May 28, 2024 : The Austin real estate market has shown significant fluctuations over the years, and one key metric that highlights these changes is the percentage of properties sold over the list price. This measure provides insight into how competitive the market is at any given time. Examining the data from 2000 to 2024 reveals some fascinating trends.

Starting in the early 2000s, the percentage of properties sold over list price ranged from around 18% to 30%. This period saw a relatively steady market, with occasional peaks indicating higher competition among buyers. However, as we moved into the mid-2000s, particularly from 2006 to 2010, the market experienced a downturn. The percentages during these years were generally lower, reflecting the impact of the housing crisis. In 2008 and 2009, the figures dipped to some of the lowest levels seen in this data set, showing a less competitive market environment.

From 2011 to 2015, the market began to recover. During these years, the percentage of properties sold over list price gradually increased, ranging from about 11% to 30.6%. This period of growth indicates a strengthening market. By 2016, this positive trend continued, with the data showing even higher percentages. In particular, 2020 was a notable year, as the percentage of properties sold over list price peaked at 38.2% in December. This significant increase highlights a highly competitive market driven by various factors, including increased demand and limited inventory.

The most remarkable year in this data set is 2021. Throughout this year, the market reached unprecedented levels of competitiveness. The percentage of properties sold over list price soared, with April 2021 seeing the highest recorded percentage at 72.6%. This period reflects a market where buyers were frequently willing to pay well above the listed price to secure a property, driven by a combination of high demand and limited supply.

However, the extreme competitiveness of 2021 did not continue into the following years. In 2022, the market began to stabilize. The percentages of properties sold over list price showed a sharp decline from the highs of 2021, stabilizing between 9.8% and 17.9%. This trend continued into 2023 and 2024, indicating a more balanced market. In 2024, there has been a steady increase in competitiveness again, starting from 9.5% in January and reaching 18.0% in May. This resurgence suggests that the market is becoming more competitive once more, though not to the extremes seen in 2021.

Overall, the data from 2000 to 2024 reveals a dynamic real estate market in Austin, with periods of high competition and times of stabilization. Understanding these trends is crucial for both buyers and sellers, as it helps in making informed decisions based on the current market conditions.

Detailed Insights : Yearly Trends

• 2000-2005: The percentage of properties sold over list price ranged from about 18% to 30%, showing a steady market with occasional peaks.
• 2006-2010: The percentages were generally lower, reflecting market corrections or downturns, especially in 2008-2009, likely due to the housing crisis
• 2011-2015: A gradual increase in properties sold over list price, with percentages ranging from about 11% to 30.6%, indicating market recovery.
• 2016-2020: Continued growth, with a significant increase in 2020, peaking at 38.2% in December.
• 2021: Exceptional growth with the highest recorded percentage of 72.6% in April, reflecting a highly competitive market.
• 2022-2023: A sharp decline from the high levels of 2021, stabilizing around 9.8% to 17.9%.
• 2024: A steady increase from 9.5% in January to 18.0% in May, showing signs of a competitive market resurgence.

Key Highlights

• 2021: The most competitive year with multiple months exceeding 70% of properties sold over list price.
• 2022: The market began to stabilize after the peak in 2021, with percentages gradually decreasing.
• 2023-2024: Indications of market stabilization with moderate growth in properties sold over list price.

This data can be valuable for analyzing market trends, understanding competitive dynamics, and forecasting future market conditions. The detailed monthly breakdowns provide a clear view of how the market evolved over time.

For any specific questions or further analysis, please let us know. This article is based on data published on May 28, 2024. Real estate statistics are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: 

• Sold to List Price Ratio
  
• Market Cycle
• Market Update