Central Austin home sales drop sharply in April

Data from the Austin Board of Realtors showed that new and existing home construction dropped significantly in April. (Jack Flagler/Community Impact Newspaper)
Data from the Austin Board of Realtors showed that new and existing home construction dropped significantly in April. (Jack Flagler/Community Impact Newspaper)

Data from the Austin Board of Realtors showed that new and existing home construction dropped significantly in April. (Jack Flagler/Community Impact Newspaper)

According to a report from the Austin Board of Realtors, home sales in Central Austin dropped significantly in April as compared the same time in 2019 as the economic fallout of the coronavirus pandemic took its toll on the real estate industry.

ABoR's data shows that there were 242 home sales in Central Austin in April, down 32.8% from April 2019.

Existing homes and newly built homes were affected nearly equally. New construction showed a 37.5% drop, while sales of existing units fell 32.1%.

Condo sales were down further in April than were single-family home sales. There were 66 condo sales in Central Austin during the month, a 51.5% drop. Single-family home sales fell 23.5% as compared to last year.

The trends in Central Austin mirror those in the city and the Central Texas region. Austin home sales fell 33.1% year over year in April, and in the region, sales were down 18.9%.


In a media release, ABoR President Romeo Manzanilla said the decrease was expected after government officials enacted stay-home orders in late March. However, the demand for limited supply is still apparent, Manzanilla said.

While sales volume fell drastically in Central Austin, ABoR's data shows prices continuing to rise. The median sale price of a Central Austin home in April was $575,000, up 14.9% from last year.

"Even with the impact on home sales, homes still spent less time on the market and sold at higher prices than last April. Austin’s housing demand is undeterred and possibly strengthened by declining inventory," he said.

Orders from Gov. Greg Abbott defined construction as an essential industry, so work on residential homes has continued through the shutdown orders that closed other businesses.

Now, as Abbott has outlined plans to allow other businesses to open across the state, Lawrence Yun, National Association of Realtors chief economist and senior vice president of research, said he expects a bounce-back in the real estate market.

"As the economy steadily reopens, expect more listings to pop up, which will help ease the housing shortage," Yun said in a media release. "By the end of this year, home sales could be at levels comparable to 2019."
By Jack Flagler
Jack is the editor of Community Impact Newspaper's Central Austin and Southwest Austin editions. He began his career as a sports reporter in Massachusetts and North Carolina before moving to Austin in 2018. He grew up in Maine and graduated from Boston University, but prefers tacos al pastor to lobster rolls. You can get in touch at jflagler@communityimpact.com


MOST RECENT

Rendering of an apartment complex
Ground breaks on Capitol Quarters, Austin's first car-free multifamily housing development

Developer Weaver Buildings said the project is aimed at urban commuters who are committed to getting around wiithout cars.

Hays County opened its COVID-19 vaccine portal Jan. 22. (Courtesy Adobe Stock)
Vaccine portal opens in Hays County; read Austin business news and more Central Texas info

Read the latest business and community news from Central Texas.

The Austin Community College District's 28,000-square-foot culinary arts wing is now open at ACC Highland. (Courtesy Austin Community College)
Second phase of ACC Highland campus opens in Central Austin

The campus is home to the Austin Community College District's Culinary Arts Department.

Registration for Williamson County COVID-19 vaccines opened Jan. 19. (Sandra Sadek/Community Impact Newspaper)
Register for vaccine in WilCo; 24 restaurants to try in Leander, Cedar Park and more top Central Texas news

Read the most popular business and community news from the past week from the Central Texas area.

Superintendent Stephanie Elizalde said those who wish to return to campus can do so beginning Jan. 25. (Courtesy Austin ISD)
Austin ISD families can return to campus after 2 weeks of encouraging virtual learning

Austin ISD has seen a 28% decrease in weekly coronavirus cases since the first week of January.

The legality of reinstating tighter restrictions on public camping, solicitation, and sitting and lying down remains vague. (Courtesy Office of the Texas Governor)
Texas Gov. Greg Abbott floats ‘statewide camping ban’ as homeless debate heats up

The legality of reinstating tighter restrictions on public camping, solicitation, and sitting and lying down remains vague.

Teal House Coffee & Bakery’s menu includes items such as the cinnamon roll croissant. (Courtesy Teal House Coffee & Bakery)
Teal House Coffee & Bakery opening South Congress brick and mortar in Austin Jan. 30

The location will be the food truck's first brick-and-mortar restaurant.

Dr. Judith L. Thompson recently took the time to answer several general questions about the COVID-19 vaccine. (Courtesy Texas Children’s Hospital)
'We still have a long way to go': Central Texas physician answers questions about COVID-19 vaccine

Dr. Judith L. Thompson recently took the time to answer several general questions for Community Impact Newspaper related to the coronavirus vaccine, its efficacy and costs, and other related matters.

Goodwill Central Texas opened a location at 2415 S. Congress Ave., Austin, on Jan. 14. (Amy Rae Dadamo/Community Impact Newspaper)
New South Congress Goodwill now open

The new store is open for retail services and also accepts donations.

Lawmakers have returned to the Capitol. The Texas Legislature began its 2021 session Jan. 12. (Jack Flagler/Community Impact Newspaper)
School funding once again a major focus for Austin ISD during legislative session

The district will also be watching for legislation regarding charter schools, accountability, pandemic relief and local control.