After a several days' delay from the winter weather crisis, January market statistics for the Central Texas area were just released by The Austin Board of Realtors® (ABoR). In the combined five county MSA home sales dollar volume skyrocketed 53.5% and pending sales increased 15.9% to 3,365. Continued demand and limited inventory drove available home inventory to a record-low of .4 months while homes spent an average of 33 days on market, 33 fewer than a year ago.
Below are two highlights first for the Austin-Round Rock MSA then followed by Williamson County.
Year over year metrics:
In the Austin-Round Rock MSA residential sales increased 23% to 2,523 sales and the median price for residential homes increased 19% to $365,000. New listings were down 11%, to 2,878, active listings decreased 73% to 1,369 and pending sales increased 15% to 3,365. As we saw in December with pending sales outpacing new listings, homes are selling faster than new ones can hit the market. As with June through December 2020, monthly housing inventory decreased once again, and for the third 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 11% to 763 sales and the median price rose 16% to $322,750. New listings fell 14% to 921 while active listings decreased by 85% to just 252. Pending sales rose by 5% to 1,059. Housing inventory declined by 1.5 months resulting in a staggering and unprecedented 0.2 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 January performance data release, Susan Horton, 2021 ABoR president said, “Austin Realtors are not just local market experts in buying or selling a home but we can also provide guidance and resources for home repairs if your current home has been impacted by the winter storms. If you are currently in process of buying or selling a home, talk to your Realtor about how recent events might impact your closing timeline and what the appropriate next steps should be – this can include insurance policy terms or additional inspections that may be required.” There's no doubt that Central Texas housing inventory will remain extremely tight in the upcoming months! I have clients actively looking for new build construction and due to the supply-demand issues builders are not even signing contracts for a few months out! Do not let that discourage you!
If you're selling you're in a great position to make a timely move! If your home was impacted by the wintry weather (trees, fencing, pipes) you can reach out to me for help connecting with a local professional or inspector who can help ready your home for sale.
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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