October 2020 market statistics for the Central Texas area have been released by The Austin Board of Realtors® (ABoR). Below are highlights for the Austin-Round Rock MSA and Williamson County. And spoiler alert: another strong-performing month for Central Texas real estate!
Year over year metrics:
In the combined Austin-Round Rock MSA, continued demand and limited inventory drove home prices up to an all-time-record median sales price while sales increased. The median price for residential homes increased 13% to $365,000 and residential sales increased 29% to 3,780 sales. New listings were up 10%, active listings decreased 50% to 3,501 listings and pending sales increased 28% to 3,829. As with June through September, monthly housing inventory decreased again to just 1.1 months 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.
In Williamson County residential sales increased by 36% to 1,265 sales, and the median price rose 11% to $323,115. New listings increased just 1% to 1,135 listings, while active listings decreased by 67% to 750 listings. Pending sales jumped 21% to 1,248 total pending sales. Housing inventory declined by 1.6 months to just 0.7 months of inventory also well below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
Laura Huffman, President and CEO of the Austin Chamber of Commerce, said “Austin’s rank as one of the best places to live, work, and thrive in the country is evident by not only the growth of our housing market, but also by the growth of our local economy. Our region has a lower year-over-year job loss than any other major metro, and despite the pandemic, a record number of businesses have chosen to relocate to or expand in the region this year. We expect this growth—attributed to Texas’ business-friendly environment paired with Austin’s deep talent pool—will continue through 2021. Despite this, in 2021 the region needs to address housing affordability to help people from being priced out of the market, even as salary and job growth continues.” Austin's housing inventory is definitely tight and will likely continue to remain so heading into 2021. I have a proven history of helping clients navigate seemingly challenging situations - even with the current COVID-related sensitivities. Contact me and let's address any concerns and how we can keep your goals and the current market conditions working to your advantage!
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Thanks for reading the October market statistics - please reach out with any questions. Stay happy and healthy as we enter the holiday season!
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