AUSTIN, TEXAS ~ August housing market statistics were just released this week by the Austin Board of Realtors® (ABoR) and residential home sales decreased slightly once again across the Austin-Round Rock Metropolitan Statistical Area (MSA). The market is showing signs of normalizing in terms of number of sales but the median sales price set a new August record.
Let's look 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 be on the rise.
In the Austin-Round Rock MSA:
What increased? The median price for residential homes increased 34% to $470,000 and new listings increased 14% to 4,409.
What decreased? Average days on market decreased by 30 days to 14, active listings decreased 19% to 3,380 and closed sales decreased 4% to 3,849. As with June 2020 through July 2021, monthly housing inventory decreased once again. And for the tenth consecutive month remained at 1 month or less 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 46% to $441,000 and new listings rose 23% to 1,434.
What decreased? Average days on market decreased by 34 days to just 12 days, active listings decreased by 7% to 1,005 homes and closed sales decreased 4% to 1,341 homes. Housing inventory also declined slightly by 0.1 months resulting in just 0.9 months of inventory. As with the greater Austin 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.
Susan Horton, ABoR President, said: “While it wouldn’t be appropriate to say market conditions are normalizing – inventory is still at an all-time low and homes are still selling as soon as they hit the market.”
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
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