Austin-Round Rock MSA housing market on track for record year despite dip in November home sales
Majority of homes sold between $250,000-$500,000 in November, indicating accessibility in housing market
November MSA jobs increased from 1,123,300 to 1,189,400, according to the latest figures published by the Texas Workforce Commission. This marks a 5.88% year-over-year (YoY) increase compared with November 2020, a net increase of 66,100 new jobs. Over the past five years, the job growth rate has increased at an average annual rate of 3.00%. In addition, the unemployment rate for November decreased to 3.20% from 5.90% in 2020.
Sales volume for single-unit residential housing decreased 4.94% YoY from 3,382 to 3,215 transactions. Year-to-date sales reached a total of 37,794 closed listings. Dollar volume rose from $1.56 billion to $1.88 billion. The average sales price rose 26.73% YoY from $462,000 to $585,473, while the average price per square foot subsequently rose from $215.55 to $284.26. Median price rose 29.66% YoY from $362,500 to $470,000, while the median price per square foot also rose from $179.77 to $247.42. Months inventory for single-unit residential housing declined from 0.9 to 0.8 months supply, and days to sell declined from 79 to 67.
Sales volume for single-family homes decreased 5.26% YoY from 3,02 to 2,866 transactions. Year-to-date sales reached a total of 33,224 closed listings. Dollar volume rose from $1.43 billion to $1.71 billion. The average sales price rose 26.43% YoY from $471,732 to $596,395, while the average price per square foot subsequently rose from $208.72 to $273.66. Median price rose 30.42% YoY from $366,500 to $478,000, while the median price per square foot also rose from $176.31 to $242.46. Months inventory for single-family homes rose from 0.7 to 0.8 months supply, and days to sell declined from 77 to 68.
Sales volume for townhomes decreased 37.29% YoY from 59 to 37 transactions. Year-to-date sales reached a total of 415 closed listings. Dollar volume dipped from $20.11 million to $15.65 million. The average sales price rose 24.09% YoY from $340,832 to $422,944, while the average price per square foot subsequently rose from $196.38 to $256.58. Median price rose 38.49% YoY from $264,810 to $366,730, while the median price per square foot also rose from $169.40 to $233.10. Months inventory for townhomes rose from 0.9 to 1.1 months supply, and days to sell declined from 137 to 82.
Sales volume for condominiums increased 2.01% YoY from 298 to 304 transactions. Year-to-date sales reached a total of 4,142 closed listings. Dollar volume rose from $115.39 million to $152.6 million. The average sales price rose 29.64% YoY from $387,203 to $501,986, while the average price per square foot subsequently rose from $288.61 to $389.12. Median price rose 22.94% YoY from $324,950 to $399,500, while the median price per square foot also rose from $248.89 to $358.04. Months inventory for condominiums declined from 2.5 to 0.7 months supply, and days to sell declined from 87 to 54.
CENTRAL TEXAS HOUSING REPORT
AUSTIN, TX — According to the Austin Board of REALTORS® (ABoR) November Central Texas Housing Report, closed listings dipped 4.9% to 3,215 across the Austin-Round Rock MSA in November. This occurred even as the housing market remains on track for a record-breaking year, with closed listings outpacing 2020 by 3.1% last month.
In November, 53% of the 3,215 closed listings —1,694 homes —sold between $250,000 and $500,000, today’s typical price range for first-time and first-time move-up homebuyers. This data indicates that despite a fast-paced market and record-low inventory, opportunity still exists to find the right home
“We have all seen the headlines about our housing market and the Austin Board of REALTORS® knows that it is competitive, however, when you dig a little deeper, you can see that there is plenty of opportunity and our market is still readily accessible for homebuyers across all price levels,” Susan Horton, 2021 ABoR president, said. “This doesn’t mean there isn’t work to be done to ensure everyone has equal opportunity to find a home here, but it does demonstrate that by working with a licensed REALTOR®, homebuyers and renters can find something that works for their budget and housing needs.”
In November, median sales price rose 29.7% to $470,000 — a record for the month of November — and sales dollar volume rose 20.5% to $1,882,296,166. New listings increased 6.7% to 2,950 as active listings ticked down 2.2% to 2,768. Concurrently, pending listings rose 7.6% to 3,407 as inventory dropped 0.1 months to 0.8 months of inventory. Homes spent an average of 22 days on the market, down 13 days from November 2020.
