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October Real Estate Market Stats: The Strongest Seller’s Market in Austin’s History

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Nov 16, 2020

Hello and we hope you’re doing well and staying safe! I apologize for two newsletters in two weeks, but we received the confirmed market statistics from Independence Title earlier than normal. They’re available for download here.

The confirmed statistics are consistent with the first look numbers that we sent last week. The pricing increases and the tightness of the market are historic. We’ve started describing this market as “The strongest seller’s market in Austin’s history”, which is succinct and accurate.

Chart of listings in the greater Austin area and their residential statistics average and medium, month of October compared to year to date.

October continues the trend of historic pricing increases. Median Sold Price in the greater Austin metro area increased +12.5% to $360k and Avg Sold Price increased +18.9% to $462,494. Median Sold $/SqFt increased +10.3% and Avg Sold $/SqFt increases +8%. Median Days on Market saw a huge drop from 28 days to 9 days. It’s worth noting that September typically sees a seasonal slowdown. These short DOM show that this is not yet happening.

Chart of listings in the greater Austin area and their residential statistics by the month of October compared to year to date

These pricing statistics are historic & incredible. Just as incredible (and arguably more so) are the volume increases & inventory decreases. Total sales jumped +24.7% year over year and inventory dropped to 1.1 months of inventory. We consider anything under 3 months of inventory a seller’s market. 1.1 months of inventory clearly puts us in the strongest seller’s market in Austin’s history.

Line graph of real estate market months of inventory in the last 2 years.

Inventory is less than half what it was in previous years. Our Austin real estate company doesn't expect demand to let up (unless something unexpected happens with interest rates), so supply is the only variable that can help those who want to buy a home in Austin. We do expect supply to pick up when there is an effective vaccine released. Until then, our Austin realtors expect the market to remain incredibly tight.

All real estate is hyperlocal, so different neighborhoods in Austin are performing differently. You can view these market statistics by MLS area. If you’re not sure which MLS area you’re in, or if you would like to see statistics for your specific neighborhood, just contact us today and we’ll be happy to provide that.

Additional Reading:
September Market Stats First Look: Avg Sold Price Jumps 17% 

September Update: Why is the Market so Tight

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Last updated: 11/16/2020

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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

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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!
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Steve Sanders

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

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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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