Volume No. 21
Residential Properties in Austin $1 Million and above
Number of Luxury homes closed between
December 20th to December 26th, 2020
There were 22 contracts closed last week at $1 million and above. 18 were single-family homes not located on lakefront property, 2 condos, and only 2 home this past week was located on lakefront property. Total sales volume was $42,510,000.
This past weeks totals may seems a far cry from the previous week, but rest assured it's perfectly inline with what we are experiencing in Ausitn. With the holidays in full force last week and Christmas landing on a Friday it's no surprise that the numbers were a bit soft. I was curious to see how it compared to the week of Thanksgiving and the overall numbers were not too dissimilar.
With 2020 about to wrap up, it's sure to be a year that few of us forget. As someone that personally finds myself on the bullish side of the market I look to 2021 and I'm not sure what to make of it. While Austin is a "go-to" for many people from all over Texas along with California and New York one aspect that has been driving the market in historically low inventory. With inventory so low, and interest rates also at historic lows it's helped to create an enviroment where buyers are out in full force but with the pandemic raging many sellers are opting to stay in. Thus creating a supply and demand crisis that has driven prices to all time highes. Will these high prices, and growth continue? I don't know. And frankly, if anyone tells you they do know they are lying to you.
I do think Austin is in a very healthy posistion and will continue to grow, but at what rate, I'm not entirely sure. I know one thing forsure, I'm looking forward to 2021 and think Austin will become a globally recognized city that is as disirable as any other major city.