Lake Travis-Westlake home sales spike 67.7% in May, housing inventory reaches critical low

Home prices continue to increase, according to local real estate data. (Courtesy Adobe Stock)
Home prices continue to increase, according to local real estate data. (Courtesy Adobe Stock)

Home prices continue to increase, according to local real estate data. (Courtesy Adobe Stock)

The median home price in the greater Austin area reached an all-time high of $465,000 in May, according to the Austin Board of Realor’s May Central Texas housing report, released June 15.

The five-county Austin Round Rock Metropolitan Statistical Area has proven itself as one of the most competitive real estate markets in the country, according to Susan Horton, 2021 ABoR president.

“As new companies relocate to Austin and the city’s popularity draws in new residents, the sheer demand for housing has created a critical inventory shortage, reinforcing that affordability and accessibility to housing across our region is a real concern and should be a top priority for local leaders,” Horton said in the release.

Residential home sales also hit a record high in May with a 48% year-over-year increase. Additionally, median sales price spiked 42.4%, and monthly housing inventory declined to what ABoR considers a critically-low inventory rate of 0.5 months.

The same holds true in Travis County’s Lake Travis-Westlake region, which includes cities such as Lakeway, Bee Cave, West Lake Hills and more.



May home sales jumped 67.7% in the area compared to a 49% year-over-year decline experienced in May 2020.

The median sales in the Lake Travis-Westlake region increased 34.8% and is higher than the five-county MSA at $822,500. The price per square foot also jumped 49.2% compared to the previous year.

While housing inventory in the Lake Travis-Westlake region is slightly higher than the overall MSA at 0.6 months, inventory remains critically low. In May there were 201 active listings compared to 780 in May 2020, demonstrating how quickly available homes go under contract, according to ABoR.

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 CDC reversed its masking guidance for fully vaccinated individuals in response to the transmissibility of the delta variant of COVID-19 in a press conference July 27. (Community Impact Newspaper staff)
NEW CDC GUIDANCE: All individuals should wear masks in K-12 schools, including those who are fully vaccinated

The new CDC guidance, announced July 27, also recommends people in areas with "high" or "substantial" levels of transmission wear masks regardless of vaccination status.

Early voting runs from Oct. 18-29, and election day is Nov. 2. (Courtesy Adobe Stock)
Rollingwood City Council, tax elections to appear on Nov. 2 ballot

Rollingwood City Council terms are expiring for incumbents Amy Pattillo, Wendi Hundley and Buck Shapiro.

Leander ISD
Leander ISD names 2 new high school principals

Leander ISD trustees approved new principals for Rouse High School and New Hope High School.

Lakeway City Council discussed rising property valuations July 26 during a budget workshop. (Brian Rash/Community Impact Newspaper)
Lakeway property valuations rise 12% from FY 2020-21

Rising taxable values likely to bring a lower proposed tax rate from city staff.

The monthslong search for Austin's new police chief is expected to wrap up before the end of August. (Ben Thompson/Community Impact Newspaper)
Search for Austin's next top cop narrows to 7 finalists; new chief to be named by end of August

Seven finalists from across the country remain in the search for Austin's next police chief, the city announced July 26.

Eanes ISD will not require face coverings for students or staff when school begins Aug. 18. (Amy Rae Dadamo/Community Impact Newspaper)
Eanes ISD superintendent: Students will return to ‘pre-pandemic’ operations in August

Eanes ISD will kick off the 2021-22 school year Aug. 18 with a 100% return back to in-person learning. The district released updated safety protocols July 26, which include information on face masks, extracurricular activities, COVID-19 cases and more.

Chick-fil-A will open a location in downtown Austin on July 29. (Courtesy Chick-fil-A)
Chick-fil-A coming to downtown Austin; Dutch Bros Coffee opens in Round Rock and more Central Texas news

Located at 600 Congress Ave., Ste. C150, the newest outpost for the fast-food fried chicken giant is locally owned by Luke Steigmeyer.

State Rep. Vikki Goodwin, D-Austin sent a letter July 23 urging Gov. Greg Abbott to allow schools to require masks. (Courtesy Adobe Stock)
Texas state reps. call on Abbott to permit school mask mandates amid rising COVID-19 cases

The letter, spearheaded by Rep. Vikki Goodwin, called upon Gov. Greg Abbott and Texas Education Agency Commissioner Mike Morath to permit school districts to enact mask mandates and provide virtual learning options.

With current high demand, consumers should plan ahead when purchasing furniture, according to local expert Brian Morgan. (Courtesy Kam Idris on Unsplash)
Q&A: Austin furniture expert offers advice on choosing pieces for your home

An Austin expert offers advice for making your next furniture purchase.

The salon opened in May at the Village at Westlake shopping center near Starbucks. (Courtesy Brett Thomas Studio at Westlake)
Brett Thomas Studio at Westlake now open

The experienced stylists at Brett Thomas Studio at Westlake offer a variety of hair services including cut, color and chemical treatments.

The City of Rollingwood met July 21 to approve a proposal designed to automate its wastewater system, which failed during Winter Storm Uri.  (Jack Flagler/Community Impact Newspaper)
Rollingwood to use federal relief toward wastewater infrastructure improvements

During storm Uri, Rollingwood public works staff kept the city’s water system in operation by pulling a sole generator on icy roads to seven neighborhood life stations, which are facilities designed to move wastewater.