Austin, Texas Real Estate Market Update and Statistics March 2020
published on March 19, 2020
Austin-area February 2020 Housing Sales Strong
Austin-area home sales increased 6.8 percent in February 2020 in the Austin-Round Rock Metropolitan Statistical Area, while median price was up 12 percent to $327,140, according to the Austin Board of REALTORS® monthly real estate statistics report. It’s unknown how COVID-19 will impact the area real estate market, but ABOR President Romeo Manzanilla said, “Historically low interest rates are a driver in the market response we saw in February and will continue to act as a driver.”
He said there are numerous tools agents can use to ensure best practices. “Expanded visual libraries, interactive floor plans, and virtual tours are tools that matter more than ever in this climate. The housing market is absolutely still open for business, but the business of real estate is evolving like we all are through this experience.”
Independence Title State Director of Information Capital Mark Sprague said he believes Austin could be well-positioned to minimize impact. “Austin’s economy has diversified and strengthened over the past two decades. This leads me to be optimistic that our region is in a strong position to withstand economic downturns that may have a greater impact nationally … Current indicators are that Austin’s housing market remains strong and competitive.”
He said that decreases in inventory would “only increase competitiveness in our market. Overall, Austin’s economy and housing market look to be resilient during this uncertain time. Once COVID-19 subsides, there is a potential for even more investment by employers in the Austin market, and I would expect those looking for a more affordable cost of living compared to other major U.S. metropolitan areas will still look to move to and buy homes in Austin.” Of course, temporarily, he said, “Effects will still be felt, especially by those who depend on each paycheck to pay their bills and provide for their families, and that cannot be discounted.”
In February, new listings in the Austin area decreased 11.8 percent compared to last year, and inventory dropped 0.7 months to a very low supply of 1.5 months.
In the city of Austin, home sales increased 3.3 percent compared to February 2019, and median price increased 14 percent to $395,000. New listings were down 5.6 percent, and inventory dropped 0.6 months to one month of inventory.
In Williamson County, home sales increased 4.7 percent, and median price increased 6.8 percent to $293,600. Inventory declined 0.9 months to 1.4 months.
In Hays County, home sales increased 3.9 percent, and median price increased 9.6 percent to $285,000. Inventory decreased 0.7 months to 2.1 months.
Austin-area February 2020 Sold Homes
- Number of sold homes: 2,524 (Up 6% compared to February 2019)
- Median sold price: $327,140 (Up 12% compared to February 2019)
- Days on the market: 62 (Down 8 days compared to February 2019)
Austin-area February 2020 Single-Family Homes on the Market
- New listings: 2,925 (Down 11% compared to February 2019)
- Active listings: 4,534 (Down 29% compared to February 2019)
- Pending sales: 3,137 (Up 10% compared to February 2019)
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