The February winter weather crisis did no favors for the Central Texas housing inventory shortage. February market statistics for the Central Texas area were just released by The Austin Board of Realtors® (ABoR). After emerging from two weeks of devastating winter storms that brought electrical and water outages across the state, the number of Austin-Round Rock MSA sales dipped for the first time since June 2020.
Below are year over year highlights for the Austin-Round Rock MSA as well as Williamson County.
In the Austin-Round Rock MSA:
What increased? The median price for residential homes increased 22% to $395,000.
What went down? A lot. Residential sales decreased 8% to 2,389 sales and new listings were down 24% at 2,565. Active listings decreased 74% to 1,310 and pending sales decreased 15% to 2,573. As with June 2020 through January 2021, monthly housing inventory decreased once again, and for the fourth time ever remained at 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:
What increased? The median price rose 25% to $364,950.
What decreased? Residential sales decreased 25% to 668 and new listings fell 22% to 828 while active listings decreased by 83% to just 271. Pending sales dropped by 20% to 789. Housing inventory also declined by 1.3 months resulting in a staggering 0.3 months of inventory, which is far below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
Along with the February performance data release, Susan Horton, 2021 ABoR president said, “Across the region, a high quantity of offers, cash offers, and requests to waive appraisals or option fees are increasingly commonplace. Transaction contracts are complex with negotiations that require the expertise of a REALTOR® to navigate.” Do not let the market conditions discourage you!
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 on 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.
Contact me and let's discuss your goals and the current market conditions to help 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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