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Here are the February/2021 MLS single-family statistics for Austin, TX:
Home sales in our Austin metro area continued their epic performance in February that we’ve seen over the past 6-7 months. What are 2 red categories doing there, you may ask, if we are continuing our ascent? “Snowmageddon” in the middle of February, that’s why. For the 1st 2 months of 2021 our sales are actually up by an average 6% and pendings only down 8% and I fully expect the 2 reds to be gone when March’s numbers come out next month. Just look at the other 6 February categories, however:
Listings were down a near-identical % last month at -76% (-78% in Jan) to a near-identical number of 964 (962 in Jan). We simply cannot withstand this extremely low level of homes. Consider this: we had less than 1k homes for sale in our 5-county metro area of about 2.2M people for any size home and at any price point...simply remarkable. If you’ve been thinking about selling your home, please contact me so I can show you just how easily we can sell it (ie-low hassle threshold for you) and how much you could net from the sale;
Likewise, inventory dropped by double-digit percentages for our 8th month in a row and stood at only .50 months in February. Consider that less than 6-months is considered a “sellers market” where sellers have an advantage over buyers;
Both median (ie-half of the homes sold for more and half sold for less) and average sales prices also went up by double-digits for February for the 8th month in a row. The average single-family home sales price in our Austin metro has exceeded $500k for the 2nd time in the last 3 months ;
The average days on market (ie-the number of days active on the market before getting an executed sales contract) dropped below 30 days for the 1st time ever with only 28 days;
Our Activity Index at 69% was the 2nd highest on record (only behind Jan/2021’s number of 75%). The AI is a formula calculating the activity of pendings compared to listings (# of Pendings/#Listings + #Pendings) and has a maximum number of 100% so you can see just how hot our market is right now.
Here are a couple of facts I found interesting about our national real estate market:
The U.S. homeownership rate has only fluctuated slightly over the last 20 years, hitting a high of 69.1 percent in 2005 before ultimately settling back down at 65.8 percent during the fourth quarter of 2020
The Post-COVID Boom has seen appreciation in the 25% to 30% range and inventory drop 70%.