Austin Real Estate Market – March 2020 Update

In Texas we received the shelter in place orders on March 24, 2020. Prior to that date, the real estate market was chugging along normally. I could definitely see a coming new season of multiple offers and short days in the market again (seller’s market)… that is, of course, prior to having any idea of what was to come. That is why I want to give you an update on the Austin real estate market.

I believe no one really knew how to react to the pandemic situation. Social distancing, shelter-in-place, travel restrictions, etc, were creating a new situation for us all. An unprecedented one! That is a term [unprecedented] that I find myself saying often these days. And unfortunately, expect to keep using throughout the Fall.

Having said that, the greater Austin real estate market in March did not reflect any drastic changes. In fact, according to Realtor.com, March’s residential sales in the five-county Metropolitan Statistical Area (MSA) increased 2.2% year over year. 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 the average days on market decreased from 65 days to 54 days.

For most of March, it was still ‘business as usual,’ and real estate agents continue serving homebuyers and sellers using safely measurements. For example, when showing houses, my clients and I are wearing masks, gloves, and are careful about not touching personal items. I also confirm ahead of time that neither party is aware of being exposed or have COVID-19.

For more information about the market or to schedule an appointment or consultation, please email me at NaomiBourgeois@HindsiteAustin.com or contact me here.