Austin’s real estate market is feeling the full impact of the COVID-19 pandemic, as home sales declined throughout the area in April.
Residential sales reflected a 21.6% decrease in the Austin-Round Rock metropolitan statistical area, according to the Austin Board of Realtors’ April market analysis.
Inventory dropped as the market experienced a 7.3% decline in active listings. Simultaneously, the median sales price increased by 3.2% as homes spent fewer days on the market.
“We anticipated a sharp decline in April home sales activity, as it directly correlates with the decline in listings activity recorded in March due to government stay-at-home orders,” ABoR President Romeo Manzanilla said.
However, the drop in housing inventory is not excepted to hurt Austin’s in-demand market, according to Manzanilla. Homes still spent less time on the market and were sold at higher prices than April 2019.
“Austin’s housing demand is unfettered and possibly strengthened by declining inventory,” Manzanilla said.
The same holds true for the Lake Travis-Westlake region, which saw a year-over-year decrease of 41.4% in sales. Homes also spent an average of 49 days on the market, or eight days less than April 2019.
The median home price of $600,000 is the highest for any April on record, according to the report. The data reflected a 3.6% year-over-year increase when compared to April 2019.
ABoR’s March numbers indicated larger gains for the region, reflecting a 11.2% year-over-year increase in median home price.
Manzanilla and ABoR experts remain optimistic about the resiliency of Austin’s market. As the economy steadily reopens, buyers will potentially see an increase in listings.
“Efforts to recognize real estate as an essential business helped lessen the negative impact of the pandemic during April,” Manzanilla said. “Now listing and showing activity are already on the rise again.”