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.