The market is still hot. The main thing holding it back is a lack of inventory. But there is a more typical seasonal slowdown this fall which didn’t happen last year. Below is an updated graph I shared earlier this year showing price premiums (sold price as a % of list price). Premiums have dropped some, but the most likely explanation is that sellers have adjusted their pricing higher to reflect market conditions.
Overall market activity has continued to be strong, and overall transactions for Austin (MLS) are roughly 3% behind the same time period in 2020. The first half of the year was up over 10% vs. the first half of 2020, but so far the second half of the year is trailing the second half of 2020, down nearly -16%.
There is still a big difference across price ranges. For lower priced homes (under $750K), transactions are down significantly, down -21% vs. 2020 and down -27% compared to 2019. Homes priced under 750K have dropped from being 86% of all MLS sales in 2019 to just 66% in 2021 (YTD).
The luxury market is still far exceeding past years’ performance. In 2021, homes priced over 750K are up 79% vs. 2020 and up 136% vs. 2019, and have increased from representing ~15% of transactions in 2019 to roughly 34% so far in 2021.
The key takeaway is that there is still far too little inventory to meet such significant buyer demand. If you are thinking about selling your home, please contact me for more information and a market analysis of your home. The important thing is to have a plan, and I can help you build one to sell your home for the most amount of money in the least amount of time and with as little stress as possible.