Happy February, I hope that your 2021 is off to a great start! I wanted to quickly re-cap how things went in 2020 and then provide some insights into how things have kicked off here in 2021.
Some key highlights:
- Overall transactions in MLS in the city of Austin were up a little over 2% in 2020 vs. 2019, but the 2nd half of 2020 (July – December) was up almost 19% vs. the same time in 2019!
- The luxury market (price points 750K+) drove much of that growth, up 43% for the year and up nearly 100% in the 2nd half of the year!
Graphs and charts:
One way to understand what is going on in the market is to look at the shifts in price points from year to year. The below graph shows the number of transactions by year for specific price ranges, and provides a good visual for the shift to higher price points in 2020.
Note the steep decline in the number of transactions for properties below 500K, from 2/3 of all transactions in 2019 to ~57% in 2020. At the same time, homes priced between 500K-1M increased to roughly 1/3 of all transactions. And for 2020, 1 in 10 homes sold in the City of Austin through the MLS were over $1M!
Looking at the weekly tracking I used for 2020 to understand the impact of the pandemic on home sales, we can see that 2021 is already off to a good start. Breaking out the numbers (not pictured), the luxury market (750K+) is up over 100% in January 2021 vs. January 2020.
If you are thinking about selling, or need help navigating the process of selling or buying a home in Central Texas, please don’t hesitate to contact me and I can help!
Note: All data comes from the Austin Board of Realtors’ MLS report, reflecting activity through January 31, 2021.