First Look: June Stats Indicate Market Stabilization

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We ran first look market statistics for the month of June over the weekend and the results were predictably incredible with regards to Year Over Year (YOY) growth. The city of Austin and the Tri-County Area both saw appreciation rates in the 40-47% range, depending on which metrics we look at. This is consistent with what we’ve seen over the past few months. We do expect these numbers to stabilize more as our lookback numbers become “post-covid.”

As we saw last month, it now looks like a comfortable price range to purchase a home in the metro area is at least $500k and a comfortable price range in the city of Austin is around $750k. While there are certainly areas where we can find less expensive homes, it will take work to do so. Likewise, there are areas and neighborhoods where the starting prices are much higher.
The real news for the month of June is that pricing is beginning to stabilize. Leading indicators have shown this direction for the past two months and it now looks like pricing is following. June 2021 Average Sold Price tracked with May 2021. The city of Austin saw a negligible decrease and the Tri-County Area saw a negligible increase.
Two months of consistent pricing indicates stabilization, but we’re not quite ready to say “The Post-COVID Boom is now set.” When we see 3 concurrent months of consistent pricing, we do think that we’ll be able to confidently say that market pricing has stabilized.
When pricing stabilizes, we will likely settle back into normal market seasonality. Generally speaking, this means it’s busiest in the spring and early summer, sluggish in the late summer and fall, and slow during the holidays. More on seasonality is available at these links:
We don’t yet know what Austin’s “new normal” annual appreciation numbers will be. Historically, the metro area has appreciated at roughly 5% and the city has appreciated at a slightly higher rate. With coming inflation and even more demand introduced to the city, we think it’s likely that we’ll see appreciation numbers higher than the historical normal.
Real estate is always hyperlocal and different neighborhoods are performing differently. If you’d like help with your specific situation (or hypothetical situation), please don’t hesitate to reach out to us directly. We love chatting about real estate and we’d be more than happy to help you strategize!
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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.
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.
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!
Excellent service and follow through. Very professional!
I highly recommend Kristen for all real estate needs.
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!
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
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.