Central Austin August housing market numbers show high dollar-volume sales

A photo of a "sold" sign
Austin Board of Realtors data shows high dollar-volume sales for the month of August. (Community Impact staff)

Austin Board of Realtors data shows high dollar-volume sales for the month of August. (Community Impact staff)

The Central Austin housing market saw high dollar-volume home sales during the month of August, a recent report from the Austin Board of Realtors shows.

With 2,565 home sales so far in 2020, sales in Central Austin still lag behind sales at this time in 2019 by 7.6%. However, home prices in the area have increased since 2019—especially in the last few months, as the local real estate industry has pushed forward following the slow spring months in the early stages of the coronavirus pandemic.

Central Austin realtors sold $304,908,375 worth of residential real estate in August, up nearly 36% from August 2019. For the year to date, the dollar volume of sales is up 3.1% compared to this time last year. These increases are driven by the $741,870 average home price for the area in the month of August, up 26% compared to August 2019.

According to ABoR President Romeo Manzanilla, this phenomenon is due in large part to low housing inventory in an increasingly popular market.

“Austin’s popularity has left the market with critically low levels of housing supply, which continues to drive home prices up,” Manzanilla said in a statement.


The summer’s increase in housing prices was seen beyond Central Austin, in the entire Austin metropolitan area. In Austin, what ABoR called “critically low levels of inventory” resulted in a 14.9% year-over-year increase in median home prices for August, up to $435,000, while only 2.4% more residential sales were made. The larger metropolitan area saw a more significant increase in home sales—nearly 13%—with a median price of $355,000.

Mark Sprague, the state director of information capital at Independence Title, praised these strong numbers in a statement, but he expressed concern about the continuing low inventory in the Austin area.

"It’s safe to say that August numbers solidify that Austin’s housing market has fully rebounded," Sprague said. "However, we started this year with a lack of inventory, and we’re going to end this year with a lack of inventory. Inadequate housing stock is going to be the main issue that holds the market back."
By Olivia Aldridge
Olivia is the reporter for Community Impact's Central Austin edition. A graduate of Presbyterian College in upstate South Carolina, Olivia was a reporter and producer at South Carolina Public Radio before joining Community Impact in Austin.


MOST RECENT

Photo of a SpaceX sign
Elon Musk's SpaceX is coming to Austin

Job postings on the SpaceX website say the company is breaking ground on a "state of the art" manufacturing facility in Ausin.

Austin ISD and other districts in Central Texas are waiting for further TEA guidance on mask requirements. (Courtesy Adobe Stock)
Austin ISD, other Central Texas school districts await TEA guidance on updated mask mandates

Texas Gov. Greg Abbott announced March 2 that mask mandates and business capacity restrictions will be lifted in Texas.

Texas Gov. Greg Abbott announced March 2 that mask mandates and business capacity restrictions will be lifted in Texas. (Courtesy Office of the Texas Governor)
Gov. Greg Abbott lifts statewide mask mandate, business restrictions in Texas

With vaccine distribution increasing, Gov. Greg Abbott said "people and businesses don't need the state telling them how to operate." Some local officials are pushing back, saying the relaxed restrictions are coming too early.

Photo of a woman receiving a vaccine
Travis County vaccine providers receive 46,540 doses week of March 1

Seton Medical Center in Austin received the largest allocation this week, with over 14,000 doses.

Matthew McConaughey, see, here at SXSW 2019, will be one of this year's virtual SXSW speakers. (Matt Winkelmeyer/Getty Images for SXSW)
SXSW's virtual festival, the PGA Tour returns and more events in Austin this month

From Amplify Austin Day beginning 6 p.m. on March 4 to Bill Gates discussing his new book, "How to Avoid a Climate Disaster," here are eight events happening this month in the Austin area, including both in-person and virtual options.




Ice covered utility lines across Austin. (Iain Oldman/Community Impact Newspaper)
SHARE YOUR STORY: How did you survive the Texas freeze?

We want to hear how the winter storms affected you.

Q2 Stadium
Austin FC preseason scrimmages planned for late March start

Preseason matches for Austin FC will be held in South Austin ahead of the team's inaugural MLS season.

Lawmakers began hearings Feb. 25 to hear from energy executives about what led to dayslong power outages following a Feb. 14 winter storm. (Ali Linan/Community Impact Newspaper)
Austin weekly roundup: The storm is over, but the questions are just beginning

In hearings last week, a state senator from the Houston area called the power and water outages in Texas "the largest trainwreck in the history of degregulated electricity."

Crawfish season,  from mid-January through June, is the busiest time at Shoal Creek Saloon. (Olivia Aldridge/Community Impact Newspaper)
Shoal Creek Saloon brings a piece of New Orleans to Austin

COVID-19 has dealt the Shoal Creek Saloon a blow, but owner Ray Canfield is hanging in there and said he was prepared for a disaster. He just thought it would be another flood, not a virus.

The U.S. Food and Drug Administration’s Vaccines and Related Biological Products Advisory Committee recommended Johnson & Johnson’s one-shot vaccine for emergency authorization use Feb. 26. (Courtesy Adobe Stock)
Johnson & Johnson COVID-19 vaccine recommended for emergency authorization use by FDA

This is the third COVID-19 vaccine that has been approved for emergency authorization use after those produced by pharmaceutical company Pfizer and biotechnology company Moderna.

Josh Frank, owner of Blue Starlite Mini Urban Drive-in for more than a decade, holds up a Blue Starlite-branded mask. (Photo by Olivia Aldridge/Community Impact Newspaper)
Long-time Austin theater Blue-Starlite Mini Urban Drive-In takes on new life in pandemic

Drive-in theater Blue Starlite found itself in a unique position in 2020: After more than 10 years as a small business “just getting by,” demand for drive-in movies exploded, owner Josh Frank said.

The University of Texas Radio-Television-Film department will be offering virtual camps this summer. (Courtesy The University of Texas)
2021 Central Austin summer camp guide: 44 options including virtual and in-person offerings

Our list of camps happening in Austin this summer includes options focusing on academics, arts, sports and language.