AUSTIN, TEXAS ~ January housing market statistics were released by the Austin Board of Realtors® (ABoR). It was the second-most active January on record with the highest median home price at $476,000 - continued signs that 2022 will likely be a busy and competitive year.
Scott Turner, president of the Home Builders Association of Greater Austin, said: "Austin’s unprecedented economic growth shows no signs of stopping, with announcements of new projects almost daily. While this is great for Austin long term, our capacity to house people cannot keep up, with people having to drive further outside city limits to find a home they can afford."
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 30% to $476,000 and active listings increased 3% to 3,352. In the City of Austin alone the median sales price rose 20.9% to $550,000, an all-time record for January.
What decreased? Average days on market decreased by 6 days to 28, new listings decreased 10% to 2,614, closed sales decreased 5% to 2,295.
January 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 42% to $460,000, active listings rose 29% to 323, pending sales rose 6% to 1,087, and closed sales rose 4% to 759. Months of inventory was essentially flat but rose slightly 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 decreased? Average days on market decreased by 3 days to 26 days. New listings decreased 11%.
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 can provide you with references you can speak with.
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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