Residence costs proceed to extend, based on native actual property knowledge. (Courtesy Adobe Inventory)
As Texans get better from February’s unprecedented winter storm, the results on Austin’s booming actual property market have surfaced.
For the primary time since June 2020, residential house gross sales dropped within the five-country Austin-Spherical Rock metropolitan statistical space, based on the Austin Board of Realtors’ February market evaluation launched March 18.
The historic freeze impeded market exercise for roughly two weeks, leading to an 8% decline in house gross sales, per ABoR’s knowledge.
Nonetheless, specialists aren’t anticipating a long-lasting impression on the native market, which has been experiencing report gross sales for months.
“We’re nonetheless very a lot in a vendor’s market,” 2021 ABoR President Susan Horton mentioned within the launch. “Throughout the area, a excessive amount of affords, money affords, and requests to waive value determinations or choice charges are more and more commonplace.”
Horton’s assertion is supported by the low stage of housing stock throughout the five-county MSA and inside the Lake Travis-Westlake area, which represents cities reminiscent of Lakeway, Bee Cave, Rollingwood and West Lake Hills.
In February, the area held onto six months of housing stock, reflecting no change from the prior month. Partly as a result of vendor’s market, house costs rose as soon as once more.
Within the Lake Travis-Westlake area, median house costs noticed a 24% year-over-year enhance and a 28.5% enhance within the greenback quantity, which represents the whole gross sales, in February.
Nevertheless, the world did see a 5.9% decline in house gross sales for the month, which, per ABoR’s statements might have been spurred by the storm.
“Till we’ve extra provide, the shortage of stock and costs rising nationwide are going to current challenges for homebuyers all over the place,” mentioned Lawrence Yun, chief economist and senior vice chairman of analysis on the Nationwide Affiliation of Realtors.