Whew!! We made it through 2021!!! We appreciate the support that has been shown to us by our past clients and the people that we have met through the years while in real estate. Our broker, Matthew Cornwall has now obtained his mortgage license and will be looking to provide advice on when it is the right time to refinance. He can also help you qualify for a loan if you are looking to purchase. Here is the link to start the process.
We wanted to take a moment to share how 2021 ended and what has been happening in the real estate market in 2021. Please take a look at the charts and read the in-depth analysis that we are providing.
Home Sales – Units Sold in 2021
Home sales have decreased ever so slightly across the five-county area, with total sales decreasing by 0.58% for the year. Williamson County saw a slight 1.89% increase while Travis County saw a slight 1.65% decrease.
Average Sold Price in 2021
The overall market saw average sold prices increase by 30.57% from $447,407 to $584,199. Williamson County saw an astronomical 38.49% increase in average sold price. Travis County saw an average sold price increase of 26.71% as there is a segment of the population that will always wish to be close to the city center. When you look at the average sold prices in both Williamson and Travis county it amazes us that Travis county’s average sold price for a single family residence is now above $700,000 and Williamson counties average sold price for a single family residence is approaching $500,000. It currently sits at $476,158 and we would expect it to be above $500,000 by the mid point of 2022.
Average List Price in 2021
The overall market also saw a 21.17% increase in average list price, going from $493,650 in 2020 to $598,145 in 2021. Williamson County is continuing to see the most growth when looking at the average list price of a home. The average list price for 2020 was $357,477 and is now $479.868 at the end of 2021.
Last year we wrote about one of the biggest issues facing the market was lack of inventory. When we wrote the newsletter at this time last year, we had just over 1300 single family homes for sale. As we write the newsletter this year we are not much better off with having just over 1400 single single homes available. We are beginning the year hearing about many properties that are obtaining multiple offers which indicates that buyer demand is still great. Buyers are still looking for those homes that are move in ready and are located in good schools.
See the below chart for additional information and feel free to ask for more detailed information on particular areas in the market.
Austin News
StoryBuilt and Partners Group have entered into a $1 billion real estate joint venture. StoryBuilt, an urban infill specialist developing communities in four of the fastest growing real estate markets in the country, announced today that it has entered into a joint venture with Partners Group, a leading global private markets firm, acting on behalf of its clients. Here is more info on the joint venture. This partnership, with California-based IHP Capital Partners, will channel $44 million toward developing the Ellie May mixed-use community, which will bring 84 condos as well as office and restaurant space to East Austin.
Amazon which has been investing heavily in the Austin market recently announced that it will team up with Texas State to provide employees with a variety of education and upskilling opportunities including full college tuition, industry certifications designed to lead to in-demand jobs, and foundational skills such as English language proficiency, high school diploma’s and GED’s. Here is more information on the Texas State and Amazon partnership.
If you or anyone you know needs any resources, or is looking to sell, buy or lease, please feel free to reach out and we would be glad to assist.