Will I need to spend more to buy a home? Here in Austin, prices are very stable/ Average sold prices are up at +0.2%, and the median sold price increased +1.7% across Austin.
Days on market haven’t changed much since 2019 andare actually falling to 44 from 49.
With all the good news, 2020 has seen the largest decrease we’ve seen since the 2008 recession. May's volume decreased by -35.2%, and sold units decreased by -35.3%.
Sold volume isn’t really news, though, since it’s a lagging indicator. Sold volume increases were caused by market activity 30-60 days ago.
Pending properties are up +13.9% over 2020. This shows us that buyer demand is back, and back in an extraordinarily strong way.
While 2.6 months of inventory is still firmly in a seller’s market, it certainly feels as though inventory is much tighter in 2020 than in 2019. Especially since new listings decreased by -16.2%.
The market varies quite a bit based on location. While inventory in central Austin feels very tight, there is a decent amount of homes to choose from in the suburbs where builders are active.
Now that Tesla is attempting to acquire land in Austin, the market is going to be tighter. With inventory low, now is the time to buy or sell.
