Austin area Market Stats for the week of April 2 to April 9

[Beau Fannon]

Here's a quick market recap for the Austin area during the week of April 2 to April 9. The largest outlier is the high number of temporarily off market properties in the residential for sale market. This time last year there weren't any temporarily of market properties to my knowledge. In fact, if it weren't for these properties taken off the market, I don't think the Austin real estate market would even be showing any effects from the global pandemic. Austin is strong.

Leasing is still going strong albeit with slightly above average price reductions. I've given 8 video tours of newly listed properties for sale or lease this week and half of them were clearly former Airbnbs. Many people are worried about rents falling because of the sudden flood of Airbnbs on the market but given that most of them were purchased in the past 3 years and mortgages have to get paid, I don't foresee any major longterm rent reductions across the area.

And finally, multi-family is tight as always.

If any of this information was helpful, give me an upvote and I'll post the data more often.

[Alex G.]

I'm a bit surprised by the number of Pendings in the SFR segment. Going strong as if nothing changed. As of now, most realtors are probably still telling their clients everything is peachy, just need to exercise caution when showing.

 I'm frantically trying to wrap up our current rehab in hopes of catching some of these fearless buyers unfazed by the virus who are still out there paying premium prices.

The only way we're going to see any changes in the market is IF and WHEN there is some serious inventory buildup in the Actives, and average of 4-5 months in "Days on the Market" column. 

 It will take some major job losses in Austin to slow down the pace of buying and major consumer loss of confidence. That's not going to happen overnight. It might take 12-18 months to see if the inventory supplies are trending substantially up. If that's not the case, though hard to imagine, we may not see any major changes in the market locally.