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February 2020 Central Texas Housing Market Report

February housing sales strong, REALTORS¬ģ adapt amid COVID-19

Historically low interest rates add another variable to housing market

AUSTIN, Texas ‚Äď The Austin Board of REALTORS¬ģ (ABoR) February 2020 market analysis showed a 6.8% increase in residential home sales in the Austin-Round Rock Metropolitan Statistical Area (MSA) and a 12.8% increase in median sales price to $327,140. While sales increased from 2,363 homes in February 2019 to 2,524 homes last month, new listings decreased 11.8% year-over-year, and inventory dropped to 1.5 months of inventory, painting the picture of Austin’s historically competitive housing market and high demand. With the impact of COVID-19 beginning to take hold, it’s uncertain how social distancing will affect the way the market continues to operate.

‚ÄúHistorically low interest rates are a driver in the market response we saw in February and will continue to act as a driver despite our shared concerns over the impact of COVID-19 in our community,‚ÄĚ Romeo Manzanilla, 2020 ABoR president, said.

Manzanilla said there are a number of tools and best practices that ensure REALTORS¬ģ can continue to serve Central Texas home buyers and sellers safely as we all make changes to accommodate the Center for Disease Control‚Äôs guidelines.

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‚ÄúREALTORS¬ģ will work to provide a new homebuying and selling experience in these times. 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,‚ÄĚ Manzanilla concluded.

Austin’s economy and housing market could be well positioned to minimize the potentially negative impact of COVID-19, Mark Sprague, state director of information capital for Independence Title, said.

‚ÄúAustin‚Äôs 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,‚ÄĚ Sprague said. ‚ÄúEffects 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.‚ÄĚ

According to Sprague, despite the current uncertainty, buyers are still eager to close sales in Austin.

 

‚ÄúCurrent indicators are that Austin‚Äôs housing market remains strong and competitive. Any decrease in inventory would only increase competitiveness in our market. Overall, Austin‚Äôs 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,‚ÄĚ he concluded.

Austin-Round Rock MSA

In the Austin-Round Rock MSA, the median sales price for February 2020 was $327,140, an increase of 12.8% from February 2019. February residential home sales dollar volume increased 21% to $1,027,245,686. During the same period, new listings decreased 11.8% to 2,925 listings, and active listings decreased 29.4% to 4,534 listings. However, pending sales jumped 10.9% to 3,137 pending sales. Monthly housing inventory declined 0.7 months year over year to 1.5 months of inventory. Across the five-county MSA there were 2,524 closed sales.

 

City of Austin

High demand across the city and limited inventory pushed the median price for residential homes to $395,000, a 14% increase from February 2019. Residential home sales increased 3.3% to 857 sales and total sales dollar volume increased by 18.1% year over year to $417,071,623 last month. During the same period, new listings decreased 5.6% to 1,032 listings; active listings dropped 34% to 1,072 listings; however, pending sales rose 4.5% to 999 pending sales. Monthly housing inventory decreased 0.6 months year over year to 1.0 month of inventory.

Travis County

At the county level, residential home sales increased 8.8% to 1,301 sales and sales dollar volume increased by 22% to $613,634,673. The median price for residential homes increased 13.2% year over year to $376,500. During the same period, new listings decreased 13.6% to 1,550 listings, while active listings decreased 35% to 2,022 listings. However, pending sales increased 9.4% to 1,615 pending sales. Monthly housing inventory decreased 0.7 months year over year to 1.3 months of inventory.

 

Williamson County

In Williamson County, February residential home sales increased 4.7% to 851 sales; sales dollar volume experienced a double-digit increase of 13.3% to $277,257,487. The median price for residential homes increased by 6.8% to $293,600. New listings declined 16.9% to 863 listings, while active listings decreased 33.7% to 1,398 listings. Pending sales increased 7.1% to 991 pending sales and housing inventory declined 0.9 months year over year to 1.4 months of inventory.

Hays County

In February, Hays County residential home sales increased 3.9% to 270 sales and sales dollar volume jumped 37.6% to $110,763,712. The median price for residential homes increased by 9.6% to $285,000. During the same period, new listings decreased 4.4% to 351 listings and active listings dropped 17.6% to 700 listings. Pending sales spiked 23.7% to 397 pending sales. Housing inventory decreased 0.7 months to 2.1 months of inventory.

Bastrop County

 

In Bastrop County, residential home sales remained flat at 77 home sales, while sales dollar volume increased 13.7% to $20,306,295. The median price for residential homes slightly increased 3.7% to $239,950. During the same period, new listings spiked 27.8% to 124 listings; active listings rose 16.1% to 324 listings; and pending sales jumped 20.7% to 105 pending sales. Housing inventory decreased 0.1 months to 3.3 months of inventory.

Caldwell County

In Caldwell County, February residential home sales spiked 47.1% to 25 sales, and sales dollar volume jumped 40.4% to $5,379,315. The median home price decreased 9.6% year over year to $201,000. During the same period, new listings spiked 85% to 37 listings; active listings increased 18.4% to 90 listings; and pending sales rose by 38.1% to 29 pending sales. Housing inventory rose 0.3 months to 3.5 months of inventory.

