2021 Q3 KERRVILLE AREA HOUSING REPORT
Summer is over, and we've turned the corner into the last quarter of the 2021 Kerrville area real estate market. From the opening bell of 2020, yes, back almost two years, it's been a wild ride. The election, covid, new administration, covid, inflation, covid, and continuing supply chain troubles mixed into "typical" real estate market dynamics. Who knows what lies ahead? No one. All that said, what did the Kerrville area real estate market look like over the third quarter of 2021?
Buyers still have the fever. The second quarter was on fire and carried through a chunk of the third. Multiple offers, days on the market routinely in the single digits, sale prices over the listing price, buyers were waiving all contingencies and doing whatever it takes. The "love letter" that many buyers included was discouraged due to Fair Housing concerns, but that didn't stop them, of course. First-time buyers compete with cash buyers and investors. Move-up buyers found it challenging; cash was king, as was buying primarily "as is." In short, the chaos continued as the 3rd quarter opened.
But we did notice that August settled a bit. Schools reopened, and the buyer frenzy paused a bit. Sellers found that their homes needed to be accurately priced and presentable. This continued through the end of the quarter. It's still a seller's market, but buyers are more selective, measured, and thoughtful. Competition remains, but it's not a blanket situation right now. Let's watch for the impact of the Fed reducing the purchase of mortgage bonds, growing inflation, expected rising mortgage rates, and of course, the covid situation.
Here are a few key observations that we noted during this quarter.
Median home-sale price increased 12.8% year-over-year to $327,250.
Active listings dropped 35.5% from the same period in 2020.
And homes that went under contract had an accepted offer within the first 37 days of being on the market, 38 days less from the same period in 2020, a record.
For more information about the current real estate market, contact Fore Premier Properties – Your Premier Properties Broker of the Texas Hill Country at 830.257.4000 or visit us online at www.forepremierproperties.com.