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Highlights For November Home Sales
The November statistics show a very robust market. The sold unit count is still down year over year, though by roughly half of October’s YOY decline. The decline is to be expected, as the pandemic demand in 2021 drove unseasonal demand. Sold units are up +8.76% and +13.22% over 2019. The reduced decline over 2021 and the double digit increase over 2019 indicate this spring will be very strong. This is good or bad, depending on which side of the sale you’ll be on (buyer or seller.)
Appreciation numbers are interesting. We’re still seeing appreciation slow compared to the summer months, which is also to be expected. The YOY numbers are in the ~20-30% range compared with 30-40% in the summer. Interestingly, though, we saw prices tick up month over month. The Oct to Nov average price increased by 4%. This isn’t huge news, but it is interesting, as we generally see a slight decline from the fall to winter months. This also indicates a stronger than normal upcoming spring (though likely not stronger than the abnormal 2021 market.)
Market Appreciation by Zip Code
Baring in mind that real estate is hyper-local. And, I keep my finger on the pulse of the market. For a list of the Top 10 Median Price Comparisons by Zip Code which highlights those zip codes that have shown jump of 40 to 50%+ vs last year. We’ll share the link to this video at the end of this video to make it easy to find.
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- Total Sales are down -11.6% in the Metro and -11.7% in
- Austin city limits
- Austin Metro Avg Sold Price +27.6%
- Austin Metro Median Sold Price +30.5%
- Austin City Avg Sold Price +23%
- Austin City Median Sold Price +23.8%
Day On Market: While this is NOT a hard and fast rule
- Sellers can expect to list for 8 days and then go under contract and 7 days in the city
We’re seeing price reductions of homes that were swinging for the fences and adjusting as the market shifts daily. Fortunately it doesn’t shift by the minute or day like when I look at my crypto portfolio which was 20% prettier only a few short weeks ago. I’d insert a sad face but seriously, like the housing market, gains in the past 365 days are unlike any market I’ve experienced. And, our Austin real estate market is healthy.
|5-County Area||11-2020||11-2021||% Change|
|Avg Sold Price||$461,411||$588,620||27.57%|
|Median Sold Price||$362,000||$472,490||30.52%|
|Avg Sold $/SF||$215.82||$285.71||32.38%|
|Median Sold Price/SF||$179.66||$248.01||38.04%|
|Median Days on Market||8||7||-12.50%|
|City of Austin||11-2020||11-2021||% Change|
|Avg Sold Price||$582,350||$716,544||23.04%|
|Median Sold Price||$458,000||$567,000||23.80%|
|Avg Sold $/SF||$285.79||$367.34||28.53%|
|Median Sold Price/SF||$245.59||$324.40||32.09%|
|Median Days on Market||7||9||28.57%|
What does this mean?
Let’s look at this wearing our Strategies Cap: I’ve been selling homes for 11 years. First in Toronto where bidding wars began 11 years ago. So, I had and have strategies in place for my Sellers to earn the most amount of money with the least amount of hassle in the quickest time AND I have strategies for my Buyers to win bidding wars that go far beyond just this past year Texas bidding war experiences. My Buyer clients win. And it doesn’t have to be painful and have your heart broken over and over. The housing market will pick up again in February/March 2022 when Sellers start to list their homes and Buyers are actively in the arena. Strategy is everything.
If You’re A Buyer:
The next 6 weeks bring buying opportunities as many people are patiently awaiting the spring market. As a result there are less houses that are for sale. The spring will offer more houses to buy and more Buyers to buy them as mentioned earlier. This is a window of opportunity for serious Buyers right now if there are properties that meet your criteria.
If You’re A Seller:
As mentioned in the stats, November houses were taking on average 7/8 days before being under contract. Prices remain strong and chances are you’re sitting on some real equity if you’ve owned your home for at least 5 years.
FYI: Sellers, I mentioned it last month and it’s worth mentioning again. If your home is currently For Sale and you decide to remove your property from the Multiple Listing Service for 90 days, it will be considered a “New Listing” in spring 2022. Anything less than 90 days though and it is not a “New Listing”. Why is that important? Because Buyers like to see that a property hasn’t been sitting on market for longer than they believe it should be on market. In other words they may wonder if something is wrong with the house or the price or the neighborhood or any other determination. If your house isn’t selling currently, it’s price or condition or both. Demand remains steady through this month as we still have more Buyers than Sellers.
Always bear in mind that real estate is hyperlocal and hyper-situational so please reach out to us if you have questions over your specific market or situation.
If you haven’t checked out my YouTube Channel, I encourage you to do so, especially if you are interested in living in Austin, Texas. I’ll be covering the different neighborhoods, and introducing you to exceptional professionals and places that will make working, playing, loving and Living In Austin Texas that much sweeter. If you have any questions or comments, please feel free to give us a call or shoot us a text or email. I’d love to help you out.