For more information, and to download the February 2020 Central Texas Housing Market Report, visit www.abor.com/statsfeb2020.

The‚ÄĮAustin Board of REALTORS¬ģ‚ÄĮ(ABoR)‚ÄĮis a nonprofit organization that has been serving the needs of Austin REALTORS¬ģ‚ÄĮand consumers for more than 90 years. ABoR provides technology, education, and advocacy for more than 13,000 members, as well as monthly housing market reports for Travis, Hays, Williamson, Bastrop, and Caldwell counties. ABoR‚Äôs market reports include the most accurate multiple listing service (MLS) findings for the Austin area.

For more information,¬†and to download the¬†January 2020¬†Central Texas Housing Market Report, visit‚ÄĮwww.abor.com/statsjan2020. All information taken from the Austin Board of Realtors December & Year-End 2019 Central Texas Housing Market Report,

 

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March Events

Events and Festivals

7th 6:00 pm-9:00 pm

11th Annual Georgetown Swirl (Georgetown Square) – Enjoy tastings from Texas wineries and great food from local restaurants. Attendees are also in for a fun evening of shopping and live jazz music on the square.

13th-22nd

March - SXSW

South by Southwest (Various Locations, Austin) – Get your badge to partake in 10 days of concerts, screenings, panels, parties, and other events at Austin’s annual music, film, and tech festival.

14th 6:00 pm-9:00 pm

Downtown Walkabout (Downtown San Marcos) – Experience historic downtown San Marcos and check out the local art and entertainment, take advantage of the discounts and specials, and enjoy an evening unique to SMTX.

14th-28th

March - Rodeo

Rodeo Austin (Travis County Exposition Center, Austin) – Pull on your boots for Austin’s largest annual rodeo and stock show. Experience the fair, the food, and a series of concerts featuring a mix of top country and popular music acts.

15th 12:00 pm-6:00 pm

St. Patrick’s Day Austin (Pioneer Farms, Austin) – Austin’s best Irish celebration that authentically displays Irish culture with live music, dancing and food.

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28th 6:00 pm-9:00 pm

Reds, Whites & Brews (Teggeman House, Hutto) – The Reds, Whites, & Brews event will include tastings from Texas wineries and Texas breweries, as well as amazing food tastings from local restaurants.

28th 9:00 am-12:00 pm

Mighty Texas Dog Walk Austin (American-Statesman, Austin) – Spend the day with your best friend, and celebrate over 20 years of this special fundraising walk. Money raised goes to Service Dogs Inc., which trains dogs to assist people with hearing loss or disabilities.

March - Kites

ABC Kite Festival (Zilker Park, Austin) Soar into Spring with one of Austin’s longest-running and most beloved, family-friendly traditions. Join thousands of Austinites for a free, all-day event filled with kite making, flying, and gazing.

Sports

6th-8th

GT World Challenge America (Circuit of The Americas, Austin) – For the 6 time at COTA, GT World Challenge America will bring an action-packed weekend with roaring engines from seven different manufacturers as drivers go door to door in a highly competitive series.

25th-29th

March - Golf

Dell Technologies Match Play (Austin Country Club) – The world’s top professional golfers compete in this elite tournament. The course’s back nine is set along beautiful Lake Austin where many spectators watch the action by boat.

Art, Theatre & Culture

11th-22nd

Aladdin (Bass Concert Hall, Austin) – A thrilling new production filled with unforgettable beauty, magic, comedy, and breathtaking spectacle.

31

PAW Patrol Live! Race to the Rescue (H-E-B Center, Cedar Park) – No job is too big, no pup is too small! The heroic pups from the top-rated animated series, PAW Patrol, come to Cedar Park for an action-packed, music-filled production

Music

1st 7:00 pm Marc Anthony (H-E-B Center, Cedar Park)

10 8:00 pm – Post Malone (Frank Erwin Center, Austin)

12 7:00 pm – Chris Stapleton (Frank Erwin Center, Austin)

 

 

 

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January 2020 Central Texas Housing Market Report

Steady gains in January home sales signal strong year ahead for Austin area

Housing inventory continues to decline

The first¬†Central Texas Housing Market Report¬†of the year shows¬†steady gains in both¬†home¬†sales and prices across the five-county¬†Austin-Round Rock¬†Metropolitan Statistical Area (MSA), according to¬†the¬†Austin Board of REALTORS¬ģ¬†(ABoR).

Compared to January 2019, residential home sales in the Austin area increased 8.5% to 1,947 sales,¬†and the median price increased 4.8% to $308,000, setting a record¬†for the month of January.¬†Housing¬†inventory‚Äď‚Äďwhich¬†fell¬†to¬†1.6 months‚Äď‚Äďwas driven to critically low levels¬†across the MSA¬†due to¬†drops in¬†both new and active listings.¬†At the same time, increases in pending sales activity in January could signal further declines in inventory in the year ahead amidst¬†strong housing demand.

