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Austin Market Update: Jan Unit Sales Drop as Prices Rise

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Feb 10, 2022

We ran first look statistics for the month of January which are available to view in full here. January saw relatively significant unit sales declines while prices continued to appreciate. Appreciation in the Metro Area was on pace with historic 2021 highs while the City of Austin saw appreciation moderate somewhat.

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Highlights Include:

  • Total Sales were down -11.8% in the Metro and -17.9% in the City
  • Units sold in the City were on par with the 2019 pre-pandemic numbers
  • Units sold in the Metro were up +18% over the 2019 pre-pandemic numbers
  • Avg Sold Price in the Metro increased +25.8% to $578,554
  • Avg Sold Price in the city of Austin increased +16.9% to $699,084
  • Time to sell was 10 days in the Metro and 12 days in the City
What does this mean? We’re still very early into 2022 and early into the spring buying season. January sold data is from December 2021 contracts, so we’re weighting early indicators more heavily than sold data (more on that in a separate email coming later this month.) That said, this sold data does indicate that 2022 is off to a slower start than 2021. It’s extremely important to put that into context. 2021 was a once in a lifetime event. Austin’s already strong economy grew even stronger while we had frantic, pandemic demand. A slower start to 2022 is still a very strong market.

If You’re a Buyer
The market is still very strong and you are highly likely (almost guaranteed) to compete with other buyers when you make offers on properties. Last year, we saw 30-40% over list offers win. That could still be the case in some situations, but there could also be situations that don’t require offers that high above list. It’s more important than ever to go into an offer with a strategy in place and to understand how you can tighten your contract beyond price. Our multiple offer strategy for buyers is available here. Contract term considerations can be viewed here.

If You’re a Seller
You’re still in an incredible market. The question isn’t if you’ll sell your house, but only how much will you get (and likely “how much over list.”) Pricing is just as important for sellers (possibly more important.) Seasonality and market trajectory are critical. Likewise, a highly systemized listing and multiple offer strategy will affect the sale you ultimately fetch. Our pricing system is available to review here. Our CS and multiple offer strategy is available here.

Always bear in mind that real estate is hyperlocal and hyper-situational so please reach out to us if you have questions over your specific market or situation. We’d absolutely love to help!

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About the Author

Last updated: 02/10/2022

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Christopher Penaloza

Christopher Penaloza

JC was very helpful during the process of buying my first home. He directed me to lenders that truly had my best interest at heart. I almost made a few bad decisions that JC was there to wave off for me. I truly appreciate JC's responsiveness to ALL of my many questions and his willingness to be a sounding board for my frustrations in the process. I still hear from JC from time to time ensuring that I am happy with my home and letting me know of up and coming business in my area that might affect my property value. I will absolutely be using JC to purchase my next home.
LanceLunsford

LanceLunsford

JC does a great job with attention to detail and ensuring he has answers to your questions as you navigate the process of a home purchase. JC understands the process of the transaction in a home purchase and makes sure the details are covered.
Christopher Dunn

Christopher Dunn

Ruth helped us to view many houses and (over months) to make multiple offers in a really, really tough market for buyers. Our low bids were our own fault! Ruth's guesses are always spot on. We finally had a bid accepted last month, and Ruth helped us re-negotiate after significant problems were discovered. Ruth has gone above and beyond for us, giving us far more time during this long search than we could reasonably have expected. She even helped us look for a rental when we'd basically given up. Her advice has always been immensely valuable and brutally honest. She is the most knowledgeable agent I've met on the Central Austin market. She also handled our stress well, and believe me, buying in Austin right now is stressful!
Jerry Nash

Jerry Nash

Excellent service and follow through. Very professional!
Steve Sanders

Steve Sanders

I highly recommend Kristen for all real estate needs.
Danielle Hughes

Danielle Hughes

I had a great experience working with Bramlett Residential Real Estate. Jean Holm was my agent and she & her team made the whole process very simple. She explained everything very well, was knowledgeable, had great advice, and got our home sold. Definitely reccomend!
Jeremy K

Jeremy K

I worked with Jeremy Vandermause to buy my first home. Jeremy was so patient throughout the process (which I definitely dragged out as I gathered all the facts). He consistently sent me homes I was interested in and was eager to show them off, and on the odd occasions where I found one he hadn't already seen he always made himself available to walk through with me. He was very helpful in those walkthroughs pointing out home features I would have missed, or providing context on neighborhood. As a native Austinite, he definitely knows the history and cultural fabric of the city and each neighborhood. I started with close to zero knowledge of the home-buying process and Jeremy walked me through every step with clarity and patience. So excited about the home I now own! Plus, he's just a legit cool dude. I always really enjoyed our conversations and could tell from the start he was someone worth knowing in Austin
Jian M.

Jian M.

This review is about Joe Gage, their real estate agent. I'm based in Sam Francisco and was looking for investment property in Austin. I tried out three different agents based on recommendations from different sources, including Yelp. Joe clearly stands out. He's very patient and responsive. I'm not familiar with the area at all thus had a lot of questions. His email reply contains detailed information of the neighborhood, including shops nearby, schools and so on. He regularly screen houses and give recommendations once he sees a good fit for investment house offered at reasonable price. He's very knowledgeable about the area. All his recommendations comes with details around why he thinks it's a good investment and sales/rental data in the neighborhood to justify the price he thinks it's worth as well as the expected rental income. I found him to be very methodical and organized. He's not a typical sales person. Maybe this is because he used to be an accountant. Needless to say he earned our trust and we went with him to make the purchase. I was very impressed through the whole process. He's very calm and never pushy. His recommendation on the bid price was right on and he was very good at following up with various parties to push things through. The process went through very smoothly. If anyone is looking for a good real estate agent in Austin, I'd recommend Joe whole-heartedly. His professionalism and calm personality make him a real pleasure to work with.
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