Home sale volume spikes by more than 100% in the Lake Travis-Westlake region

The Lake Travis-Westlake region saw increases in home sales and total dollar volume in November. (Courtesy Adobe Stock)
The Lake Travis-Westlake region saw increases in home sales and total dollar volume in November. (Courtesy Adobe Stock)

The Lake Travis-Westlake region saw increases in home sales and total dollar volume in November. (Courtesy Adobe Stock)

November saw a record-breaking month for home sales in the Austin-Round Rock Metropolitan Statistical Area, according to the Austin Board of Realtors' latest market analysis.

While the market traditionally experiences a seasonal slowdown heading into the new year, sales throughout the MSA rose 23.8% year over year while median home prices increased 19.7% and sales dollar volume spiked 49.3%.

For the first time within the five-county MSA, housing inventory dropped below one month to 0.9 months of inventory.

“This near-zero level of housing inventory throughout the region is staggering, and it will put enormous pressure on home prices and the rental market,” Romeo Manzanilla, 2020 ABoR president, said in a market analysis.

Inventory remains slightly more robust in the Lake Travis-Westlake area, which held onto one month of inventory in November. Yet home sales in the western Travis County region saw increases higher than that of the total MSA.


Residential home sales saw a 59.9% year-over-year increase in Lake Travis-Westlake while dollar volume spiked by 101.3%, which represents the month's total sale prices.

Median home prices reflected a more modest increase of 11.4% compared to the same period last year, which brought the region’s median price to $640,500.

Manzanilla concluded his statement by saying while industry professionals are grateful for the market’s rapid recovery, November’s numbers should give pause.

“Central Texans who could not find a property within Austin’s city limits have historically been able to expand their searches outward to find a home,” Manzanilla said. “But, when the entire region has virtually zero inventory, its leaders must think about how such a broad lack of housing will ultimately impact Austin’s suitability as a destination for businesses and economic growth.”
By Amy Rae Dadamo
Amy Rae Dadamo is the reporter for Lake Travis-Westlake, where her work focuses on city government and education. Originally from New Jersey, Amy Rae relocated to Austin after graduating from Ramapo College of New Jersey in May 2019.


MOST RECENT

The Texas Department of Transportation has scheduled a nightly lane closure for RM 620 southbound motorists beginning April 18 through April 22. (Courtesy Fotolia)
TxDOT lane closure scheduled for RM 620 beginning April 18

The right lane of RM 620 southbound will be closed due to utility work.

Bee Cave council candidates attended an election forum April 15 that was sponsored by the Bee Cave Chamber of Commerce and moderated by Phyllis Campos, general manager of the Lake Travis-Westlake edition of Community Impact Newspaper. (Greg Perliski/Community Impact Newspaper)
Affordable housing, transportation challenges emerge as recurring issues at Bee Cave forum

A Q&A session highlighted candidate views on the challenges around housing and transportation for service workers in Bee Cave.

Jack Allen's Kitchen will be at 1345 E. Whitestone Blvd., Cedar Park. (Rendering courtesy Jack Allen's Kitchen)
7 restaurants coming to Cedar Park, Leander; new murals to go up in Georgetown and more top area news

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

The program, which began this week in San Marcos, gives Amazon and Whole Foods employees and contractors direct access to COVID-19 vaccinations. (Courtesy Amazon)
Amazon begins rollout of statewide vaccination clinics for employees

The program, which began this week in San Marcos, gives Amazon and Whole Foods employees and contractors direct access to COVID-19 vaccinations.

Austin FC supporters celebrate the official announcement of the team in January 2019. (Amy Denney/Community Impact Newspaper)
How, where to watch historic first Austin FC match April 17

Check out this list of breweries, pubs and restaurants around Central Texas that are hosting watch parties for April 17's inaugural Austin FC game.

Z'Tejas' chorizo dumplings are served on the Arboretum location's porch. (Iain Oldman/Community Impact Newspaper)
Z'Tejas to open in Avery Ranch; butcher, deli to open in Dripping Springs and more Central Texas news

Read the latest business and community news from the Central Texas area.

A group of West Lake Hills doctors are proposing the development of a medical office building on Bee Caves Road. (Amy Rae Dadamo/Community Impact Newspaper)
Plans for 54-foot-tall medical building on Bee Caves Road stall at City Council

The proposal came before West Lake Hills city council during the April 14 meeting and was met with concerns from nearby residents, business owners and council members— ultimately causing the developers to withdraw their application.

West Lake Hills City Council denied a request to subdivide a property on Westlake Drive into eight lots. (Courtesy West Lake Hills City Council)
Proposed 8-home subdivision on Westlake Drive rejected by City Council

A proposal for an eight-home subdivision on Westlake Drive received a unanimous denial from the West Lake Hills City Council during an April 14 meeting due to noncompliance to the city’s code.

Photo of a sign that says "Travis County"
Travis County establishes new emergency rental assistance program for 2021

The program will provide $10.7 million in aid to county residents struggling to pay rent due to the pandemic.

Eanes ISD trustees met April 13 to discuss a resolution regarding the distribution of federal COVID-19 aid for public schools. (Amy Rae Dadamo/Community Impact Newspaper)
Eanes ISD drafts resolution urging Texas officials to allocate federal COVID-19 funds to school districts

During an April 13 special meeting, the Eanes ISD board of trustees reviewed a drafted resolution regarding the status of federal Elementary and Secondary School Emergency Relief funds.

Plank Seafood Provisions opened inside The Domain in late March. (Courtesy Richard Casteel)
Seafood spot opens in The Domain; All Star Liquor now serving Georgetown and more Central Texas news

Read the latest business and community news from the Central Texas area.

Federal funding is set aside for public schools to address effects of the pandemic. (Courtesy Adobe Stock)
Why Texas has not yet distributed $18 billion in federal funds intended for public schools

As budget decisions loom for school districts across Texas, state leaders are holding on to federal funds intended for public schools to use in addressing the effects of the COVID-19 pandemic.