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July 2020 Austin Home Sales Report Encourages Optimism

Residential home sales statistics for the Austin-Round Rock Metropolitan Statistical Area (MSA) made big gains this July, according to the latest real estate market report from the Austin Board of REALTORS®. There were gains in almost every area of home sales, including the number of homes sold, average sales price and overall sales dollar volume. Some of the biggest and most promising gains were seen in the jump in pending sales and the number of new listings. Strong increases in pending sales support continued sales growth into August. An increase in new listings provides desperately-needed housing stock in a market long plagued by critically-low housing inventory.

“July home sales statistics inspire confidence that the Austin real estate market is continuing to rebound,” said David Brodsky, broker/owner of the independent Austin real estate brokerage, David Brodsky Properties. “Since real estate performance is a bellwether of the local economy, the July housing market report inspires some confidence that the Austin area economy is recovering as well.”

This July, home sales made a healthy 21.5% increase year-over-year. The increase in home sales shows that Austin housing is still in high demand. Inventory levels continue to be an area of concern, however. This July, housing inventory fell by a full month to 1.7 months of inventory. Low inventory levels put upward pressure on home sales prices and indicate a seller’s market. A 6-month inventory level is considered a balanced market.

Romeo Manzanilla, 2020 ABoR president, gave words of encouragement for would-be sellers to take advantage of the current market dynamics.

“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,” he said.

Manzanilla also pointed to the region’s economic performance as a driving force behind the ongoing housing recovery.

“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.”

Laura Huffman, president and CEO of the Austin Chamber of Commerce, shared the optimistic outlook the organization has for the local economy. She pointed out recent corporate relocations and expansions as strong signs that the Austin area continues to be a desirable place to do business.

“Even amidst the pandemic, Austin still shines as a magnet for companies that appreciate our robust business climate and abundant talent pool,” Huffman, 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.”

July 2020 Austin Area Real Estate Statistics

  • Homes sales increased 21.5% to 4,537 homes sold across the MSA
  • Housing inventory fell by a full month to 1.7 months
  • Median home sales price increased 10.7% to $353,000
  • Sales dollar volume soared 36.7% to $2,037,152,035
  • Pending sales were up 32.2% to 4,607
  • New listings made a 13% gain to 4,767 listings
  • Active listings dropped 32.4% to 5,309 listings
  • It took an average of 44 days on the market for homes to sell, three fewer days than July 2019

City of Austin Real Estate Statistics

  • Home sales increased by 21.4% to 1,470 homes sold
  • Sales dollar volume increased 41.8% to $793,610,174
  • Median sales price increased 11.3% year over year to $423,000
  • New listings jumped  20.4% to 1,676 listings
  • Active listings decreased by 19.1% to 1,653 listings
  • Pending sales increased 25% 1,413 pending sales
  • Monthly housing inventory decreased 0.3 months from last July to 7 months

Travis County

  • Home sales increased by 17% to 2,258 sales this July
  • Sales dollar volume climbed 34.2% to $1,233,588,708
  • Median sales price increased 10.3% over last July to $411,412
  • New listings also increased 13.7% over the same time last year to 2,503 listings
  • 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

  • Home sales increased by 24.5% to 1,530
  • Sales dollar volume climbed 34.6% to $523,478,727
  • The median price increased by 10.5% to $314,995
  • New listings were up 6.5% reaching 1,450 listings
  • Active listings fell by 39.1% to 1,524 listings this July
  • Pending sales increased 29.5% to 1,518
  • Housing inventory declined 1.1 months year over year to 1.5 months of inventory

Hays County

  • Home sales increased by 32.8% to 555 sales
  • Sales dollar volume increased 59.3% to $224,313,232
  • Median price increased by 18.1% to $310,000
  • New listings increased 24.9% to 587 listings
  • Active listings dropped 35% to 683 listings
  • Pending sales increased by 66.5% to 621 pending sales
  • Housing inventory made a 1.4-month decline to 1.9 months of inventory

Bastrop County

  • Home sales increased by 28% to 160 sales
  • Sales dollar volume increased 40.7% to $47,797,443
  • Median price 6.2% to $265,500
  • New listings increased by 31.5% to 192
  • Active listings decreased 10.1% to 329 listings
  • Pending sales increased by 23.5% to 147 pending sales
  • Housing inventory decreased 0.6 months to 3.4 months of inventory

Caldwell County

  • Home sales increased by 3% to 34 sales
  • Sales dollar volume increased by 1.7% to $7,701,000
  • Median sales price increased 7.3% to $205,000
  • New listings fell 7.9% to 35 listings
  • Active listings decreased 27.6% to 76 listings
  • Pending sales jumped 33.3% to 44 pending sales
  • Housing inventory decreased 1.3 months to 2.9 months of inventory

For experienced and expert guidance during your Austin area real estate transaction, reach out to one of our Austin real estate strategists to schedule a complimentary strategy session. Developing a strong real estate strategy is the first step to ensuring a successful Austin real estate experience. Whether you’re buying or selling, having a reliable consultant is key to navigating the challenging Austin real estate market.