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Market News and Trends

Market pace during Covid? Fast!!!


If you’ve been house-shopping over the past few years in the Austin area you know that it can be frustrating, with homes going under contract before you can get an offer submitted. It’s not your imagination, and it has gotten even more tense over the past six months.

For comparison, here’s a look at the number of single family homes (resale only) sold over the past ten years, and the median days they were on the market (date of active listing to date buyer and seller executed a contract):

2012 was our transtion year from the last market bottom into the current very long market boom. The traditional Spring-Summer selling season is visible in each year, and the median days to sell was 10 days or less for at least a couple of months each year. 2020 has been different, though.

In 2020, median days to sell reached 8 days in March and 6 days in April, just as the coronavirus lockdowns began. It increased to 11 days in May and June, then fell again to 9, 8, and 7 days in July, August, and September, and notice the peak in unit sales in July — the highest monthly total ever:

(You can see the details of sales and prices in Shock and Awe in Austin home sales.)

When half of all sales take just 6 to 8 days, that means many homes were under contract in the first or second day on the market.

If you’re a buyer on the verge of giving up you’re not alone, but keep in mind that an average of 2,700 buyers have been successful each month since June, and 2,300 each month since our pandemic lockdowns began in March. If you’re serious about buying a home, make sure your financing is ready, know what you need, and be prepared to compete for the house you really want. It happens for hundreds of folks like you every week.

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

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  1. Pingback: More on market velocity | Bill Morris on Austin Real Estate - October 3, 2020

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