October 2021 Stats are out!
The October 2021 ABoR Stats are out! The median sales price was $455,000 last month. Closed sales are down 12% compared to last October. New listings and active listing both remained around the same average as October 2020. Homes spent an average of 20 days on the market which is way down compared to last year indicating that as new homes are listed, they are quickly going under contract.
Jon Hockenyos, president, TXP, Inc. — an economic analysis and public policy consulting firm — offered insight into why the market remains competitive and looks to signs of the supply chain rebounding which could help with new housing developments.
“While activity appears to have leveled off somewhat in recent months, Austin’s residential real estate market remains extraordinarily hot, as prices have risen drastically over the past year. Real estate in Austin remains a seller’s market as historically low interest rates, strong in-migration, a rapidly recovering local economy and unprecedented stimulus all drive up the demand for housing. When the lowest inventory on record is factored into the mix, it’s clear that price pressures are unlikely to ease any time soon. Hopefully, the coming months will bring more supply to the market, as materials shortages ease and new development occurs.”
For more information about the Austin market, click here.
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