Cedar Park, Leander median home prices increase; ABoR says dip in sales may come in April

Cedar Park saw a double-digit percentage drop in residential property sales, while Leander experienced a double-digit percentage hike in March as compared to the same month the previous year, according to monthly data from the Austin Board of Realtors released April 16.

Leander's home sales total of 314 is a 38% increase over March 2019, according to ABoR. Cedar Park’s March home sales totaled 209, a 12.9% drop from a year ago.

Median home sale prices increased in both cities. Cedar Park’s median home sale price was $344,500, a 7.7% increase as compared to March 2019, while Leander’s median home sales price was $285,212, a 4.9% increase.

During March, home sales statewide increased by 7% to 75,052, while the median home price increased to $241,500, a 5.1% rise as compared to March 2019.

According to the release, coronavirus concerns did not significantly affect sales in the Austin-Round Rock Metropolitan Statistical Area, a five-county area around Austin.

Drops in housing inventory on the market indicate that may change during April, according to ABoR President Romeo Manzanilla.

“Declines in listing activity and pending residential sales in March indicate that we won’t begin to see the true impact of COVID-19 on the housing market until our April report,” Manzanilla said in the press release.

In March, new listings in the Austin MSA decreased by 12.7% to 3,770 listings, while active listings plummeted by 26.6% to 4,908 listings. Pending sales decreased by 19.2% to 2,852 pending sales.