Austin Market NewsÂ
Hopefully, all have gotten to the new way of doing things and are staying healthy and have had a great summer with family and friends. Again, we are trying to find a new way to describe how the Austin housing market is doing. Currently we are ranked as the top real estate market in the United States by multiple sources. Our market is currently booming, and we are still seeing inventory shrink to levels that are sustainable. As of August 25th, 2020, we only had 3,299 single family homes on the market in the Austin metropolitan statistical area. If we are to keep the current sales pace, we should have between 14,000 and 16,000 listings to create a balanced market. So, this month we are going to dive into the sub-markets of the Austin area and talk about numbers.
Here are some numbers showing what is happening in the market and what would need to happen to balance the market
- less than 1.0 months of inventory in Austin, Round Rock, Cedar Park, Pflugerville and Leander
- less than 100 homes available for sale in Cedar Park, Manor, Buda, Dripping Springs, Hutto, Elgin and Lakeway. Most of these communities should have at least 300 listings to be considered a balanced market. Elgin is the only one that could have a little less.
- less than 200 homes available in Round Rock, Pflugerville and Liberty Hill. Leander will be less than 200 very soon. These communities should have 700 listings to be a balanced market.
- 087 months of inventory in the five-county area (Hays, Bastrop, Caldwell, Travis, Williamson) Williamson is under 1 month of inventory, Hays and Travis will be very soon.
Market Activity
Most professionals in the real estate industry judge market activity by sold data, which is a lagging market number. We utilize pending data because it is what is currently happening in the market, and our belief is that it gives a better overall view of the market. We have added in two graphs to show the pending data for Travis County and Williamson County.
The Austin housing market in Travis County has been stable since July 1st with the homes going under contract decreasing 1.4%, though we have still seen values increase by 2%. Since August 1st we have seen an increase in contracted homes by 3.4% with a minimal value change, and since April 17th which was the date the rolling number of contracted homes was at its lowest, we have seen a 98% increase and a 20.71% increase in values. If you live in Travis County we are always happy to assist you in valuing your property. Just request a home valuation by filling out this form
The Austin housing market for Williamson County and the increases shown are similar, the only difference is that values have not increased as fast. Williamson County has shown a 3.3% decrease in the number of homes going under contract since July 1st but has still seen a value increase of 2.04%. Since August 1st, the number of homes going under contract has increased 3.83% with a 3% value increase. Since April 17th, the market has seen a 99.46% increase on the number of homes under contract and an 8.05% value increase. If you live in Williamson County we are always happy to assist you in valuing your property. Just request a home valuation by filling out this form
Some of the recent decreases in both counties are due to our lack of inventory, because as we are turning to the fall months and with school starting our already tight market is becoming tighter.
If you need any additional data, we do have that available and will gladly provide it. We have data for most of the major cities and have been tracking data by price point.
If you or anyone you know need any resources, or is looking to buy, sell or lease, please feel free to reach out and we would be glad to assist.