‚ÄúWhile this January showed significant gains compared to January 2019, the beginning of the year¬†is a traditionally slower¬†time¬†for new and active listings,‚ÄĚ Romeo Manzanilla, 2020 ABoR president, said. ‚ÄúWe expect to see a significant increase in activity in the spring when market activity should climb naturally.‚ÄĚ

The January 2020 Central Texas Housing Market Report also marks a transition to reporting on all residential properties (single-family homes, condos, and townhomes), rather than previous reports reflecting only single-family homes.

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“Austin’s competitive housing market¬†is changing¬†the landscape of traditional homeownership. We’re seeing more homebuyers purchase condos and townhomes in an effort to live closer to the urban core or stay within their budget,”¬†Manzanilla added.¬†‚ÄúFocusing only on single-family housing leaves¬†out half of the story, especially in the city of Austin¬†where¬†multi-family¬†housing options are not only desired but greatly needed.‚ÄĚ

Lawrence Yun, chief economist and senior vice president of research at the National Association of REALTORS¬ģ,¬†commented on the Austin¬†area‚Äôs continued growth.

‚ÄúAustin‚Äôs engine of job and population growth is not projected to slow down anytime soon,‚Ä̬†Yun¬†said. ‚ÄúLooking at other metro areas across the U.S. that have¬†faced similar¬†circumstances, this level of rapid,¬†positive growth will not be sustainable without¬†a¬†continued¬†influx¬†of a¬†variety of housing¬†types¬†and careful transportation¬†planning.‚ÄĚ

Manzanilla concluded:¬†“The discussion in Austin at the local level has been around addressing these very issues‚Äď‚Äďdiversifying our housing stock so¬†families¬†of all different backgrounds and income levels‚ÄĮcan afford a place of their own in Austin.”

Austin-Round Rock MSA

In the Austin-Round Rock MSA, residential home sales in January rose 8.5% to 1,947 home sales, with a 9.6% sales dollar volume increase to $726,157,216. During the same period, new listings decreased 14.3% to 2,723 listings, and active listings decreased 24.1% to 4,889 listings. However, pending sales jumped 13.1% to 2,956 pending sales. Monthly housing inventory declined 0.6 months year over year to 1.6 months of inventory.

City of Austin

In the city of Austin, the median price for residential homes experienced a double-digit percent increase of 13.5% year over year to $384,750. Residential home sales increased 0.6% to 638 sales and sales dollar volume increased by 8.2% to $290,628,094. During the same period, new listings decreased 10.6% to 960 listings; active listings dropped 32.5% to 1,099 listings; however, pending sales rose 8.6% to 956 pending sales. Monthly housing inventory decreased 0.5 months year over year to 1.1 months of inventory.

 

Travis County

At the county level, residential home sales slightly increased 2.9% to 1,001 sales and sales dollar volume increased by 3.5% to $431,960,522. The median price for residential homes increased 7.8% year over year to $351,000. During the same period, new listings decreased 14.4% to 1,435 listings, while active listings decreased 28.8% to 2,178 listings. However, pending sales increased 9.1% to 1,481 pending sales. Monthly housing inventory decreased 0.6 months year over year to 1.4 months of inventory.

Williamson County

In Williamson County, January residential home sales increased 11.6% to 654 sales; sales dollar volume had a double-digit percent jump of 15.3% to $202,314,400. The median price for residential homes slightly increased 2% to $279,990. New listings declined 15.1% to 838 listings, while active listings decreased 27.1% to 1,557 listings. Pending sales increased 11.4% to 990 pending sales. Housing inventory declined 0.8 months year over year to 1.5 months of inventory.

Hays County

 

In January, Hays County residential home sales spiked 22.8% to 205 sales and sales dollar volume jumped 22.2% to $67,627,774. The median price for residential homes declined by 2.6% to $255,000. During the same period, new listings dropped 19% to 298 listings, while active listings decreased 15% to 745 listings. Pending sales spiked 29.2% to 354 pending sales. Housing inventory decreased 0.6 months to 2.3 months of inventory.

Bastrop County

In January, Bastrop County residential home sales increased 22.2% to 66 home sales and sales dollar volume sharply increased 42.2% to $18,081,527. The median price for residential homes increased 12.6% to $241,000. During the same period, new listings increased 3.6% to 116 listings; active listings rose 8.6% to 317 listings; and pending sales spiked 28.8% to 94 pending sales. Housing inventory decreased 0.1 months to 3.4 months of inventory.

Caldwell County

In Caldwell County, January residential home sales spiked 50% to 21 sales and sales dollar volume skyrocketed 188.8% to $5,924,220. The median home

 

price sharply increased 62.1% year over year to $232,807. During the same period, new listings increased 9.1% to 36 listings; active listings increased 15% to 92 listings; and pending sales rose by 94.7% to 37 pending sales. Housing inventory rose 0.3 months to 3.7 months of inventory.

For more information,¬†and to download the¬†January 2020¬†Central Texas Housing Market Report, visit‚ÄĮwww.abor.com/statsjan2020. All information taken from the Austin Board of Realtors December & Year-End 2019 Central Texas Housing Market Report,

 

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