May 2020 market statistics for the Central Texas area have been released by The Austin Board of Realtors® (ABoR). Included below are highlights for the Austin-Round Rock MSA and Williamson County.
With the full impact of the COVID-19 pandemic being felt in the housing market, Austin-area home sales declined across the region in May. With declining inventory and stable prices, it remains a seller's market.
Year over year metrics:
In the City of Austin, continued demand and limited inventory drove home prices up, as sales dropped due to fewer listings. The median price for residential homes increased 10.7% to $424,050 and residential sales decreased 36.6% to 826 sales. New listings fell 18.7% to 1,348 listings, active listings decreased 13.5% to 1,684 listings and pending sales declined 4.9% to 1,216. Monthly housing inventory decreased 0.2 months year over year to just 1.7 months of inventory.
In Williamson County May residential sales decreased by 27.1% to 914 sales, and the median price fell 2.7% to $290,000. New listings dropped 20.1% to 1,269 listings, while active listings slightly decreased 23.7% to 1,826 listings. Pending sales jumped 23.6% to 1,497 pending sales. Housing inventory declined 0.7 months year over year to 1.8 months of inventory.
If you’re considering buying or selling, download and read this Fact Or Fiction COVID Resource Guide to learn more about what you can expect from the housing market right now. Including answers to your questions like:
Will Austin's housing market likely crash?
If I'm selling do I still need an appraisal?
Do people have to meet in person to close on a home?
The market inventory is tight but I have a successful history of helping clients navigate seemingly challenging situations. Contact me and let's address any concerns and how we can keep your goals and the current market conditions working together!
Stay happy and healthy!
Joe Paul Reider
Home Style Austin Founder Austin Realtor® Keller Williams Realty, Inc.
Email: JoePaul@KW.com Mobile: 512-222-3302 Web: JoePaulReider.KW.com
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All information in this post is deemed reliable but it is not guaranteed. I can help you validate any concerns or discrepancies!