Here are the December/2020 MLS single-family statistics for Austin, TX:
Unbelievable! Simply unbelievable how Austin finished up 2020 with our SIXTH month in a row of all dark-green categories (10%+ positive trend)! We had a record-breaking 40,165 homes totaling $17,579,802,503 in sales volume sold across the Austin metro area last year. And, we reached an Average Sale price of over $500,000! Ten years ago, our average sales price was $254,707 in 2010, so we nearly doubled our average sale price which is over 7% average annual appreciation!
“The Austin-area real estate market is experiencing extraordinarily high demand fueled by years of high population growth and employment gains, lifestyle changes following the pandemic and record-low interest rates,” Dr. James Gaines, former chief economist for the Texas Real Estate Research Center said. “The pandemic fostered an environment where many families increased personal savings helping some transition from renting to ownership while others needed to ‘move up’ for more space while working from home. Despite a steep slowdown during shelter-in-place orders this spring, the market came roaring back in the summer with no drop-off at the end of the calendar year.”
Here are our averages for 2020…we barely missed hitting all dark-green categories even with a few months of major drops in spring when Covid-19 hit! To see just how strong last year was, compare it to 2019 averages below it and 2019 which was a very good year itself.
This quip sums it up our Austin market nicely: Potential Buyer: “Hi, I’m looking to buy a house. How’s the market?” Me: “Remember back in May when you were looking for toilet paper? Yeah…just like that.”
If you or someone you know wants to sell your home, please contact me so I can help you navigate the challenging situation that multiple offers bring to many Austin home sellers right now. This is not the time for beginners or the inexperienced to gather, collate, evaluate and respond to more than one offer. In addition, there are buyers who are submitting offers that an experienced Realtor can spot and determine that would be unlikely to make to a successful closing. The last thing a seller wants right now is to get excited about obtaining a great deal only to find it terminated and have to start the whole process all over again. I’m in my 15th year as a Realtor and know how to advise my seller clients on which offers make the most sense not only from a net amount to the seller issue, but also for the assurance that the seller will actually receive that amount in their bank account when it closes.