Let’s review the Austin real estate statistics. In October there were 3,353 homes sold which was down 16.4% from October, 2020. The months of inventory is slowly increasing to 1.3 months from 1.1 last year. This is the most important supply and demand statistic to watch and as we head into the end of the year and January, it will tell us where the market is heading. Keep in mind anything under 4-6 months of inventory is considered a sellers’ market so we have a long way to go and buyers have to be careful not to overestimate the market moderating to mean the market is crashing.
The average sold price increased 20.6% to $555,124 and the median sold price increased 25% to $450,000. This is also an increase from September’s median price which was $440,515.
The median dollars per square foot was up 36% to $239 per square foot and the median days on market was 8 which is slightly down from 10 in October, 2020 but up another day from 7 days in September.
Now let’s take a look at my crystal ball and talk about what I think will happen over the next 3 months. I don’t expect we will ever see a frenzy like we did earlier this year. I do expect we will see an increase in the number of homes coming on the market in January. I’ve personally never had more people contact me about selling in January than I ever have. Some sellers are finally selling after holding off their relocation for 18 months, others have life events causing them to sell and some are finally closing on their new home in December and January and we will be getting their homes on the market.
At the same time based on my experience the number of showings we are having for our listings and the number of open house visitors there will be strong demand in January. It’s not the same as last year but I expect many of the buyers who tell me they aren’t in a hurry in November will wake up January 1st and realize they need to do something and they will become motivated. I don’t expect we will see the market jump another 30% but I do expect appreciation will be higher than normal at the beginning of the year.
A lot can happen between now and the end of the year. If your plans include making a move sign up for one of our in-person or online Free Home Selling Workshops in December. Sign up at KopaWorkshop.com. As always if we can assist you contact us at 512-791-7473.
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Posted by Eric Peterson on