Austin Rebounding

In the Spring of 2020, the coronavirus and the federal, state and Austin restrictions on public activity had a major short term impact on the Austin real estate market. The governmental restrictions were most severe in late February, March and part of April. In mid April restrictions began to be relaxed.

Initially , the number of homes sold dropped significantly, down as much as 24% from the February totals.

As the real estate market began opening up, the pent-up demand can be seen in the number of home sales that are Pending, under contract but not closed. Pendings in the first of June are at the highest level in Austin history and 15% higher than June of one year ago. Demand for homes remains very strong as people continue to relocate to Austin. Several companies have made deep commitments to Austin and they are not backing off.

Sellers concerned about the uncertainty of the coronavirus impact and the desire to restrict outsiders into one’s home have significantly decreased the number of homes for sale. The number of homes on the market today is down 27% from one year ago.

Prices overall have remained steady during this time and we are again seeing prices increasing because of the high demand and low inventory. For homes priced below $600,000, it remains an Extreme Seller’s Market. For homes over $2M, it remains an Extreme Buyer’s Market. Every zip code and price range is different. See the June Market Report at the Tab listed above for the complete analysis of this market. Experience in the Austin real estate market is critical in the rapidly changing landscape.

March 2020 Market Report

More homes sold in February than any other February in Austin history.  2,263 homes sold last month.  This is a 13% increase from one year ago.

Pending home sales, homes under contract that have not closed, are up significantly from one year ago.  Currently there are 4,715 homes under contract.  This is an increase of 19% from one year ago.  This is a record number of Pendings for any March.

There are 20% fewer homes for sale than one year ago. Today there are 5,080 homes for sale.

Because of he high demand and the lower homes for sale, there are only 2.24 Months of Inventory making Austin average an “Extreme Sellers Market.”  Each Price Range, Zip Code and residential area is different.

The average sale price last month was $402,271, an increase of 10.3% from one year ago.

The Median sold price last month was $325,000, an increase of 10.2% from last year.

Last month, homes that sold had been on the market for 61 days.  This is a decrease in the number of days by 9% from one year ago.

Click on Market Reports Tab above to view the full report.

Austin Real Estate Market to Remain Strong

“We do not see anything getting in the way of another robust year in our industry in 2020,” said Eldon Rude, principal of 360 Real Estate Analytics, to the Austin Home Builders Association, in January of 2020. To meet demand for housing in 2020 builders will need to deliver another 18,000 to 20,000 lots in the Austin area. Additionally, Zillow Inc. recently names Austin the “hottest housing market of 2020” This positive outlook is also confined by the West Austin Properties February Market Report. (See Market Report tab above.) In the one month of January, 1,848 homes sold, an increase of 14% from one year ago. And the number of homes for sale in Austin have decreased by 18% from one year ago. Each Zip Code and Price Band have different market conditions so review our Market Report.

January 2020 Market Report Overview – Home Prices Increasing

Overview of January 2020 Market Report
2,674 homes sold in December.  16% more than last year.  This is the second highest December sales in Austin history, slightly less than the record year 2018.
There are 3,217 homes Pending.  This is 24% more than one year ago!  This is the second highest in Austin history, slightly less than the record year 2018
There are 5,596 homes for sale at the beginning of January.  This is 13% fewer homes for sale than one year ago.  And also 5% lower than 2018.
This January has the lowest Months of Inventory in the last 8 years and probably in a much, much longer time.  Last year in January there was only 2.78 Months of Inventory, defined as an Extreme Seller’s Market.  Today this has dropped to 2.09 Month’s of Inventory.  Historically, Months of Inventory usually decreases, gets smaller, as the market gets tighter because of increased Spring demand.  This increase in demand usually slows down in July or August and Month’s of Inventory increases as demand decreases with kids in school.  This Spring could be a very tight market where demand outpaces homes for sale and should increase overall prices and result in multiple offers for homes.  Every price range is different.  With less demand, prices over $900,000 are in a Normal Seller’s Market and prices above $2M are in a Balanced or Buyer’s Market.
Average sold price is December was $409,267.  This is an increase of 9.9% from one year ago.  The Median home sale for December was $320,000.  This is an increase of 5.6% from one year ago.

December 2019 WAP Market Report

West Austin Properties Market Report for December 2019
1)  9% more homes sold last month, than one years ago.  Most ever for Austin November sales.   Compared to 5 years ago, total sales are up 27%
2) 9% more homes are Pending, compared to one year ago.  Compared to 5 years ago, current Pendings are up 26%
3) 10% less homes are for sale compared to one year ago.  The number of homes for sale compared to prior years had been increasing each month until May 2019.  Since May 2019 the number of homes for sale have been below 2018 and 2019.
4)  Average homes sold prices have risen 4.2% in the last year.  Median homes sold prices have seen a slight decline of .8% from one year ago.
5)  Average days on market for homes sold in November was 59 days.  One year ago the average days on market was 61 days.
6)  Today there are 2.6 Months of Inventory, defined as an Extreme Seller’s Market.  One year ago there were 3.2 Months of Inventory , defined as a Normal Buyer’s Market.