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August 2020 Central Texas Housing Market Report

Austin-area housing market remains undeterred amid ongoing pandemic

AUSTIN, Texas—As the summer-selling season comes to a close, the Austin Board of REALTORS® (ABoR) latest Central Texas Housing Market Report indicates the Austin-area housing market continues to exhibit strength, despite economic setbacks amid the ongoing pandemic. The Austin-Round Rock MSA posted robust gains this August, as home sales experienced a double-digit increase of 12.9% year over year to 4,019 sales. 

In addition to an increase in home sales across the five-county MSA, sales dollar volume jumped 35.3% to $1,889,382,006, and the median price rose 11.3% to $355,000. New listings slightly increased 1% to 3,862 listings, and pending sales soared 40.1% to 4,533. At the same time, active listings dropped 44.9% to 4,257 listings. 

“The pandemic has put our market in a unique situation. As more people are working from home and have the opportunity to relocate, Austin-area homes are selling faster now than ever before,” Romeo Manzanilla, 2020 ABoR president, said. “Austin’s popularity has left the market with critically low levels of housing supply, which continues to drive home prices up. While home prices are rising, historically low interest rates are giving buyers increased power to meet the increases. Buyers should be aware of just how competitive this market has become, and would benefit enlisting the help of a REALTOR® who can help every step of the way during the homebuying process.”

Homes across the MSA spent an average of 42 days on the market, 10 days fewer days than August 2019, and housing inventory decreased 1.2 months to 1.4 months of inventory, well below the Real Estate Center at Texas A&M University’s benchmark of 6.0 months to maintain a balanced housing market. 

Mark Sprague, state director of information capital at Independence Title, said that although Austin-area home sales dipped in the early Spring, the region’s real estate market as a whole has endured. 

“It’s safe to say that August numbers solidify that Austin’s housing market has fully rebounded,” Sprague said. “And, as long as we continue to see more job creation, we’ll likely see strong home sales throughout the remainder of the year. However, we started this year with a lack of inventory, and we’re going to end this year with a lack of inventory. Inadequate housing stock is going to be the main issue that holds the market back.” 

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City of Austin

In the city of Austin, critically low levels of inventory drove the median home price up 14.9% year over year to $435,000—an all-time high for any month on record. Residential sales barely increased 2.4% to 1,240 sales, as sales dollar volume jumped 19.9% to $682,748,453. During the same period, new listings increased 4.8% to 1,318 listings, active listings decreased 26.6% to 1,468 listings, and pending sales increased 20.6% to 1,314 pending sales. Monthly housing inventory decreased 0.5 months year over year to 1.5 months of inventory. 

Travis County

At the county level, residential sales increased 9.2% to 2,015 sales, while sales dollar volume spiked 39.9% to $1,182,976,984. The median price for residential homes increased 19.2% year over year to $430,000. During the same period, new listings slightly increased 1% to 2,046 listings, while active listings declined 41% to 2,253 listings. At the same time, pending sales rose 34.6% to 2,229 pending sales. Monthly housing inventory decreased 1.1 months year over year to 1.4 months of inventory. 

Williamson County

In Williamson County, August residential sales increased 13.5% to 1,343 sales, and sales dollar volume increased 23.1% to $467,254,216. The median price rose 5.7% to $307,500. During the same period, new listings decreased 6.3% to 1,154 listings, and active listings dropped 54% to 1,111 listings. Pending sales jumped 33.7% to 1,487 pending sales. Housing inventory declined 1.4 months year over year to 1.1 months of inventory. 

Hays County

In Hays County, August home sales spiked 31.7% to 499 sales, and sales dollar volume increased 45% to $192,109,298. The median price for homes increased 16.9% to $308,500. During the same period, new listings increased 12.6% to 475 listings, and active listings tumbled 46.4% to 556 listings. At the same time, pending sales skyrocketed 69.7% to 577 pending sales. Housing inventory decreased 1.7 months to 1.5 months of inventory. 

Bastrop County

In August, Bastrop County home sales increased 4.1% to 126 sales, and sales dollar volume increased 23.8% to $38,193,673. The median price for residential homes increased 16% to $278,500. During the same period, new listings jumped 29.7% to 144 listings, while active listings declined 24.4% to 260 listings. Pending sales spiked 98% to 200 pending sales. Housing inventory decreased by 1.0 months to 2.7 months of inventory.  

Caldwell County

In Caldwell County, August home sales increased 16.1% to 36 sales, and sales dollar volume increased by 7.4% to $8,392,577. The median home price dropped 1.7% year over year to $212,900. During the same period, new listings increased 19.4% to 43 listings, while active listings decreased 27.4% to 77 listings. Pending sales rose 53.9% to 40 pending sales. Housing inventory decreased 1.5 months to 2.9 months of inventory.  

