AUSTIN, TEXAS ~ Austin-Round Rock MSA June housing market statistics were released by the Austin Board of Realtors® (ABoR). A triple-digit gain in active listings year over year pushed housing inventory levels over two months in the Austin-Round Rock MSA for the first time since November 2019. Combined with a dip in residential home sales activity and slowing pace of home price growth in June, the data indicates a decelerating Austin housing market that is beginning to return to pre-COVID normalcy.
Cord Shiflet, 2022 ABoR President, said: "The Austin market is by no means balanced and it still favors sellers, but buyers have more bargaining power now than at any point since before the pandemic."
Let's look more closely at the year over year highlights for the Austin-Round Rock MSA and Williamson County where the area's inventory continues to struggle to meet demand while prices continue to rise. In the Austin-Round Rock MSA:
What increased? Active listings rose 217% to 7,090, new listings increased 19% to 6,160, the median sales price increased 13% to $537,475 and average days on market increased by 4 days to 18 days.
What decreased? Pending sales decreased 31% to 2,887 and closed sales decreased 20% to 3,441.
June housing inventory rose by 1.5 months but remained remarkably thin with just 2.1 months available which is well below Texas A&M University’s Real Estate Center benchmark of 6 months to maintain a balanced housing market; continued evidence of a strong seller's market.
Heading north to Williamson County:
What increased? Active listings rose 279% to 2,294, new listings rose 17% to 2,070, the median sales price rose 14% to $510,000 and average days on market increased by 8 days to 18 days.
What decreased? Pending sales decreased 37% to 959, and closed sales decreased 21% to 1,179.
Months of inventory rose by 1.5 months to 2.0 months of inventory. As with the greater Austin-Round Rock metro this is well 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 into action 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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