Year End Market Report Indicates Austin’s Growth
December 29, 2021 by Laura Duggan · Leave a Comment
The real estate market in Austin continues to explode. We have sold more homes in Austin in 2021 than in any previous year, over 35,000. In fact, our team at West Austin Properties could have sold even more if we had had more inventory. Take a look at our December market report to see the statistics by price band and zip code across the Austin area.
Because of the lack of inventory, on average a one month or less supply, most homes are drawing multiple offers and are selling for a significant amount over the list price. In 78704 and 78731 for example, homes were selling for 105% over the list price.
Many agents are putting their listings on the market on Wednesday or Thursday, then taking offers through the weekend. Sellers often have a number of offers from which to choose, making it a strong seller’s market in every price range, even in the multi million price range. Average days on the market across the area is 25.
We have also noticed that homes are in a pending status, that is sold but not closed yet, for longer than the usual 30 day period. We attribute this trend to the higher demand for appraisals and the diminishing number of qualified appraisers. It is important to work with a strong, local lender when buying a home now. The appraisal process varies widely among lenders.
The trend for 2022 is more of the same for Austin. Over 600 companies moved to Austin last year during the pandemic putting more demand on housing and that trend continues with announcements from Tesla, Oracle, Samsung, Apple, Amazon and Google who are all increasing their numbers of employees by the thousands. In fact, Yahoo Finance recently reported that Austin is the hottest housing market in the country.
As always, real estate is local and varies by neighborhood and circumstance. Please reach out if you want specific information regarding your home or neighborhood.
Submitted by Laura Duggan, President, West Austin Properties, 3312 River Road, Austin, TX 78703, 512-750-2425, Laura@westaustin.com
