January in Austin 2021

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Initial Thoughts looking back at January 2021 and the Austin Real Estate Market
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All the data from all the sales in the 5 County Area will not be in for a while, but I am anxious to examine the trends we can see right now.
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We are all hearing about a lot of people paying far above List price. The reasons for this are not completely clear, but we suspect it is a perfect storm of low inventory (in part because of the pandemic) and high demand because of people being able to work remotely and the announcements of major companies relocating to Austin.

So I went back 5 years to see how this January compared to each of the last 5.
The total number of homes sold in January in the 5 counties is 2106 (so far). This is higher than any of the past 5 years.
The total number of homes that went under contract on or after January 1st and closed in January is actually the lowest of the past 5 years at 276. I would suspect this is about our extremely low inventory. 

The number of Cash Sales went up 24% over January 2020. They will still only be about 22% of all sales.

​The maximum paid over list in 2020 was 122% versus 146% in 2021.  The average amount paid over List price was 103% in 2020 and 106% in 2021. (I have attached a map with the Average Overage of all over in RED and the average price in each zip in GREEN). However, if you looked only at the homes that went under contract and closed all in January, the average overage paid was 111%.

​Besides the 2106 that closed in January, another 1769 properties went under contract. There are approximately 4200 homes under contract in Austin.

As of this morning, there were 1359 properties Active in the 5-county market.
I love information and data. I spent many years learning to analyze it in college as well as when I worked in telecom. In a competitive market like this, it is important to have an experienced agent that delves into information like this. It can give you the edge you need as a Seller or a Buyer.
If you plan to sell, or need advice on buying, I hope you will get in touch with me.
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