Austin area home sales hold steady in March
Central Texas REALTORS® remain cautiously optimistic during COVID-19 pandemic
AUSTIN, Texas – Local shelter-in-place orders that went into effect on March 24 had little impact on March home sales, according to the Austin Board of REALTORS® (ABoR) latest Central Texas Housing Market Report.
In March, residential sales in the five-county Metropolitan Statistical Area (MSA) increased 2.2% year over year to 3,042 sales and median price jumped 11.7% year over year to $335,200. Monthly housing inventory declined 0.7 months year over year to 1.6 months of inventory, and average days on market decreased from 65 days to 54 days.
“For most of March, it was still ‘business as usual,’ and REALTORS® adapted early to continue serving homebuyers and sellers safely,” Romeo Manzanilla, 2020 ABoR president, said. “Declines in listing activity and pending residential sales in March indicate that we won’t begin to see the true impact of COVID-19 on the housing market until our April report.”
Last month, new listings decreased 12.7% to 3,770 listings; active listings dropped 26.6% to 4,908 listings; and pending sales decreased 19.2% to 2,852 pending sales.
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