At this point we have no way of saying: The Austin real estate market is on fire. November was another record month after a record month in October, September and August.
Despite the sky-high numbers, local real estate experts, quoted in the November Central Texas Housing Report by the Austin Board of Realtors, issued a stern warning: this growth is unsustainable.
“While we’re grateful that the property market has recovered quickly, last month’s numbers should all give us a break,” said Romeo Manzanilla, ABoR 2020 president, in the report, were able to expand their search outward to include a home Find. If the entire region is virtually out of inventory, however, those in charge must consider how such a widespread housing shortage will ultimately affect Austin’s suitability as a destination for business and economic growth. “
And if Oracle’s recent announcement of the move isn’t enough, economic growth is showing no signs of slowing. The Austin residential real estate market, which has struggled with affordability and inventory for the past five years, simply needs more housing.
“With a steady influx of jobs in the pipeline, the real estate market will continue to be strong well into 2021,” said Mark Sprague of Independence Title. “With the Austin real estate market not slowing down, however, demand will continue to exceed available inventory. This growth is not sustainable. The only variable that will hold the market back is the lack of inventory. “
Austin-Round Rock Subway Area
Austin-Round Rock subway home sales rose 23.8 percent year-over-year to 3,397 sales, despite a global pandemic and the slowdown in holidays that traditionally accompany November and December. Median home prices – surprise, surprise – also rose, hitting $ 365,000 (up 19.7 percent from November 2019) in the five-county metropolitan area.
City of Austin
As usual, house prices in the city of Austin (again) hit an all-time high of 10.1 percent to $ 433,493. The insanity of Austin residential sales has continued into November for the past few months. Residential property sales rose 28.2 percent to 1,105.
Sales dollar volume – a key indicator of sales activity and prices – rose more than 47.2 percent in 30 days to $ 600,496,127. (That’s more than Dominica’s total annual gross domestic product.) The monthly housing stock, or how long a property has been on the market, fell to just one month.
As in the metro area, average Travis County’s home prices soared 19.7 percent to $ 425,000, while November sales rose 25.2 percent year over year to 1,720.
As for the housing stock, the county fell to 0.9 months, less than 30 days, while the number of active listings fell by a whopping 47.2 percent, meaning properties are moving at lightning speed.
Counties of Hays, Bastrop, Caldwell, and Williamson
As people push further and further into the suburbs, property prices are rising in the surrounding counties. In Hays County, average home prices hit $ 303,525, up 18.5 percent from November 2019. Hays also had 403 sales, up 30.4 percent.
Bastrop saw a minor blessing, but a blessing nonetheless. The average price for apartment buildings rose 6.4 percent to $ 260,950, while home sales rose 14 percent to $ 114.
Caldwell home prices remain the cheapest in the five-county area, hitting an average home price of $ 204,750 (although still more than 11 percent year-over-year). Home sales rose 65 percent to 33 sales in November.
Unsurprisingly, Williamson County has the highest average home price alongside Travis County at $ 326,725. Home sales in the county rose 19.8 percent to 1,127 sales, while the housing stock decreased to 0.5 months – the lowest in the metropolitan area.