November 2020 Central Texas Housing Market Report

Austin on pace to break housing records

Housing Inventory Drops to All-Time Low

AUSTIN, Texas – The Austin-Round Rock Metropolitan Statistical Area (MSA) posted a record-breaking month of sales this November, according to the latest Central Texas Housing Market Report released by the Austin Board of REALTORS® (ABoR). MSA home sales jumped 23.8% year over year to 3,397 sales, indicating no sign of a typical season slowdown heading into the new year. 

Additionally, the median price across the MSA increased 19.7% to $365,000, and sales dollar volume spiked 49.3% to $1,576,178,429. At the same time, new listings increased 5.7% to 2,762 listings, active listings dropped 55.2% to 2,842 listings and pending sales increased 23.9% to 3,269 pending sales. For the first time ever, housing inventory dipped below one month across the five-county MSA, falling 1.2 months year over year to 0.9 months of inventory.   

“Despite the economic roadblocks and challenges the global pandemic has presented, Austin’s housing market activity is stronger than it’s been in several years,” Romeo Manzanilla, 2020 ABoR president, said. “Housing demand has only increased over the past several months and Austin REALTORS® are working hard to ensure clients find a home that works for them. Our main challenge in this market is navigating the critically low levels of inventory. This near-zero level of housing inventory throughout the region is staggering, and it will put enormous pressure on home prices and the rental market.” 

November 2020 marks an all-time low for housing inventory throughout the region and the first time that inventory across the five-county MSA has dipped below one month. The Real Estate Center at Texas A&M University estimates 6.5 months of inventory as a balanced housing market.  

“With a steady influx of job creation in the pipeline, the housing market will continue to post strong numbers well into 2021,” Mark Sprague, state director of information capital at Independence Title, said. “But, because Austin’s housing market is not slowing down, we will continue to see demand outpace the inventory available. This growth is not sustainable. The one variable that will hold the market back is the lack of inventory.” 

“While we’re grateful that the housing market rapidly recovered, last month’s numbers should give us all pause,” Manzanilla concluded. “Central Texans who could not find a property within Austin’s city limits have historically been able to expand their searches outward to find a home. But, when the entire region has virtually zero inventory, its leaders must think about how such a broad lack of housing will ultimately impact Austin’s suitability as a destination for businesses and economic growth.” 

City of Austin  

The median sales price in the city of Austin rose 10.1% to $433,493 in November. Residential sales increased 28.2% to 1,105 sales, as sales dollar volume jumped 47.2% to $600,496,127. During the same period, new listings increased 9.9% to 897 listings, while active listings decreased 28.2% to 1,064 listings, and pending sales jumped 16.8% to 1,038 pending sales. Monthly housing inventory decreased 0.4 months year over year to 1.0 months of inventory.  

Travis County  

In Travis County, residential sales increased 25.2% to 1,720 sales, while sales dollar volume spiked 54.6% to $961,793,770. The median price for residential homes rose 19.7% year over year to $425,000. During the same period, new listings increased 8.2% to 1,388 listings, active listings decreased 47.2% to 1,523 listings, and pending sales jumped 22.4% to 1,642 pending sales. Monthly housing inventory fell 0.9 months year over year to 0.9 months of inventory.  

Williamson County  

In November in Williamson County, residential sales increased 19.8% to 1,127 sales, and sales dollar volume jumped 38.4% to $404,718,496. The median price increased 18% to $326,725. During the same period, new listings slightly increased 2.2% to 903 listings, while active listings tumbled 71.8% to 604 listings. Pending sales increased 12.2% to 1,046 pending sales. Housing inventory declined 1.6 months year over year to 0.5 months of inventory.  

Hays County  

In Hays County, November home sales increased 30.4% to 403 sales, and sales dollar volume spiked 54.6% to $170,600,406. The median price for homes increased 18.5% to $303,525. During the same period, new listings increased 6% to 338 listings, while active listings fell 50.7% to 439 listings. Compared to November 2019, pending sales soared 54.6% to 422 pending sales. Housing inventory decreased by 1.6 months to 1.1 months of inventory.

