May 2021 Statistics: First Look

Posted Jun 7, 2021
| 0 Comments

We’ve run first look statistics for the month, which are available below. But first: Is buyer demand beginning to shift? We’ll take a deeper look at this later in the month, but we’ve observed the following:

It’s important to understand that these are very early indicators that can predict future inventory trends, but they do not guarantee those trends, and timing is still difficult to predict. Likewise, a softening of demand does not indicate prices decreasing. Our internal discussions are over how much prices will continue to increase and we believe that a softening of demand will simply return us closer to historical appreciation rates in the 5-10% range.

May 2021 Statistics
Unsurprisingly, the May 2021 sales statistics were phenomenal.

The Tri-County Area saw Avg Sold Price increase +46.25% and Median Sold Price increase +42.64%. It’s now safe to say that a comfortable budget to buy in the Austin Metro Area is ~$500k. The City of Austin saw just as phenomenal growth with Avg Sold Price increasing +47.98% to just under $760k and Median Sold Price increasing +41.18% to $600k. Days on Market in both areas now sits at 5 days.

This month, we began tracking Month Over Month (MOM) average price trends. In the past, we’ve ignored MOM because the real estate market is so seasonal. It’s very normal to see prices ~5% higher in the spring/summer than you will in the fall/winter. However, we’re now seeing incredible, rapid growth. We wanted to see what is happening to Avg Sold Price on a monthly basis. Unsurprisingly, it’s moving up quickly. Since January, we’ve seen prices increase +29.42 in the Tri-County Area and +27.02% in the City of Austin.

What does it all mean?
We believe that we’re settling into “new pricing” for the Austin metro. Because we’re continuing to see prices increase on a monthly basis, we don’t yet know what that new pricing is. We’re waiting for 2-3 months of relatively consistent pricing and we’ll then hesitantly report “this looks like the new pricing.” We believe that we’ll see consistent appreciation in the 5-10% range after we settle into that new pricing.

As always, if there’s anything that we can help you with your specific situation, please don’t hesitate to reach out!

 

Categories Austin Statistics

1400+ Client reviews!

David Stovall

I worked with Will Mackintosh and he provided a comprehensive plan and really stayed on top of things for us. Thank you Will

Jamie warner

I used Will Mackintosh as my buying agent for my first home purchase in Austin. He did an amazing job to guide me through the step by step processes. He is a fountain of local knowledge and is a real bonus when trying to find houses to buy in Austin and make successful offers. He was able to provide wisdom during closing that help reduce my stress and his local knowledge is second to none. Will is an outstanding buying agent, and navigated the buying process for me and made my life so much easier. I definitely recommend him to anyone seeking to buy a house in Austin.

Erin Seeley

I was initially quite leery of entering the crazy Austin Real Estate market. I’d heard horror stories about bidding wars with over 30 offers, having to pay $100,000 over asking price, and houses not appraising for the contract price. When I first spoke with Craig McGuire of Bramlett Residential Real Estate, he was realistic about the current market, but optimistic that he would find me a place that I would love and would feel comfortable with the purchasing process. Early on, I found a couple of homes that I was tempted to submit an offer for. Craig was thorough in his research of the homes and comps and was able to steer me away from a house that was not going to appraise and another that had potential to be a messy situation all around. When I finally found “the one” Craig went above and beyond to help me put together a strong offer that I could feel comfortable with. He made himself available whenever I need to talk out the situation and alleviate any of my concerns. Ultimately, I was able to have a quick closing on a house that I love with a purchasing situation that was definitely not the nightmare that I had feared. For someone who is considering wading into the Austin Real Estate market, I wholeheartedly recommend working with Craig McGuire!

Jacob Ybarra

I’ve said thank you so many times that I feel the words have lost all meaning, but I cannot thank Tara and her team enough. Tara was communicative, kind, and straightforward the entire time we worked together. Her team was equally as helpful and friendly. I felt heard and that she had my best interest at heart. This was my first time selling a home, and I lived out of state – to say I was stressed would be an understatement. However, by the time we closed, I couldn’t believe the process was already over. I cannot recommend her services enough, and I look forward to working with her again in the future. Thank you, Tara! Thank you for your help, humor, and clear and direct communication. I wish you and your team all the best.

