future. “As long as we continue to see more job creation, we’ll likely see strong home sales throughout the remainder of the year. However, we started this year with a lack of inventory, and we’re going to end this year with a lack of inventory. Inadequate housing stock is going to be the main issue that holds the market back.”
In this competitive market, prospective buyers and sellers should seek assistance from a REALTOR® who can work with you to create a strategic offer or ensure you don’t leave money on the table. Austin homeowners should look into their home value and understand what opportunities they have when selling in an ultra-competitive market. Buyers should take advantage of low mortgage rates that allow buying power to afford homes with a higher price tag.
The Austin housing market has come out of the lows of the pandemic, soaring beyond expectations. Let us know what your housing market predictions are for the rest of 2020.
Single-Family Homes, Condos, and Townhomes
August 2019 vs August 2020
All Luxury Home Sales Over $1,000,000
August 2019 vs August 2020
These statistics are for single-family homes, condos, and townhomes across the Austin-Round Rock Metropolitan Statistical Area (MSA).
Don’t hesitate to list your home. Realty Austin has partnered with Homeward to Offer a Cash Bridge program so homeowners can make a competitive cash offer on their next home, move on their timeline, and sell their current home for top dollar.
Get a comprehensive analysis of your home’s value in today’s market using Realty Austin’s new Market Snapshot tool.