AUSTIN, TEXAS ~ July housing market statistics were just released this week and residential home sales decreased across the Austin-Round Rock Metropolitan Statistical Area (MSA) for the first time since May 2020, according to the Austin Board of Realtors® (ABoR). Susan Horton, 2021 ABoR President, believes this is a sign that we have moved away from the post-COVID boom, and the market has begun to stabilize.
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 37% to $480,000 and new listings increased 8% to 5,166.
What went down? Average days on market decreased by 33 days to 12, active listings decreased 36% to 3,294 and closed sales decreased 9% to 4,041. As with June 2020 through June 2021, monthly housing inventory decreased once again. And for the ninth consecutive month 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 sales price rose 43% to $445,000 and new listings rose 20% to 1,740.
What decreased? Average days on market decreased by 34 days to just 10 days, active listings decreased by 32% to 1,002 homes and closed sales decreased 4% to 1,451 homes. Housing inventory also declined by 0.6 months resulting in just 0.8 months of inventory. This is far below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
Vaike O'Grady, regional director of MetroStudy, said “While the frenzy to buy a home in Austin has steadied from this time last year, it’s unlikely that home prices will go down any time soon.”
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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