Austin, Texas Real Estate Market Update and Statistics May 2020
published on May 21, 2020
Pandemic Impacts Austin-area Home Sales but Prices Still Rise
Austin-area home sales declined 21.6 percent in April 2019, the first reporting with significant impact from the COVID-19 pandemic, but prices continued to rise due to tightened inventory, according to the Austin Board of REALTORS® Central Texas Housing Market Report.
Median sales price increased 3.2 percent to $325,000 in April 2020 in the Metropolitan Statistical Area, while active listings decreased 7.3 percent compared to last April. This caused inventory to decrease 0.2 months compared to April 2019 and reach a level of 2.1 months of inventory.
ABOR President Romeo Manzanilla said, “We anticipated a sharp decline in April home sales activity, as it directly correlates with the decline in listings activity recorded in March due to government stay-at-home orders. Even with the impact to home sales, homes still spent less time on the market and sold at higher prices than last April. Austin’s housing demand is undeterred, and possibly strengthened by declining inventory.”
In the city of Austin, median price increased by an even higher percentage: a 12.3 percent increase compared to last year to reach a median price of $421,000. New listings sharply dropped 24.8 percent, and overall sales dropped 33.1 percent. Inventory declined 0.1 months to 1.6 months of inventory.
While it is expected that home sales also will decrease in May, “It could have been much worse,” said Manzanilla. “Efforts to recognize real estate as an essential business helped lessen the negative impact of the pandemic during April; now listing and showing activity is already on the rise again. We’re hopeful this growth will continue in the coming weeks and months.”
In Williamson County, sales declined 23.1 percent in April 2020, and median price rose 6.6 percent to $300,000. In Hays County, sales actually increased in April. The region experienced a 16.2 percent increase in total home sales, while median price declined 1.6 percent to $284,950.
National Association of REALTORS® Chief Economist and Senior Vice President of Research Lawrence Yun said, “As the economy steadily reopens, expect more listings to pop up, which will help ease the housing shortage. By the end of this year, home sales could be at levels comparable to 2019.”
He added, “The local economy will also get an additional boost from more home construction that is needed for improving the market going into the next year.”
Austin-area April 2020 Sold Homes
- Number of sold homes: 2,611 (Down 21% compared to April 2019)
- Median sold price: $325,000 (Up 3% compared to April 2019)
- Days on the market: 43 (Down 9 days compared to April 2019)
Austin-area April 2020 Single-Family Homes on the Market
- New listings: 3,516 (Down 21% compared to April 2019)
- Active listings: 6,349 (Down 7% compared to April 2019)
- Pending sales: 2,801 (Down 25% compared to April 2019)
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