Bastrop County  

In November, Bastrop County home sales climbed 14% to 114 sales, and sales dollar volume increased 17.4% to $31,303,538. The median price for residential homes increased 6.4% to $260,950. During the same period, new listings slightly increased 2.8% to 109 listings, while active listings dropped 37.7% to 208 listings. Pending sales skyrocketed 81.4% to 127 pending sales. Housing inventory decreased by 1.7 months to 1.9 months of inventory.   

Caldwell County  

In Caldwell County, November home sales increased 65% to 33 sales, and sales dollar volume increased 70.4% to $6,961,699. The median home price increased 11.4% year over year to $204,750. During the same period, new listings rose 14.3% to 24 listings, while active listings dropped 32% to 68 listings. Pending sales jumped 52.4% to 32 pending sales. Housing inventory decreased 1.5 months to 2.5 months of inventory.   

For more information or to download the November 2020 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics. All information taken from the Austin Board of Realtors November 2020 Central Texas Housing Market Report.

TJ Lewis Toy Drive with Williamson County Brown Santa

Our 5th Annual Brown Santa Toy Drive is just around the corner! Each year, the community’s generosity has been overwhelming as we have collected toys for underprivileged kids in our area – there are many in need this year and we look forward to helping them this year with you!

To keep all the members of our community safe (and Santa!) this year, we are doing things a little differently. The toy drive will be a “drop-off” event with curb-side service. You can drop off your toy donations without leaving your vehicle and we will have individually wrapped Christmas cookies for you to enjoy! Santa will still be there to thank you for your donation and wish the kids and family a Merry Christmas!

The event will be Sunday, December 13th from 2-4 PM at 8650 Co Rd 110, Round Rock, TX 78665 in the parking lot of CrossWalk Church. We’ll have a drive-thru line all set up to make this as easy, safe and enjoyable as possible.

The Williamson County Brown Santa is requesting new, unopened and unwrapped toys, book, game or gift for the needy kids of Williamson County – we hope to see you there!

Event Details

  • Sunday, December 13, 2020, 2 pm – 4 pm
  • 8650 Co Rd 110, Round Rock, TX 78665 (CrossWalk Church)
  • Toy Donation Drop Off (new, unopened and unwrapped toys, books or games please!)
  • FREE Christmas Cookies!

The Williamson County Sheriff’s Brown Santa provides low income or poverty-stricken families with children 0-17 with toys, books and other items needed to make Christmas merrier and positively impact families.

Want to help but you can’t make the event? Contact us to drop your toys off early or you can donate financially at the Williamson County’s Brown Santa Website.

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Diaper Cake Challenge SUCCESS!

TJ Lewis Real Estate was so excited to be able to participate Reveal Resource Center’s Diaper Cake Challenge! In all, 50,112 diapers were donated, wrapped and built into a cake to set the GUINNESS WORLD RECORD for the largest diaper cake ever built! 

At TJ Lewis, our diaper drive goal was to collect and contribute 3000 diapers and we also hit our goal! TJ Lewis agents, clients and friend graciously donated 3290 diapers for this event! 

We are so thankful to be part of such a giving community and for impact we can have our those in need around us! Thank you so much to everyone who participated and donated diapers, money and time to make this event such a success! 

 

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September 2020 Central Texas Housing Market Report

Central Texas housing market continues to soar despite low inventory

According to the latest Central Texas Housing Market Report released by the Austin Board of REALTORS® (ABoR), the Central Texas housing market continues to exhibit strength despite economic challenges and shrinking housing inventory. In September, home sales across the Austin-Round Rock MSA soared 31.5% year over year to 3,892 sales. Historically this time of year home sales are slower, but because of decreased activity during the shelter-in-place orders due to the COVID-19 pandemic, the summer selling season extended into September.

The market’s strength was evident across the five-county MSA as sales dollar volume jumped 51.7% to $1,779,067,529, and the median price rose 12.1% to $355,000. New listings increased 5.0% to 3,539 listings, and pending sales jumped 28.2% to 3,767. At the same time, active listings dropped 49.9% to 3,708 listings.