For more information or to download the August 2020 Central Texas Housing Market Report, visit https://www.abor.com/statsaug20/. All information taken from the Austin Board of Realtors August 2020 Central Texas Housing Market Report,

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TJ Lewis Sponsoring Diaper Cake Challenge

TJ Lewis Real Estate is excited to be joining Reveal Resource Center as a sponsor for their Diaper Cake Challenge – an event to collect diapers for families in need in partnership with the Austin Diaper Bank.

Reveal Resource Center is hosting a GUINNESS WORLD RECORD breaking event to build the worlds “Largest Diaper Cake” on Saturday, September 26th at Reveal Resource Center (RRC)! At TJ Lewis, we are joining as a sponsor in this event by hosting a diaper drive on September 21st where we will collect diapers from 2-5 PM at our office (11814 Jollyville Rd STE 104, Austin, TX 78759).

  • WHAT: TJ Lewis Diaper Drive
  • WHEN: September 21, 2020 from 2-4 PM
  • WHERE: 11814 Jollyville Rd STE 104, Austin, TX 78759
  • GOAL: Collect 3000 Diapers!

Why?

RRC began helping families with diapers in January of 2020, unaware of the actual need in our community. With the partnership of Austin Diaper Bank, RRC receives 6000 diapers a month which helps serve approximately 240 babies a month but there are still many more in need. Our goal is to help collect 50,000 diapers to help serve families for another year.

How can you help?

Our goal at TJ Lewis is to collect at least 3,000 diapers. It sounds like a lot but it’s possible with the your help! It’s approximately 25 large boxes or 100 single packs. We will collect diapers on Monday, September 21st from 2-5 PM at our office, but 

How can I help if I can’t make the event?

If you cannot make the event but would like to donate diapers, you can connect with your personal TJ Lewis agent to deliver yours. RRC also accepts donations on their website.

Who is Reveal Resource Center?

Reveal Resource Center is a 501(c)(3) non-profit food pantry and clothes closet. Our mission is to feed families through spiritual and physical resources. Our vision is to change lives within Central Texas by being the hands and feet of Jesus Christ, through meeting basic needs while sharing the gospel. RRC serves up to 400 families weekly, approximately 1,600 people distributing approximately 20,000 pounds of food with the help of 100+ Volunteers each week. 

Due to COVID-19 and the uncertainty of social gatherings in late September, we are all limited in the involvement we can personally have record breaking day. … STAY TUNED to the Facebook Event!

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July 2020 Central Texas Housing Market Report

Housing market continues to bounce back; real estate is vital to early economic recovery

AUSTIN, Texas—According to the latest Central Texas Housing Market Report released by the Austin Board of REALTORS® (ABoR), the Austin-Round Rock Metropolitan Statistical Area (MSA) continues to exhibit resiliency in the face of COVID-19. The MSA posted its second consecutive month of strong home sales numbers with a 21.5% increase in July sales year over year. The robust increase demonstrates the vital role real estate will play as the region begins its economic recovery from the COVID-19 pandemic. 

In addition to the 21.5% jump to 4,537 home sales across the five-county MSA, the median price increased 10.7% to $353,000 and sales dollar volume also soared 36.7% to $2,037,152,035. Pending sales climbed 32.2% to 4,607 as new listings increased 13% to 4,767, while active listings dropped 32.4% to 5,309 due to demand. 

“July was a very encouraging month for the Central Texas housing market,” Romeo Manzanilla, 2020 ABoR president, said. “Strong home sales, combined with an increase in new listings and pending sales, are important benchmarks when analyzing the health of our market. A healthy housing marketing is vital to the overall economic recovery in the region, and with two consecutive months of positive numbers, we are growing more confident that this is sustainable and can help be the spark that gets our economy back on track.” 

Homes across the MSA spent an average of 44 days on the market, three fewer days than July 2019, and housing inventory fell by a full month to 1.7 months of inventory. Manzanilla also noted that this extremely low level of inventory, when paired with continued demand across the region, has led to rising home prices, creating a very strong seller’s market. As inventory falls, REALTORS® will continue to work aggressively to research the market and find the properties needed to meet their client’s demands. Prospective buyers should seek out a REALTOR® to work with who can put a strategic offer together in this competitive market. 

“Our market is now ultra-competitive because of our dangerously low inventory and that is cause for concern over the long-term. Homeowners thinking of listing their home need to understand the opportunities in the market and our elected leaders should focus on promoting policies that create increased housing capacity. The jobs pipeline into Austin continues to create new economic opportunities and a double-digit percentage gain in new listings in July, coupled with buyers continuing to take advantage of historically low interest rates, allows us to be cautiously optimistic about the remainder of 2020.” 

The Austin Chamber of Commerce is also optimistic about the region’s attractiveness and is encouraged by recent corporate relocation and expansion announcements. 

