Austin-area Home Sales on Pace to Break Record

A record-breaking number of home sales in November helped put the Austin area into potential record-breaking territory for the year, according to the Austin Board of REALTORS® Central Texas Housing Market Report. Sales for the Metropolitan Statistical Area increased 23.8 percent year over year in November, and inventory dropped 1.2 months to 0.9 months, the first time ever that area inventory has fallen below a one-month supply. Median price surged 19.7 percent year over year to $365,000.

“Despite the economic roadblocks and challenges the global pandemic has presented, Austin’s housing market activity is stronger than it’s been in several years,” said ABOR President Romeo Manzanilla. “Housing demand has only increased over the past several months and Austin REALTORS® are working hard to ensure clients find a home that works for them. Our main challenge in this market is navigating the critically low levels of inventory. This near-zero level of housing inventory throughout the region is staggering, and it will put enormous pressure on home prices and the rental market.”

In the city of Austin, sales increased 28.2 percent year over year, and median price increased 10.1 percent to $433,493. Inventory was at a one-month supply, a drop of 0.4 months from last November. About 6.5 months is considered a balanced housing market, according to the Real Estate Center at Texas A&M University.

In Williamson County, home sales increased 19.8 percent year over year, and median price increased 18 percent to $326,725. Inventory declined a steep 1.6 months to reach 0.5 months of inventory.

In Hays County, home sales increased 30.4 percent year over year, and median price increased 18.5 percent to $303,525. Inventory declined equally to Williamson County, for a 1.6 month decrease to reach 1.1 months of inventory.

Independence Title State Director of Information Capital Mark Sprague said, “With a steady influx of job creation in the pipeline, the housing market will continue to post strong numbers well into 2021. But, because Austin’s housing market is not slowing down, we will continue to see demand outpace the inventory available.”

Austin-area November 2020 Sold Homes

• Number of sold homes: 3,397 (Up 23% compared to November 2019)
• Median sold price: $365,000 (Up 19% compared to November 2019)
• Days on the market: 33 (Down 29 days compared to November 2019)

Austin-area November 2020 Single-Family Homes on the Market

• New listings: 2,762 (Up 5% compared to November 2019)
• Active listings: 2,842 (Down 55% compared to November 2019)
• Pending sales: 3,269 (Up 23% compared to November 2019)

The post Austin, Texas Real Estate Market Update and Statistics December 2020 appeared first on Search Austin Homes.