Visit ABoR.com/MarketStatistics for more information and a full press release from the Austin Board of Realtors. The above statistics compare January 2020 to January 2021.The residential market continues to be on a wild upward trajectory. You can see the data above from January, but nothing about these trends has stopped in February. Competition amongst buyers is brutal, with multiple offers and single family homes typically going for well over asking. It's the same story as last month: people keep moving here, there isn't enough inventory (.5 months is wildly low), and interest rates are low. I do think that COVID concerns kept people from listing in 2020. Once COVID concerns abate, the next questions will be: (1) are people deciding against selling because they don't want to have to compete in this extreme seller's market, (2) how many people will decide to stay put (and thus not list their home) because they have refinanced at historically low interest rates, and (3) will the emigration from California tech hubs continue at the current pace? Also, what will become the new standard for close-to-Austin? Lockhart and Elgin, for example, are being casually discussed as suburban areas by my clients (and clients of other Realtors I know). Lockhart may seem far out to a longtime Austinite, but I recall when going to Cedar Park was like driving to another town. Finally, what are we going to do about building more housing?
Visit us at Floyd Real Estate, LLC, if you are thinking about buying or selling property (residential, commercial, or land) in the Central Texas area. We would be happy to advise you on your real estate related needs.Floyd Real Estate is a Texas real estate brokerage, TREC Lic. #9003790
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