AUSTIN, TX— Homes sales in the Austin area continue to rise for the second month, after suffering double-digit declines amid the COVID-19 pandemic. Austin Board of Realtors reported July home sales increased 21% year-over-year to 4,537 while sales dollar volume also increased a staggering 32% to $2.03 billion, and pending sales increased by 32% to 4,607.
A historically low home inventory of only 1.7 months rings as a concern as more and more buyers search for their dream home. REALTORS® are seeing an increase in offers being placed on homes driving up the median sales price 10% to $353,000. Active listings are going fast with an average of 44 days on the market, down 3 days from last year.
ABOR President, Romeo Manzanilla, says low inventory is cause for long-term concern.
“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,” he said.
Laura Huffman, president, and CEO of the Austin Chamber of Commerce sheds an optimistic light on the future of the Central Texas economy stating. “Recent economic development successes in the region—notably from Tesla and BAE Systems—will bring thousands of jobs to the region and contribute to our ongoing population growth. Our region has a long way to go in its recovery from the brunt of this pandemic, but economic indicators show the Central Texas economy will weather this storm.”
Buyers are taking advantage of low mortgage rates and entering the housing market not realizing just how competitive it is. Prospective buyers should seek out assistance from a REALTOR® who can work with you on creating a strategic offer in this competitive market. Austin homeowners should look into their home value and understand what opportunities they have when selling in an ultra-competitive market.
With 2020 off to a rough start, these past two months have shown the Central Texas housing market is on track for a successful year ahead with continued growth.
Single-Family Homes, Condos, and Townhomes
July 2019 vs July 2020
All Luxury Home Sales Over $1,000,000
July 2019 vs July 2020
These statistics are for single-family homes, condos, and townhomes across the Austin-Round Rock Metropolitan Statistical Area (MSA).