Victor Caluya

We are out of state buyer and Shaun had helped us through the whole process smoothly. He is very knowledgeable in the area and had been very patient with our constant questions. He was available for us even with different time zones. He always answered our questions diligently. We would definitely recommend Shaun without any reservations and would love to work with him again if the opportunity arises whether as a buyer or seller.

Daniel N.

Shaun Duffenbach was an absolute pleasure to work with! Competent, professional, amiable. Was very quick to address all of our needs in a timely manner. We will certainly be calling up Shaun and Bramlett Real Estate if we ever decide to buy or sell again! Thanks so much Shaun!

Robin K.

As first time homebuyers, we were grateful to have worked with Katie Evans. She is patient, honest, always available, and extremely knowledgeable. She helped us through the entire process and gave us plenty of referrals for contractors, housing inspectors, loan officers, etc that were all top notch. We will definitely reach out to Katie when we decide to sell our place or buy another!

Alexandra B.

If you want to buy a house in this competitive market your best bet is to work with Shaun Duffenbach – you won’t be disappointed!

We starting working with Shaun after becoming frustrated with our previous realtor who lost us lost deal after deal. As everyone knows, the market is highly competitive right now and getting a deal done is extremely tough. You need a realtor that knows the market, and more importantly, knows how to negotiate to get you your house when there are numerous other offers. Shaun is exactly the right realtor for the job. He is the best because he’s a calming presence, but very tenacious and knows how to win the contract. Within one week of working with him we already had our dream house under contract. Shaun was extremely responsive, helpful and diligent throughout the whole process. We had an issue with our lender right before closing and he went the extra mile to make sure the deal was done and we weren’t burned in the process. I couldn’t recommend him more highly. Maybe you can get away with working with an “okay” realtor in a normal market, but when things are as competitive as they are now – you NEED someone like Shaun.

Robin Lawrence

As first time homebuyers, we were grateful to have worked with Katie Evans. She is patient, honest, always available, and extremely knowledgeable. She helped us through the entire process and gave us plenty of referrals for contractors, housing inspectors, loan officers, etc that were all top notch. We will definitely reach out to Katie when we decide to sell our place or buy another!

Daniel Nichols

Shaun Duffenbach was an absolute pleasure to work with! Competent, professional, amiable. Was very quick to address all of our needs in a timely manner. We will certainly be calling up Shaun and Bramlett Real Estate if we ever decide to buy or sell again! Thanks so much Shaun!

Alexandra Barnes

If you want to buy a house in this competitive market your best bet is to work with Shaun Duffenbach – you won’t be disappointed! We starting working with Shaun after becoming frustrated with our previous realtor who lost us lost deal after deal. As everyone knows, the market is highly competitive right now and getting a deal done is extremely tough. You need a realtor that knows the market, and more importantly, knows how to negotiate to get you your house when there are numerous other offers. Shaun is exactly the right realtor for the job. He is the best because he’s a calming presence, but very tenacious and knows how to win the contract. Within one week of working with him we already had our dream house under contract. Shaun was extremely responsive, helpful and diligent throughout the whole process. We had an issue with our lender right before closing and he went the extra mile to make sure the deal was done and we weren’t burned in the process. I couldn’t recommend him more highly. Maybe you can get away with working with an “okay” realtor in a normal market, but when things are as competitive as they are now – you NEED someone like Shaun.

Jared B.

We recently sold our home out of Lago Vista with Will Mackintosh as our realtor. As everyone’s situation is unique ours was no exception. We spoke with 4 plus other realtors throughout the Austin area and none of them wanted to list at our price we believed to be competitive. Will was pragmatic with his approach and agreed our price was aggressive but not impossible and he was excited to win over our listing. The whole Bramlet team helped greatly to ensure we put our best foot forward in the sale of our home. We ended up getting what we asked for and the transaction went smooth with no major issues. We are very impressed and happy with our experience and highly recommend Will and Bramlet Residential.