August Market Update – COVID19 Impact

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August Market Update – COVID19 Impact

I’ve been tracking real estate performance for Austin as a whole during the pandemic. You can read my previous posts (I update my analysis monthly), and below are updated graphs to reflect the latest data, but the story remains the same.  The market has picked up but is held back by a lack of inventory, especially in the sub-750K price ranges. 

Active listings in the sub-750K price range were down more than 50% in both June and July compared to the same months in 2019. 

The luxury market continues to be fairly resilient and the number of active listings, while down around 10% in June and July vs. the same time in 2019, has provided more support for the number of transactions.

In terms of transactions overall, that peaked the week of July 5-11 and has started to tail off since then. The numbers are still better than last year’s in recent weeks, but it does appear that things are beginning to slow down prior to school starting, which is normal. 

In July, sub-750K transactions were up ~6% vs. 2019, and luxury sales (750K+) were up over 60%!  That is the first month since February that transactions have shown year on year growth (for the month).   

Note:  All data comes from the Austin Board of Realtors’ MLS report, reflecting activity through July 31, 2020.

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