ABoR August 2021 Statistics
The August 2021 ABoR Stats are out! The median sales price was $470,000 last month. Closed sales are down 4% compared to last August. More homes are also being listed across the MSA, as new listings increased 14% to 4,409 listings in August. Active listings dropped 19% to 3,380 listings. Homes spent an average of 14 days on the market, which is down compared to August 2020 indicating that as new homes are listed, they are quickly going under contract.
According to Mark Sprague, economist, and the state director of information capital for Independence Title, Austin’s market is exactly where it should be based on demand.
“There have been reports of Austin’s housing market being overvalued, but from an economist’s perspective, my question is, ‘overvalued compared to what?’ The Austin market is robust, and sales activity and pricing have been driven by true demand. A combination of events, including increased job creation in the market, low interest rates, shifting priorities for perspective buyers, and in many cases, increased personal savings following stay at home orders during COVID, are why the Austin MSA is a top market in the country. When there is this much demand, it is difficult for an entire market to be considered overvalued."
For more information about the Austin market, click here.
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