What a wild year it was for the Central Texas housing market! December 2020 market statistics for the Central Texas area have been released by The Austin Board of Realtors® (ABoR). December marked the end of 2020 with a record-breaking $17B housing market for Central Texas real estate with some incredible highs and lows. In the combined five county MSA continued demand and limited inventory drove home prices up to an all-time-record month of sales for December. In addition homes spent an average of 36 days on market, 25 fewer than December 2019.
Below are highlights for the Austin-Round Rock MSA and Williamson County.
Year over year metrics:
In the Austin-Round Rock MSA the median price for residential homes increased 15% to $370,000 and residential sales increased 16% to 3,626 sales. New listings were up 23%, to 2,421 and active listings decreased 63% to 1,954 and pending sales increased 40% to 3,114. With pending sales outpacing new listings, this indicates that homes are selling faster than new ones can hit the market! As with June through November, monthly housing inventory decreased again, but for the second time ever fell to less than 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, residential sales increased by 4% to 1,152 sales and the median price rose 14% to $326,650. New listings increased 15% to 784 while active listings decreased by 77% to 405. Pending sales rose by 24% to 987 total pending sales. Housing inventory declined by 1.4 months resulting in a staggering and unprecedented 0.4 months of inventory which is well below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
This pretty much sums it up: Susan Horton, 2021 ABoR president, said “The pandemic only increased demand for all types of housing across the region, pushing inventory to near-zero levels and creating the strongest sellers’ market REALTORS® have ever seen. That said, if you are ready to buy a home, now is the time to take advantage of low interest rates that boost your buying power and plant roots in Central Texas.”
There's no doubt that Central Texas housing inventory will remain extremely tight heading into 2021. With my Keller Williams network I have a proven history of helping clients navigate seemingly challenging situations - even with the current COVID-related sensitivities. Contact me and let's discuss your goals and the current market conditions to help both work 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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