September 2020 Austin Real Estate Market Statistics“The housing market is pumping billions of dollars into our region’s economy at a time it’s greatly needed, but we also need to be cognizant of the impact such rapid activity is having on record-low inventory levels and rising home prices,” Romeo Manzanilla, 2020 ABoR president said. “Austin’s suburban markets have historically offered housing stock at lower price points that created opportunity for people when buying or renting inside Austin city limits was not an option. Now, these markets are showing the same gains in prices and declines in inventory as we’re used to seeing inside Austin, putting pressure on the market as a whole.”

Homes across the MSA spent an average of 37 days on the market, 14 fewer days than September 2019, and housing inventory decreased 1.3 months to 1.2 months of inventory.

Vaike O’Grady, Austin regional director for Zonda (formerly Metrostudy), said the city of Austin has a limited number of residential lots. This is forcing developers to move to the suburbs where land is more available and less expensive. When it comes to construction in suburban markets, homes simply can’t be put on the ground fast enough to meet demand.

“We need to remove the barriers to new construction and open up more building opportunities across the region to create more inventory for buyers,” O’Grady said. “Austin’s economy is bouncing back better than most cities, allowing more people to make a move to a home that meets their needs. To solve Austin’s housing supply and affordability challenges, we need to commit to streamlined review and approval processes for new construction.”

“The Austin area needs more housing supply at all price points in order to stabilize home price growth and help make homeownership accessible, especially for first-time homebuyers,” Manzanilla said. “REALTORS® will continue working aggressively to navigate a competitive, fast-moving housing market on behalf of their clients.”

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City of Austin

Low levels of inventory in the city of Austin drove the median home price up 8.7% year over year to $415,500. Residential sales increased 20.7% to 1,248 sales, as sales dollar volume spiked 39.2% to $678,062,256. During the same period, new listings increased 16.4% to 1,273 listings, active listings decreased 24% to 1,390 listings, and pending sales increased 16.6% to 1,164 pending sales. Monthly housing inventory decreased 0.4 months year over year to 1.4 months of inventory.

Travis County

At the county level, residential sales increased 27.1% to 1,930 sales, while sales dollar volume jumped 50% to $1,081,018,324. The median price for residential homes increased 13.8% year over year to $420,000. During the same period, new listings increased 8.4% to 1,863 listings, while active listings declined 41.8% to 2,039 listings. At the same time, pending sales rose 18.4% to 1,836 pending sales. Monthly housing inventory fell .9 months year over year to 1.3 months of inventory.

Williamson County

In Williamson County, September residential sales increased 29.4% to 1,306 sales, and sales dollar volume jumped 43.8% to $461,491,699. The median price rose 9% to $318,050. During the same period, new listings dropped 10.2% to 1,035 listings, and active listings tumbled 66.5% to 816 listings. Pending sales jumped 33.7% to 1,266 pending sales. Housing inventory declined 1.6 months year over year to .8 months of inventory.

Hays County

September home sales spiked 50.3% to 487 sales, and sales dollar volume increased 78% to $184,817,195 in Hays County. The median price for homes increased 15.1% to $310,000. During the same period, new listings jumped 40.6% to 485 listings, and active listings tumbled 43.1% to 558 listings. At the same time, pending sales increased 42.9% to 480 pending sales. Housing inventory dropped by 1.5 months to 1.5 months of inventory.

Bastrop County

In September, Bastrop County home sales spiked 69.5% to 139 sales, and sales dollar volume skyrocketed 96.6% to $42,855,211. The median price for residential homes increased 8% to $270,000. During the same period, new listings increased 4.7% to 133 listings, while active listings declined 36.4% to 227 listings. Pending sales rose 84% to 149 pending sales. Housing inventory decreased by 1.7 months to 2.2 months of inventory.

Caldwell County

In Caldwell County, September home sales increased 15.4% to 30 sales, and sales dollar volume increased by 18.3% to $7,000,759. The median home price increased 5.1% year over year to $217,500. During the same period, new listings decreased 17.9% to 23 listings, while active listings decreased 39.3% to 68 listings. Pending sales rose 50% to 36 pending sales. Housing inventory decreased 2.1 months to 2.5 months of inventory. 

For more information or to download the September 2020 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics. All information taken from the Austin Board of Realtors September 2020 Central Texas Housing Market Report.