August 2020 market statistics for the Central Texas area have been released by The Austin Board of Realtors® (ABoR). Included below are highlights for the Austin-Round Rock MSA and Williamson County. And spoiler alert: another strong-performing month for Central Texas real estate!
The area demonstrated continued strength despite the continued pandemic. The Austin-Round Rock MSA experienced a double-digit increase of 12.9% year over year with more than 4,000 closed sales.
Year over year metrics:
In the combined Austin-Round Rock MSA, continued demand and limited inventory drove home prices up and sales increased. The median price for residential homes increased 11% to $355,000 and residential sales increased 12% to 4,019 sales. New listings were flat, active listings decreased 44% to 4,257 listings and pending sales increased 40% to 4,533. As with June and July, monthly housing inventory decreased 1.2 months to just 1.4 months 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.
In Williamson County residential sales increased by 13% to 1,343 sales, and the median price rose 5% to $307,500. New listings decreased 6% to 1,154 listings, while active listings decreased more than 50% to 1,111 listings. Pending sales jumped 33% to 1,487 total pending sales. Housing inventory declined by 1.4 months to just 1.1 months of inventory.
Romeo Manzanilla, ABoR president, said: “Austin’s popularity has left the market with critically low levels of housing supply, which continues to drive home prices up. While home prices are rising, historically low interest rates are giving buyers increased power to meet the increases. Buyers should be aware of just how competitive this market has become, and would benefit enlisting the help of a REALTOR® who can help every step of the way during the home buying process.” Austin's housing inventory is definitely tight and I have a successful history of helping clients navigate seemingly challenging situations - even with the current COVID-related sensitivities. Contact me and let's address any concerns and how we can keep your goals and the current market conditions working to your advantage!
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Thanks for reading the August market statistics - please reach out with any questions. Stay happy and healthy!
Joe Paul Reider
Home Style Austin Founder Austin Realtor® Keller Williams Realty, Inc.
Email: JoePaul@KW.com Mobile: 512-222-3302 Web: JoePaulReider.KW.com