In Southwest Austin, closed residential sales dropped by 31.6% year over year, with only 357 sales in the month. The cumulative dollars of sold homes in the market decreased by 33% to $161 million, according to the ABoR report.
However, median home prices in Southwest Austin increased by 9.3% year over year, reaching $416,500. Median home prices in the Greater Austin area also increased slightly in May, showing 0.7% growth.
According to a news release by ABoR, the drop in total sales is in part attributed to a lack of inventory. There is less than 2 months of inventory on the market in Travis, Williamson and Hays counties, according to the report, and Southwest Austin has 1.4 months of inventory.
"We're seeing home sales drop because we simply don't have enough inventory on the market," ABoR President Romeo Manzanilla said in the release. "We recognize there’s still an element of discomfort with listing one’s home during the pandemic, and Austin Realtors are taking every precaution to ensure safe and efficient practices across the market. There’s a lot of opportunity for sellers who are ready—new listings have increased visibility, and homes are spending less time on the market."
Overall, in 2020, Southwest Austin has seen a 5.8% decrease in sales volume, with 1,666 units sold through the end of May.