DATA: Southwest Austin housing inventory drops to under 1 month after 523 sales in August

Overall, the Southwest Austin market has sold 2.5% more homes in 2020 compared to 2019 through the month of August, with 3,204 total sales. (Kelly Schafler/Community Impact Newspaper)
Overall, the Southwest Austin market has sold 2.5% more homes in 2020 compared to 2019 through the month of August, with 3,204 total sales. (Kelly Schafler/Community Impact Newspaper)

Overall, the Southwest Austin market has sold 2.5% more homes in 2020 compared to 2019 through the month of August, with 3,204 total sales. (Kelly Schafler/Community Impact Newspaper)

There were only 0.9 months of housing inventory on the market in Southwest Austin in August, dropping below one month of inventory for the first time this year, according to the latest data released by the Austin Board of Realtors. That number compares to 1.5 months of inventory across the city of Austin and 2.6 months of inventory in the state of Texas.

While a balanced market—in which housing supply meets an area’s demand—is six months of inventory, since January, inventory in Southwest Austin has fluctuated between 1.1 and 1.5 months. Inventory peaked at 1.5 months in April before dropping each month since.


“Austin’s popularity has left the market with critically low levels of housing supply, which continues to drive home prices up,” 2020 ABoR President Romeo Manzanilla said in a news release about the August housing report. “While home prices are rising, historically low interest rates are giving buyers increased power to meet the increases.”

After the spring saw a decline in home sales year over year due to the coronavirus pandemic, sales have picked up over the summer. June saw slight growth of 1.81% year over year. July sales, however, showed a sizable 32.7% increase compared to July 2019, and August’s 513 homes sold constituted a 12% increase compared to 2019, according to the ABoR.

Overall, the Southwest Austin market has sold 2.5% more homes in 2020 compared to 2019 through the month of August, with 3,204 total sales.

The median price of homes sold in Southwest Austin in August also showed year-over-year growth, but the $426,500 price tag was a slight drop compared to July’s value of $430,250. The median price in the city of Austin was $440,000.
By Nicholas Cicale
Nick has been with Community Impact Newspaper since 2016, working with the Lake Travis-Westlake and Southwest Austin-Dripping Springs editions. He previously worked as a reporter in Minnesota and earned a degree from Florida State University.


MOST RECENT

Screen shot of a Zoom board meeting
Dripping Springs ISD Superintendent Todd Washburn resigns; Brett Springston is named interim replacement

Less than a year after he was hired, Superintendent Todd Washburn is departing Dripping Springs ISD.

An "I Voted" sticker is left outside the Northwest Recreation Center in Austin, one of 37 early voting polling places open in Travis County. (Jack Flagler/Community Impact Newspaper)
More than half of all Travis County voters have cast their ballots, exceeding early voting turnout percentage in 2016

More than 448,000 votes have been cast in Travis County. Early voting closes on Oct. 30.

Austin ISD trustees met Oct. 26, discussing in-person learning during the ongoing coronavirus pandemic. (Courtesy Austin ISD)
Twice as many Austin elementary students have returned to campus compared to first day of in-person instruction, district says

Austin ISD will open its campuses to accommodate all students who request in-person instruction beginning Nov. 2.

Capital Metro released new renderings Oct. 26 of its proposed Project Connect expansion, which voters will decide Nov. 3. This rendering shows a Blue Line light rail train at the Austin-Bergstrom International Airport. (Rendering courtesy Capital Metro)
In final week of early voting, here is what Austin residents should know about Project Connect

The proposition appears as a 237-word block of text near the end of the ballot but boils down to a simple question: Are voters for or against a significant expansion of local public transportation, paid for in part with property tax funds?

Photo of the facade of the Dripping Springs ISD administraton building
Dripping Springs ISD to discuss superintendent's potential resignation

An item on the board of trustee's Oct. 26 meeting agenda indicates consideration of a resignation agreement for Superintendent Todd Washburn.

Alex Wu (left) and Kevin Tran stand, social distanced, outside of Bao'd Up in Sunset Valley. (Nicholas Cicale/Community Impact Newspaper)
Bao'd Up owners hope to make the traditional Chinese steamed buns a household name in Austin

The local chain has four locations, including one in Sunset Valley. Owner Alex Wu said as the franchise continues to grow, he hopes in a few years he will no longer have to explain what bao is.

Scott Friedeck, owner of The Graphic Guitar Guys, started working with guitars in 2011. (Nicholas Cicale/Community Impact Newspaper)
Dripping Springs small business owner Scott Friedeck got his big break in the music industry from George Strait

Friedeck's business, The Graphic Guitar Guys, creates custom wraps for guitars for artists to sell as merchandise.

East West Manufacturing will retain 30 jobs and create an additional 30 new jobs for a total of 60 full-time jobs in Round Rock over five years, according to an economic incentive agreement signed Oct. 22. (Courtesy Adobe Stock)
Round Rock to add 60 jobs and more Central Texas news

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

A screen shot of Elon Musk speaking into a microphone
Tesla CEO Elon Musk confirms 2021 opening for Travis County gigafactory

Musk said construction is moving apace at the new electric auto factory east of Austin.

The bakery is known for its Texas Sized Donut weighing 2 pounds and can trace its history back to 1926 when Reinhold R. Moehring opened the shop in downtown Round Rock. (Community Impact file photo courtesy Round Rock Donuts)
Round Rock Donuts coming to Cedar Park and more Central Texas news

Read the latest business and community news from the Austin area.