April is typically the beginning of the ramp up in springtime listing and buying activity and generally continues to trend higher each month into July, at which point things usually begin to taper off. So comparing the last few Aprils with this one provides some insight into the market, and the significant challenges facing buyers. The below graph shows single family residential (SFR) homes in Austin MLS.
Overall listings are up over April 2020, though that is a low bar since that was during the lockdown and many folks had delayed putting their homes on the market, and many buyers had suspended their search.
So April 2021 was not too far off the overall number of listings in 2019, the last “normal year”, down only -6% overall. But the big story is the massive shift in price points for new listings.
- New listings of homes priced under $750,000 in April 2021 were down nearly -25% vs. April 2019, putting the squeeze on buyers in those price ranges.
- At the same time, new listings of homes priced $750,000+ increased 66% vs. April 2019!
If you have questions about what the implications of these market dynamics are for your home’s value, or your home search, please contact me for some free advice on how to come up with a plan.
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