Can the generational winter weather event that just made its way through Texas slow down the Austin housing market?
Because nothing else has.
Across the Austin area, home sales dollar volume skyrocketed an astounding 53.5% to more than $1.1 billion dollars year-on-year, while pending sales increased 15.9% in January.
Despite 2,878 new listings in January, active listings dropped 73.9% 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 market—literally half of what it was in 2020.
“There is strength across every price point and demand for every product,” said Vaike O’Grady, regional director with housing market research firm Zonda.
“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.”
“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,” advised Austin Board of Realtors President Susan Horton. “...Have a Realtor on your side to help you understand all options available to you. That includes down payment resources, and ways that you can bridge the gap between selling your home and buying your next one.”