Austin Real Estate News November 2021

Austin Real Estate News November 2021 – According to the Austin Board of REALTORS® (ABoR) October 2021 Central Texas Housing Report, the Austin-Round Rock MSA housing market remains on track for a record-breaking year, even as the market continues its calming trend. Home sales across the MSA decreased 12.1% to 3,250 closings compared to October 2020 as the median sales price grew 24.7% year over year to $455,000 setting a record For the month of October.

Austin Real Estate Market Set to Break Another Record

“We are beginning to see a glimpse into what buyers and sellers can expect in our housing market moving forward,” Susan Horton, 2021 ABoR president, said. “More new listings are hitting the market, a trend that we have seen continuously for the past eight months, and when coupled with fewer closings across the MSA, prospective buyers have more options. With the market remaining stable — but still, on track for a record year — it is an exciting time for REALTORS® who continue to be the best advisers to both buyers and sellers when it comes to navigating one of the most desirable housing markets in the country.”

Austin – Round Rock MSA Housing Market Statistics

According to the report, the Austin Round Rock MSA  sales dollar volume increased 6.4% year over year to $1,836,686,318 in October and new listings increased 0.9% to 3,777.  At the same time, active listings decreased 0.5% year over year to 3,47 and pending sales increased 4.4% to 3,774 across the MSA. Monthly housing inventory decreased 0.1 months of inventory to 1.0 months and area homes spent an average of 20 days on the market, down 16 days when compared to October 2020.

Real Estate in Austin and all of Central Texas remains in a Seller’s Market

Jon Hockenyos, president, TXP, Inc. — an economic analysis and public policy consulting firm — offered insight into why the market remains competitive and looks to signs of the supply chain rebounding which could help with new housing developments.

“While activity appears to have leveled off somewhat in recent months, Austin’s residential real estate market remains extraordinarily hot, as prices have risen drastically over the past year. Real estate in Austin remains a seller’s market as historically low-interest rates, strong in-migration, a rapidly recovering local economy, and unprecedented stimulus all drive up the demand for housing.  When the lowest inventory on record is factored into the mix, it’s clear that price pressures are unlikely to ease any time soon. Hopefully, the coming months will bring more supply to the market, as materials shortages ease and new development occurs.”

Austin Real Estate News

City of Austin
In the city of Austin, the median home price rose 21.1% year over year to $536,000 – a record for the month of October. Home sales decreased 11.7% to 1,062 sales, while sales dollar volume increased 2.2% to $704,910,050. During the same period, new listings decreased 8% to 1,236, active listings dropped 17.9% to
1,101, while pending sales increased 2.5% to 1,209. Monthly housing inventory decreased 0.3 months year over year to 1.0 months of inventory.

Travis County

At the county level, home sales also decreased 16.9% to 1,569 sales, and sales dollar volume dropped 3.9% to $1,035,465,570. The median price for a home increased 21.8% year over year to $522,625. During the same period, new listings decreased 3.3% to 1,942 while active listings declined by 5.8% to 1,811 listings. Pending sales increased 1.4% to 1,887 as monthly housing inventory decreased 0.2 months year over year to 1.0 months of inventory.
Williamson County
In Williamson County, October home sales decreased 4.4% to 1,170 sales, while sales dollar volume rose 27.5% to $553,594,267. The median price rose 33.4% to $430,000, and new listings increased 9.3% to 1,240 listings.  During the same period, active listings rose 25.2% to 940 listings, and pending sales also increased 8.2% to
1,268 pending sales. Housing inventory increased 0.2 months to 0.8 months of inventory.
Hays County
In Hays County, October home sales decreased 11.2% to 372 sales, and sales dollar volume climbed 19.9% to $197,198,201. The median price for homes rose 30.6% to $399,750. During the same period, new listings increased 1.5% to 401 listings, active listings decreased 8.7% to 473 listings. At the same time, pending sales increased 10.8% to 450 pending sales. Housing inventory declined by 0.2 months to 1.1 months of inventory.
Bastrop County
In October, Bastrop County home sales decreased 20.5% to 105 sales, and sales dollar volume decreased 8% to $38,481,426. The median price increased 28% to $334,000. During the same period, new listings decreased 6.1% to 153 listings, while active listings also declined 8.1% to 204 listings. Pending sales decreased 9.3% to 136 pending sales and housing inventory decreased 0.4 months to 1.6 months of inventory
Caldwell County
In Caldwell County, October home sales stayed level at 34 sales, and sales dollar volume increased 21.3% to $10,714,318. The median home price increased 19.7% year over year to $291,500. At the same time, new listings decreased 4.7% to 41 listings, while active listings also decreased 41.3% to 47 listings. Pending sales increased 22.2% to 33 pending sales, and housing inventory decreased 1.4 months to 1.5 months of inventory.

About 1 Month of Inventory in Central Texas

I used to omit Bastrop and Caldwell County housing market data, simply because I don’t do most of my business there.  Recently, I decided to post more counties in Central Texas, just to help tell the story of how hot the market is.  Some buyers think that the market is cooler once you step outside of Austin proper.  While the housing dollar may go further as the distance to the Austin metro area increases, the inventory supporting that market does not.  It is hot in Central Texas where ever you happen to stand.