Here are the October/2020 MLS single-family statistics for Austin, TX:
Incredible, just incredible that October marked our 4th month in a row of all dark green categories (10+ % positive trend)…this has never happened since I began keeping these stats in this format starting in 2007. Keep in mind that my color-coded system is from the viewpoint of home sellers since there can be no market of any kind if there isn’t any product to sell. The flip side of this, of course, are home buyers who have an incredibly difficult time in the home purchase process. There are frequent waits for buyers/Realtors to even show a home and then multiple offers to contend with once an offer is submitted. This doesn’t mean that any home in any condition will get this level of excitement. Homes that are not in good condition and/or over-priced still linger on the market longer than most so getting your home ready to sell is still very important. The better condition/price your home is to start with the higher the chances for a quick, and likely multiple offers.
The most common remark I get from people describing our current market is “this feels like a bubble”. This is understandable, especially given a similar frenzy prior to our Great Recession real estate market boom/bust. However, as long as we have these 4 key elements we will stay strong: low housing supply, high demand, low mortgage rates and a good local economy that steadily produces jobs. Supply will remain low until more homeowners put their homes on the market & home builders ramp up production (which takes time); high demand might drop some as fewer people get into homes/larger homes due to Covid concerns; there is some recent talk about mortgage rates starting to creep up but not likely until next spring; and given Austin’s extremely strong economy going back 10+ years and Tesla’s effect I don’t see this one waning any time soon. Finally, we are not grossly over-built and with loose mortgage underwriting which were two important elements of the bust we had over 10 years ago. So, I don’t see any bubble, but I can see a “soft landing” from our recent frenzied market into a more normal one over the next year or so.
(512) 853-0110 or robert@AustinTxHomeSales.com
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