As we enter month three of the pandemic, more and more data is becoming available as to how COVID-19 is affecting businesses, the stock market, and the real estate market.
The Austin Board of Realtors just released the April 2020 stats, and while overall home sales are down 20% from last April, the median sales price is up 3.2% and homes are selling 9 days faster than last April.
So what does all this mean for Austin’s housing market?
Buyers: Expect multiple offers and quick turnarounds from the time a house hits the market to the time it’s under contract. Inventory in Austin was low before COVID-19, and is even lower now as sellers wait to list their homes. It’s still worth buying now vs. later if you’re able to, as pricing shows no sign of decreasing.
Sellers: It’s a good time to sell if that’s been on your radar. Buyers are searching for great, new homes to hit the market. Matterport walkthroughs and virtual tours can help limit the number of people entering your home, and thus far we have not seen the prices of homes negatively affected.
Renters: Property prices in Austin are not showing signs of going down, even amidst a pandemic. If you’ve been thinking about buying, shoot me an email. In the meantime, most apartments are only offering virtual tours, though you can still view many rental houses in person.
Expect to see more new construction in Austin as inventory remains low. If you have any questions about the market or would like to go over your options for moving, buying, or selling, let’s hop on a Zoom call!
I’d love to be your resource on all things real estate, so reach out any time.
May 19, 2020