2020 Real Estate Wrap Up
Whew!! We made it through 2020! 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. Miryam and I took a big step to open our own brokerage and appreciate your continued support.
While many of us have spent more time at home learning new skills, we have also seen many positives come from the past year. While the pandemic is still top of mind, we want to take a moment to review the market numbers for the Austin area.
We have attached a little of what we have been tracking recently and we have paired down the spreadsheet to the last quarter of 2020. We have also included the last quarter of 2019 for comparison purposes. These charts provide a view at the county level, but we have also been tracking specific cities and most recently have began tracking prices by square foot increments. Needless to say I have learnt new skills utilizing excel to extract data. The housing market saw an increase in sales of 2500 homes and has set a new record for the number of homes sold.
Home Sales
Home sales have increased across the five county area, with total sales increasing by 6.8% for the year. Hays and Caldwell counties led the way with a nearly 19% sales increase. These counties will continue to see growth in the years to come as the market is starting to stretch further away from the center of Austin. Here are some great homes in Travis county
Average Sold Price
The overall market saw average sold price increase by 4.56% from 421,833 to $441,059. Travis county led the way with nearly a 14% increase in average sold price while Hays and Bastrop showed nearly a 12% increase. Travis county will continue to see sold price increases as there is a segment of the population that will always wish to be close to the city center, while we will continue to see price increases in Bastrop and Hays county due to an abundance of affordable new construction, happening in both counties. Bastrop and Hays counties are also where many 1st time home buyers are settling. If you are interested in homes in Hays county
Average List Price
The overall market also saw a 3.5% increase in average list price, going from just under $430,000 to just over $445,000. The list price increase follows suit with the average sold price, where Travis county leads the way with a 13% increase, while Hays and Bastrop county had just under a 12% increase.
One of the current issues facing the market is lack of inventory. Currently we have approximately 1300 single family homes for sale which is causing a multiple offer situation like I have not seen during my previous years in real estate. We have seen a property receive 96 offers recently and have heard of others with offers in the 70’s. Many would wonder if the home was priced correctly, and after looking at the property, I would say it was priced according to the comparable properties available, it was just in an extremely desirable area with very good schools.
See the chart below for additional information on the five-county area.
If you or anyone you know need any resources, or is looking to sell, buy or lease, please feel free to reach out and we would be glad to assist.
Stay healthy!
Miryam and Matthew Cornwall
Cornwall Properties
(512)221-4652
