AUSTIN (KXAN) — Austin-Round Rock home sales jumped 23.9% in January, according to the latest Central Texas Housing Market Report by the Austin Board of Realtors.
The report says 2,523 homes were sold in January. The Austin Board of Realtors expects demand for homes to increase after the winter storms.
“The last week has shown us, once again, that our homes are more important than ever,” said board president Susan Horton. “If you are currently in process of buying or selling a home, talk to your realtor about how recent events might impact your closing timeline and what the appropriate next steps should be – this can include insurance policy terms or additional inspections that may be required.”
Significant housing shortage in Austin area
Despite 2,878 new listings in January —an 11% decline from 2020— active listings dropped 73.9% to only 1,369 properties across the region. Housing inventory fell 1.3 months to a record-low 0.4 months of inventory as homes spent an average of 33 days on the market.
Vaike O’Grady, regional director with Zonda, said that high demand across all price classes, housing types and geographies means that low inventory and lightning-fast market conditions are not going away soon.
“There is strength across every price point and demand for every product,” O’Grady said. “Despite developers building as quickly as they can throughout the region and more than 6,000 homesites projected to come online within the next six months, the overall number of lots in development is only just able to keep up with current demand. This means that homes will continue to sell as soon as they hit the market, and prices will continue to rise steadily in the months to come.”
Horton says due to the housing demand increase after recent winter storms, it’s important to work with a realtor to buy, sell or rent a home.
“While it will be weeks before we know the full impact of the winter storms on our communities, the disruption in transactions and the high demand for repair services will further complicate an already complex housing market. It is of the upmost importance to have a realtor on your side to help you understand all options available to you.”