Local couple Brian Moghaddasi and Tim Rudy are clients of 2022 ABoR President-Elect Ashley Jackson. Brian and Tim shared their experience moving up into a larger home in the $250,000- $500,000 price range.
“When we began the process of moving up, we knew how challenging the market was going to be, which is why we hired a REALTOR® and cast a very wide net,” said Tim Rudy, who works in sales and customer service. “We knew we wanted to be close to family and we were happy with the quality of the options available on the market. Even though we lost three bids, where we ended up is perfectly convenient for our family and we are very happy with our new home and how everything worked out.”
Tim’s husband, Brian, a local wedding and events planner, emphasized the importance of being patient and trusting in your REALTOR®.
“We sold our townhouse in about a week and then finding a new home took only a month. I’d say that being patient, persevering and knowing that Ashley was there for us to help with the details made all the difference for us. We didn’t have to compromise during our home search, and we can attribute that to knowing what was important to us. If I had to sum it up, having a great REALTOR® equals finding a great home, and we feel that we have found both in the community we love.”
Horton added that while housing demand is keeping inventory low, more properties are being listed and sold in the Austin area than ever before.
“We are selling a record or near record number of homes every month because of the popularity of our region, driven by economic opportunities and the quality of life we are so accustomed to. While inventory is still low, we can attribute this to the high demand for our market and the churn of new homes being listed and selling in just over three weeks in most cases. We have a high-demand market that can still be accessible for first-time and move-up buyers and, because of that, the real estate industry is helping contribute to the economic growth across the region.”
City of Austin – November 2021
In the city of Austin, the median home price rose 24.2% year over year to $540,000––a record for the month of November. Home sales decreased 4.3% to 1,053 sales, while sales dollar increased 17.6% to $705,190,726. During the same period, new listings decreased 1.9% to 880 listings, active listings dropped 22.2% to 822 listings, while pending sales increased 3.6% to 1,049 pending sales. Monthly housing inventory decreased 0.3 months year over year to 0.7 months of inventory.
Travis County – November 2021
At the county level, home sales also decreased 5.5% to 1,622 sales, while sales dollar volume increased 16.4% to $1,112,101,674. The median price for a home also increased 24.6% year over year to $529,500. During the same period, new listings decreased 2.7% to 1,356 listings, while active listings declined by 13.6% to 1,311 listings. Pending sales increased 5% to 1,672 pending sales as monthly housing inventory decreased 0.1 months year over year to 0.8 months of inventory.
Williamson County – November 2021
In Williamson County, November homes sales decreased 1.3% to 1,105 sales, while sales dollar volume rose 37.2% to $549,681,505. The median price rose 36.5% to $445,000, and new listings increased 12% to 1,011 listings. During the same period, active listings rose 24.7% to 753 listings, and pending sales also increased 13% to 1,151 pending sales. Housing inventory increased 0.2 months to 0.7 months of inventory.
Hays County – November 2021
In Hays County, November home sales decreased 16.3% to 329 sales, while sales dollar volume dropped 3.8% to $159,743,802. The median price for homes rose 27.9% to $390,000. During the same period, new listings increased 24.4% to 418 listings, while active listings also rose 7.6% to 466 listings. At the same time, pending sales increased 2.2% to 417 pending sales. Housing inventory stayed level at 1.1 months of inventory.
Bastrop County – November 2021
In November, Bastrop County home sales increased 3.4% to 122 sales, and sales dollar volume rose 44.4% to $47,225,012. The median price also increased 32.2% to $345,000. During the same period, new listings increased 6.5% to 115 listings, while active listings decreased 11.7% to 182 listings. Pending sales increased 6.9% to 124 pending sales and housing inventory decreased 0.5 months to 1.4 months of inventory.
Caldwell County – November 2021
In Caldwell County, November home sales increased 5.7% to 37 home sales, and sales dollar volume increased 58.9% to $12,023,519. The median home price increased 29.3% year over year to $265,109. At the same time, new listings increased 117.4% to 50 listings, while active listings decreased 17.7% to 56 listings. Pending sales increased 38.7% to 43 pending sales, and housing inventory decreased 0.6 months to 1.8 months of inventory.