June Market Update – COVID19 Impact

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June Market Update – COVID19 Impact

Here is an update to my print article reflecting another 2 weeks of data through the end of May.  The data below indicates a slower pace on transactions, but pricing is much stronger. List and sold prices and $ / sq ft are all up significantly from the same period last year. And days on market have dropped.

More broadly, looking at Austin, here is an updated version of some graphs I included in a previous post about the impact of the pandemic on the Austin real estate market, looking at 2020 by week, and comparing to the trends of 2019.

The impact has been greater in the “luxury market”, defined here as homes priced $750,000 and up.  While April was down around 23%, May is down closer to 50%…

…while the sub-750K market was down ~28% in April and ~38% in May…

Keep in mind, though, that a major driver of transactions is available listings (inventory).  The sub-750K market has had far fewer listings than it did last year.  For example, active listings in the sub-750K market in May were down over 40% compared to the same month in 2019!

In fact, active listings in the sub-750K market have been running more than 30% lower on average each month in 2020 vs. 2019, compared to the luxury market which has only had on average about 10% fewer listings than the same time last year.

Note:  All data comes from the Austin Board of Realtors’ MLS report, reflecting activity through June 1, 2020.

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