In January, Northwest Austin had just half a month of housing inventory, or how long it would take current homes on the market to sell if no new homes were built or sold, according to ABoR.
The housing market has not had a full month of inventory since September, ABoR data shows. In the past year, the market has never had more than 1.3 months of inventory.
As a result, the average days a house spends listed on the market has also dropped. In January this year, ABoR showed the average Northwest Austin home spent 28 days on the market. One year ago, the average home spent 44 days on the market.
These numbers come during the winter months of the real estate market, when home sales historically dip, local realtors said.
While ABoR President Romeo Manzanilla stated in a Feb. 19 news release that the beginning of the year is “traditionally slower time for new and active listings,” the market’s median home price spiked year over year.
The Northwest Austin median home price for all residential properties sat at $392,500, marking the first time the median home price has dipped below $400,000 since August.
But that price is still a 24.6% increase in the median home price from this point last year, ABoR data shows. In January 2019, the median home price for all residential properties was $315,000.
As the weather heats up later in the year, residents can expect the real estate market to follow.
“We expect to see a significant increase in activity in the spring, when market activity should climb naturally,” Manzanilla said in the ABoR news release.