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Market News and Trends

More on market velocity


In Market pace during Covid I discussed the overall pace of sales in the Austin area this year. That post covered the entire resale market in our five-county metropolitan area — all sizes, ages, styles, and prices. It’s worth pointing out that fast-paced sales are common across virtually all market segments.

As a starting point, this chart summarizes median and average Days to Sell from January 2011 through September 2020:

In case you’re tempted to say, “Yeah, that’s probably just the middle of the market,” here’s how market velocity looked over the first nine months of 2020, now shown segmented by sale prices:

I left out sales below $100,000 because the number of sales is very small and property condition can and does lead to long market times in that very low-priced segment. In every other price segment from $100,000 to $1,000,000 the median Days to Sell was less than 20 days! The half of sales above the medians can range to much longer times, so the averages are higher.

Another comparison is interesting, in case you’re tempted to say the trend likely changed as we moved beyond the summer selling season with very limited inventory:

In every price range from $100,000 to $900,000, median Days to Sell was the same or lower in September than for the entire year, and even up to $1,000,000, the median was less than 20 days. (And are you surprised that even over $1,000,000 half of all sales took 30 days or less?)

Comparing average Days to Sell shows much the same change in September versus the entire year so far:

The challenge of being a home buyer in the Greater Austin area is something that affects virtually our entire market. Take some encouragement in the fact that average sale times are much longer than the medians, but you will almost certainly be competing for the home you want. For some help in targeting your search, refer to Austin-area Home Prices. That post will guide you to the cities and zip codes in our area where you are likely to find the price range you want or need.

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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