After seeing year-over-year declines of 24% and 31% in April and May respectively, sales began to rebound in June. Now, 11 months into the year, Southwest Austin home sales are up 8.9% compared to 2019, according to the latest data by the Austin Board of Realtors.
In November alone, Southwest Austin residential home sales were up 23.8% year-over-year, with 427 sales totaling $232 million. The monetary value of homes sold in November was a 53.8% increase compared to 2019 data, and median home prices in Southwest Austin were up 14.5% year-over-year, standing at $434,950.
Through 11 months, there have been 4,579 home sales in Southwest Austin.
Across the Austin-Round Rock metropolitan area, there were 3,397 total sales in November, a 23.8% jump year-over-year. Total sales for the year are up by 8.3% year-over-year.
“Despite the economic roadblocks and challenges the global pandemic has presented, Austin’s housing market activity is stronger than it’s been in several years,” 2020 ABoR president Romeo Manzanilla said in a news release.
Housing inventory across the metropolitan area area also reached an all-time low, according to ABoR, with inventory under one month for the first time ever. In Southwest Austin, inventory was only 0.4 months, according to the data.
“Our main challenge in this market is navigating the critically low levels of inventory,” Manzanilla said. “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.”
