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The Austin real estate market has been 
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer"> since about May and I just ran the numbers for September. It& #39;s one thing to experience it anecdotally but even these numbers were shocking to me. THREAD
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First, know that I pulled these numbers from the MLS and the MLS doesn& #39;t capture off-market listings and some new construction. So it& #39;s not a perfect measure, but it gets about 90 percent of what& #39;s out there.
The numbers Realtors pay attention to most are things like months of inventory and number of sales. Everything is indicating we have MUCH lower inventory than this same time last year. That& #39;s been true since the pandemic hit.
Buyer demand really has not slowed down, in fact it& #39;s probably INCREASED since the pandemic hit, while a lot of sellers are waiting out the pandemic. Low inventory does nothing but drives prices up because the few houses that hit the market are being swarmed by buyers.
All of this I have experienced firsthand representing buyers and sellers this year. ALL of my sellers who are selling single-family homes are getting multiple offers, particularly when they take the time to stage and prep the house.
But what truly shocked me were the median sold price increases YOY. STUNNING! We just don& #39;t normally see these kind of double-digit increases from one year to the next. Usually it& #39;s single-digit increases, even in a really hot market.
What& #39;s driving these price increases are quite simply bidding wars. People are going tens of thousands of dollars over asking to get the house. https://abs.twimg.com/emoji/v2/... draggable="false" alt="😮" title="Gesicht mit offenem Mund" aria-label="Emoji: Gesicht mit offenem Mund">
Also we have historically low interest rates so going $20K over asking isn& #39;t that much of an impact on your overall monthly payment so that helps fuel the bidding madness too.
Moral of the story is: if you want to sell your house in #Austin in the next six months....now is an amazing time to do so and, duh, of course you should call me. (My advice for buyers is coming up next.)