“Even amidst the pandemic, Austin still shines as a magnet for companies that appreciate our robust business climate and abundant talent pool,” Laura Huffman, president and CEO of the Austin Chamber of Commerce, said. “Recent economic development successes in the region—notably from Tesla and BAE Systems—will bring thousands of jobs to the region and contribute to our ongoing population growth. Our region has a long way to go in its recovery from the brunt of this pandemic, but economic indicators show the Central Texas economy will weather this storm.” 

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City of Austin

In the city of Austin, there was a 21.4% increase to 1,470 home sales which resulted in $793,610,174 in sales dollar volume, a 41.8% increase. The median price for residential homes increased 11.3% year over year to $423,000. During the same period, new listings jumped  20.4% to 1,676 listings, active listings decreased by 19.1% to 1,653 listings and pending sales rose 25% to 1,413 pending sales. Monthly housing inventory decreased 0.3 months year over year to 1.7 months of inventory.  

Travis County

Travis County saw residential sales increase by 17% to 2,258 sales, and sales dollar volume climbed 34.2% to $1,233,588,708. The median price for residential homes increased 10.3% year over year to $411,412. During the same period, new listings also increased 13.7% to 2,503 listings, while active listings declined 29.6% to 2,697 listings. Pending sales grew by 27.3% to 2,277 pending sales. Monthly housing inventory decreased 0.8 months year over year to 1.7 months of inventory.  

Williamson County

In July, Williamson County residential sales increased by 24.5% to 1,530 sales, and sales dollar volume climbed 34.6% to $523,478,727. The median price increased 10.5% to $314,995. New listings were up 6.5% to 1,450 listings, while active listings fell by 39.1% to 1,524 listings. Pending sales jumped 29.5% to 1,518 pending sales. Housing inventory declined 1.1 months year over year to 1.5 months of inventory. 

Hays County

July residential sales soared 32.8% to 555 sales, and sales dollar volume skyrocketed 59.3% to $224,313,232. The median price for residential homes increased by 18.1% to $310,000. During the same period, new listings experienced a 24.9% increase to 587 listings, and active listings fell 35% to 683 listings. Pending sales jumped 66.5% to 621 pending sales. Housing inventory decreased 1.4 months to 1.9 months of inventory. 

Bastrop County

Bastrop County residential sales increased 28% to 160 sales, while sales dollar volume increased 40.7% to $47,797,443. The median price for residential homes climbed 6.2% to $265,500. During the same period, new listings jumped 31.5% to 192 listings; active listings decreased 10.1% to 329 listings; while pending sales increased 23.5% to 147 pending sales. Housing inventory decreased 0.6 months to 3.4 months of inventory.  

Caldwell County

In July, Caldwell County residential sales increased 3% to 34 sales, and sales dollar volume slightly increased by 1.7% to $7,701,000. The median home price increased 7.3% year over year to $205,000. During the same period, new listings fell 7.9% to 35 listings; active listings decreased 27.6% to 76 listings; while pending sales jumped 33.3% to 44 pending sales. Housing inventory decreased 1.3 months to 2.9 months of inventory.  

For more information or to download the July 2020 Central Texas Housing Market Report, visit http://www.abor.com/statsjul20All information taken from the Austin Board of Realtors May 2020 Central Texas Housing Market Report,

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TESLA Comes to Austin!

This month, Austin received some news about a huge visitor coming to town – TESLA. After teasing a possible move to Texas back in February, TESLA reached an agreement to build its next Gigafactory in Travis County according to a press release from Governor Greg Abbott.

The $1.1 billion assembly plant will be built on 2,100 acres in southeaster Travis County off Texas 130 and Harod Green Road. At the plant, Tesla plans to employ 5,000 people with wages starting at $35,000 per year.

“Tesla is one of the most exciting and innovative companies in the world, and we are proud to welcome its team to the State of Texas,” Abbott said. “Texas has the best workforce in the nation, and we’ve built an economic environment that allows companies like Tesla to innovate and succeed. Tesla’s Gigafactory Texas will keep the Texas economy the strongest in the nation and will create thousands of jobs for hardworking Texans. I look forward to the tremendous benefits that Tesla’s investment will bring to Central Texas and to the entire state.”

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Earlier in July, the Travis County Commissioners Court and Del Valle ISD each approved tax breaks to make the deal work. Tesla was also considering Tulsa, OK in their search and these tax breaks certainly made a difference.

At the new factory, Tesla plans on producing its new Cybertruck electric pickup and its Model Y SUV. Groundbreaking could happen as early as this third quarter of 2020.

The economic impact of this deal is far-reaching. Besides new jobs and career paths for graduate and non-graduate workers, the tax revenue, local economy and housing market should all see boosts.

If you have a question about how this impacts your homes value in the area or are interested in buying a home in Austin, contact us and we’d love to help!