First Look Market Statistics: December Finishes Strong!
Jan 09, 2022
Hello and we hope you’re doing well! We ran first look statistics for the month of December which are available to view in full here. The year finished incredibly strong with total sales down very moderately (and up +8.83% over 2019) and appreciation numbers in the 20-30% range.
Highlights Include:
- Total Sales are down -8% in the Metro and -13.94% in the City
- Avg Sold Price in the Metro was the highest of 2021 at $603,999
- Avg Sold Price in the City was the 3rd highest of the year at $748,241
- Time to sell was 8 days in the Metro and 10 days in the City
| 5-County Metro Area | 12-2020 | 12-2021 | % Change |
| Total Sales | 3670 | 3376 | -8.01% |
| Avg Sold Price | $485,433 | $603,999 | 24.42% |
| Median Sold Price | $367,000 | $475,981 | 29.70% |
| Avg Sold $/SF | $227.57 | $294.37 | 29.35% |
| Median Sold Price/SF | $185.57 | $249.38 | 34.39% |
| Median Days on Market | 8 | 8 | 0.00% |
| City of Austin | 12-2020 | 12-2021 | % Change |
| Total Sales | 1478 | 1272 | -13.94% |
| Avg Sold Price | $632,885 | $748,241 | 18.23% |
| Median Sold Price | $477,251 | $570,000 | 19.43% |
| Avg Sold $/SF | $311.12 | $384.90 | 23.71% |
| Median Sold Price/SF | $269.88 | $335.55 | 24.33% |
| Median Days on Market | 8 | 10 | 25.00% |
| 12-2019 | 12-2021 | % Change | |
| 5-County Sales | 3102 | 3376 | 8.83% |
| Austin Sales | 1265 | 1272 | 0.55% |
Our biggest professional concern is to determine whether 2022 will be a repeat of 2021, which could only be described as “insane/frantic” or if there will be a return to normal. Right now, it doesn’t look like it will be either. Sold volume is down vs Dec 2020 (the start of the “insanity”) but up vs 2019 (the “normal.”) Our opinion will evolve as we get more data, but we believe that 2022 will be somewhere in between the “normal market” and the “insane/frantic market.”
If You’re a Buyer
The chart above shows that the increase in prices happened almost entirely between January and March last year. This is when buyers enter the market and demand increases. It’s important to remember this when making offers early in the season; we have to predict how much prices will increase and get in front of pricing. A historical look at Austin’s seasonality can be viewed here.
If You’re a Seller
Note the same price trends and incorporate this into your pricing strategy. Selling is tricky because there are repercussions to pricing too high. However, with the right pre-market and multiple offer strategy, you can be very confident that you won’t leave money on the table.
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. We’d absolutely love to help!
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