Here’s a quick look at how our Q3 market statistics compare to last year’s.
As we head into the fourth quarter of 2020, I wanted to bring you all the important news and statistics from the third quarter of this year and explain how they impact you.
When I look at housing stats, there are some specific numbers I check to determine what the market’s doing and how we can price our homes properly. The first is new listings. We had 12,922 in Q3 2020, which is up 5% from where we were just one year ago.
The next thing I look at is sold listings. We had 12,795 this quarter. That’s a 17% increase from Q3 2019! This is huge!
Days on market (the average time it takes a home to sell) is the third number I like to assess. With high prices and more sales, homes are going to sell very quickly. Right now, our average is just 13 days! That’s down 43% from this time last year.
“It’s time to jump in and buy a home now
while demand is high and rates are low.”
Ultimately, these numbers are what we look at to determine where we price our sellers’ homes. The average sale price in Austin, Texas, is $350,000, an 11% jump year over year. It may not seem like a lot in comparison to the other numbers, but it is. We typically see only 4% to 5% appreciation in a normal year.
At the beginning of this year, home prices were heading down and flattening out. Right now, homes are jumping up in value, and with this steady incline, we may see home prices increase by 15% to 20% in 2021 because of the demand for housing in Austin and all the great jobs we have here, despite everything we’ve gone through with COVID.
If you’re considering buying a home, it’s time to jump in now while interest rates are low. If you wait, you’re going to end up paying a premium. Once we hit spring, prices are only going to go up even further.
If you have questions for me about the market stats, buying or selling a home, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.