Housing Report for Austin-Round RockSpotlight on January 2021Economic News

Housing Update

Table 1: Month Activity 2021

January YoY % YTD YoY %

Sales 2,523 23.86% 2,523 23.86%

Dollar Volume $1,161,692,362 53.53% $1,161,692,362 53.53%

Median Close Price $365,000 19.67% $365,000 19.67%

New Listings 2,878 -11.01% 2,878 -11.01%

Active Listings 1,369 -73.93% 1,369 -73.93%

Months Inventory 0.4 -76.16% 0.4 -76.16%

Days to Sell* 78 -26.42% 78 -26.42%

Average Price PSF $231.04 22.75% $231.04 22.75%

Median Price PSF $189.45 19.34% $189.45 19.34%

Median Square Feet 1,919 0.68% 1,919 0.68%

Close to Original List Price 101.85% 5.40% 101.85% 5.40%

* Days to Sell = Days on Market + Days to Close

2020

January YoY %

2,037 13.36%

$756,642,610 14.02%

$305,000 3.74%

3,234 2.08%

5,251 -18.06%

1.7 -23.95%

106 -3.64%

$188.22 3.22%

$158.75 4.73%

1,906 -0.73%

96.63% 1.36%

Sales volume for single-unit residential housing increased 23.86% YoY from 2,037 to 2,523 transactions. Dollar volume rose from $756.64 million to $1.16 billion. The average sales price rose 23.96% YoY from $371,449 to $460,441, while the average price per square foot subsequently rose from $188.22 to $231.04. Median price rose 19.67% YoY from $305,000 to $365,000, while the median price per square foot also rose from $158.75 to $189.45. Months inventory for single-unit residential housing declined from 1.7 to 0.4 months supply, and days to sell declined from 106 to 78.

The average monthly job count decreased from 1,116,041 in 2019 to 1,092,108 in 2020, according to the latest figures published by the Texas Workforce Commission. This marks a 2.14% year-over-year (YoY) decrease compared with 2019, a net decrease of 23,933 existing jobs. In addition, the average monthly unemployment rate increased to 6.22% from 2.67% in 2019.

Table 2: Price Cohort Analysis

Price Cohort Closed Sales YoY % % Total

SalesMedian Close

Price YoY % Median Close Price PSF YoY % Active

ListingsMonths

InventoryMedian Square

FeetMedian Year

Built

$0 < $70k 1 -50.00% 0.04% *** *** *** *** 3 1.2 484 1920

$70k < $100k 2 -60.00% 0.08% *** *** *** *** 0 0.0 797 1952

$100k < $150k 17 -45.16% 0.67% $131,800 -4.49% $151.24 6.55% 12 0.5 851 1985

$150k < $200k 80 -39.39% 3.17% $180,000 -1.61% $158.39 10.91% 66 0.5 1,076 1986

$200k < $250k 275 -39.02% 10.90% $232,540 2.44% $157.75 12.63% 101 0.2 1,441 2007

$250k < $300k 446 21.86% 17.67% $274,000 0.42% $160.89 9.83% 132 0.2 1,698 2010

$300k < $400k 646 43.56% 25.59% $348,199 2.94% $174.74 7.44% 237 0.3 1,945 2009

$400k < $500k 414 62.99% 16.40% $445,000 0.45% $203.34 12.36% 181 0.4 2,151 2008

$500k < $750k 388 65.11% 15.37% $580,500 -1.61% $239.24 11.49% 223 0.4 2,406 2004

$750k < $1 mil 137 104.48% 5.43% $851,000 0.71% $312.79 12.88% 127 0.8 2,728 2007

$1 mil + 118 168.18% 4.68% $1,406,500 12.80% $456.27 21.76% 287 1.9 3,579 2003

*** Not displayed when fewer than 5 sales

Sales volume for single-family homes increased 20.33% YoY from 1,820 to 2,190 transactions. Dollar volume rose from $680.68 million to $1.03 billion. The average sales price rose 25.56% YoY from $374,002 to $469,592, while the average price per square foot subsequently rose from $177.44 to $219.93. Median price rose 21.16% YoY from $305,375 to $370,000, while the median price per square foot also rose from $154.17 to $183.61. Months inventory for single-family homes declined from 1.7 to 0.3 months supply, and days to sell declined from 106 to 78.

Table 3: Single-Family Activity

Jan 2021 YoY %

Sales 2,190 20.33%

Dollar Volume $1,028,407,126 51.08%

Median Close Price $370,000 21.16%

New Listings 2,460 -13.29%

Active Listings 962 -79.34%

Months Inventory 0.3 -81.03%

Days to Sell 78 -26.42%

Average Price PSF $219.93 23.95%

Median Price PSF $183.61 19.10%

Median Square Feet 2,004 0.60%

Close to Original List Price 102.26% 5.84%

Single-Family Homes

Sales volume for townhomes increased 14.29% YoY from 28 to 32 transactions. Dollar volume rose from $8.07 million to $11.86 million. The average sales price rose 28.62% YoY from $288,064 to $370,515, while the average price per square foot subsequently rose from $174.51 to $208.52. Median price rose 30.45% YoY from $239,945 to $313,000, while the median price per square foot declined from $168.08 to $163.76. Months inventory for townhomes declined from 1.5 to 0.3 months supply, and days to sell declined from 140 to 74.

Table 4: Townhouse Activity

Jan 2021 YoY %

Sales 32 14.29%

Dollar Volume $11,856,495 47.00%

Median Close Price $313,000 30.45%

New Listings 26 -31.58%

Active Listings 15 -69.39%

Months Inventory 0.3 -77.66%

Days to Sell 74 -47.14%

Average Price PSF $208.52 19.49%

Median Price PSF $163.76 -2.57%

Median Square Feet 1,709 12.21%

Close to Original List Price 99.37% 2.86%

Townhomes

Sales volume for condominiums increased 59.26% YoY from 189 to 301 transactions. Dollar volume rose from $67.89 million to $121.23 million. The average sales price rose 12.12% YoY from $359,223 to $402,764, while the average price per square foot subsequently rose from $294.04 to $316.23. Median price rose 9.84% YoY from $305,000 to $335,000, while the median price per square foot also rose from $260.12 to $281.93. Months inventory for condominiums declined from 2.0 to 1.3 months supply, and days to sell declined from 99 to 83.

Table 5: Condominium Activity

Jan 2021 YoY %

Sales 301 59.26%

Dollar Volume $121,231,917 78.56%

Median Close Price $335,000 9.84%

New Listings 392 9.19%

Active Listings 392 -28.07%

Months Inventory 1.3 -35.21%

Days to Sell 83 -16.16%

Average Price PSF $316.23 7.55%

Median Price PSF $281.93 8.39%

Median Square Feet 1,225 3.55%

Close to Original List Price 99.04% 2.38%

Condominiums