AUSTIN, TEXAS ~ February housing market statistics were released by the Austin Board of Realtors® (ABoR). These metrics reflect a strong-performing February with the highest median home price ever at $499,995 — continued signs that 2022 will likely be a competitive and complex year.
Cord Shiflet, 2022 ABoR President, said: "We’re hearing from economists that last month’s numbers are a potential harbinger of a big year ahead even as our market continues to deal with insufficient supply compared to demand resulting in the steady cycle of home price increases."
Let's look at the year over year highlights for the Austin-Round Rock MSA and Williamson County where the area's inventory continued to struggle to meet demand while prices continue to be on the rise. In the Austin-Round Rock MSA:
What increased? The median sales price for residential homes increased 27% to the highest ever at $499,995, pending sales increased 20% to 2,967, closed sales increased 11% to 2,581, and new listings increased 10% to 2,834.
What decreased? Average days on market decreased by 4 days to 28 and active listings decreased 4% to 1,240.
February housing inventory continues to remain remarkably thin with just 0.4 months which is well below Texas A&M University’s Real Estate Center benchmark of 6 months to maintain a balanced housing market; this indicates a strong seller's market.
Heading north to Williamson County:
What increased? The median sales price rose 32% to $479,000, closed sales rose 32% to 857, pending sales rose 26% to 960, active listings rose 14% to 307, and new listings rose 10% to 921.
What decreased? Average days on market decreased by 1 day to 24 days.
Months of inventory rose slightly by 0.1 months to 0.3 months of inventory. As with the greater Austin-Round Rock metro this is far below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
What does this activity mean for those looking to make a real estate move in the Austin area?
If you're selling you're in a great position to make a timely move! Contact me and I can provide you with a complimentary, current competitive market analysis for your home which will help you best understand what your home is likely to sell for given our fast-paced market.
If you're looking to purchase a home or investment property, my expertise and large Keller Williams network is helping connect sellers and buyers even before homes hit the market. If you'd like to speak with my clients who have recently closed or who are under contract, I'm happy to provide you with their contact information.
Ready to make your next real estate move? Contact me and let's discuss your goals and the current market conditions and let's set a plan to leverage both to your advantage!
Joe Paul Reider
Home Style Austin Founder Austin Realtor®, CLRA Keller Williams Realty, Inc.
Email: JoePaul@KW.com Mobile: 512-222-3302 Web: JoePaulReider.KW.com
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