AUSTIN, TEXAS ~ October housing market statistics were just released by the Austin Board of Realtors® (ABoR) and year over year residential home closed sales decreased again across the Austin-Round Rock Metropolitan Statistical Area (MSA). The area's inventory continues to struggle to meet demand while prices continue to be on the rise.
While the market may have continued its seasonal "calming" trend, October's median sales price set a new record and ABoR projects a record-breaking year.
Let's look more closely at the year over year highlights for the Austin-Round Rock MSA and Williamson County:
In the Austin-Round Rock MSA:
What increased? The median sales price for residential homes increased 24% to $455,000 and pending sales increased 4% to 3,774.
What decreased? Average days on market decreased by 16 days to 20 and closed sales decreased 12% to 3,250.
Considered "growth flat" Are new and active listings.
As with June 2020 through September 2021, monthly housing inventory decreased to just 1 month of inventory; this is well below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market indicating a strong seller's market.
Heading north to Williamson County:
What increased? The median sales price rose 33% to $430,000, active listings rose 25% to 940, new listings rose 9% to 1,240 and pending sales increased 8% to 1,268. Months of inventory rose 0.2 months to 0.8 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 15 days to just 19 days and closed sales decreased 4% to 1,170 homes.
Jon Hockenyos, President, TXP, Inc. said: “While activity appears to have leveled off somewhat in recent months, Austin’s residential real estate market remains extraordinarily hot, as prices have risen drastically over the past year.”
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 real estate, 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 recent clients who have recently closed or who are under contract, let me know!
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
On The Move?
Search, save, collaborate, and more with the KW App - it's highly rated with 4.8 stars with more than 63K ratings!
Text “KWCP11X” to 87778 to download.
Let's see the app in action: