Austin Housing-Still a Seller's Market-Not Enough Inventory
Austin Business Journal November 26-December 2, 2021 pp10 |Real Estate Inc.| “Home Sales Down, Prices Hit Plateau” “Realtors point to persistently low supply”
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Hillside home in Rob Roy On The Lake in Austin Texas
Austin metro median home prices rose and leveled out in 2021 from January at $365K, June at $482K and October at $450K higher than in 2020 in January at $308K, June $340K, and October at about $365K. Although prices have peaked, experts don’t see a return to pre-pandemic prices. According to Clayton Bullock (Moreland Properties) “‘We’re not seeing any drop in demand at any price point. From $500,000 to $10 million…’” but he closed only half as many homes in October as compared to September this year reflecting a dearth of supply and not lower demand. 3,250 houses closed in October 2021, 12% lower than October 2020, but time on market fell from 40 days in 2020 to 20 days in 2021. The median price in the City of Austin is now up 21% from 2020 at $536,000. Reportedly, “Austin remains a seller’s market” due to low interest rates, low inventory of homes, migration to the Austin Metro area and the strong economy. Inventory is only one month of sales compared to a “healthy market” of six months.