Austin Rebounding

In the Spring of 2020, the coronavirus and the federal, state and Austin restrictions on public activity had a major short term impact on the Austin real estate market. The governmental restrictions were most severe in late February, March and part of April. In mid April restrictions began to be relaxed.

Initially , the number of homes sold dropped significantly, down as much as 24% from the February totals.

As the real estate market began opening up, the pent-up demand can be seen in the number of home sales that are Pending, under contract but not closed. Pendings in the first of June are at the highest level in Austin history and 15% higher than June of one year ago. Demand for homes remains very strong as people continue to relocate to Austin. Several companies have made deep commitments to Austin and they are not backing off.

Sellers concerned about the uncertainty of the coronavirus impact and the desire to restrict outsiders into one’s home have significantly decreased the number of homes for sale. The number of homes on the market today is down 27% from one year ago.

Prices overall have remained steady during this time and we are again seeing prices increasing because of the high demand and low inventory. For homes priced below $600,000, it remains an Extreme Seller’s Market. For homes over $2M, it remains an Extreme Buyer’s Market. Every zip code and price range is different. See the June Market Report at the Tab listed above for the complete analysis of this market. Experience in the Austin real estate market is critical in the rapidly changing landscape.