May Austin Market Report Available
May 7, 2012 by Laura Duggan · Leave a Comment
Is the Austin real estate market starting to stagnate or just taking a breather?
- •Number of homes for sale are at seven year lows. This month there are 28% fewer homes for sale than last year and 34% fewer than 2010 – a big drop in inventory.
- •Demand for homes was stagnate during April, the first month of slow demand this year. Demand, number of homes sold compared to February, had increased in April for each of the last four years. Other data indicates this is not a long term trend.
- Months of Inventory is 4.36, defined as a “Normal Sellers Market” where there is normally “moderate appreciation.” This is an average for the Austin market as a whole. Price bands, Zip Codes and Areas all have different market dynamics. (See charts for specifics.)
- •The homes that did sell in April sold faster than the prior 4 years, with a average time on the market of only 67 days
- •The strongest Austin market segments are homes prices below $600K. For homes valued over $1M, there is an oversupply of houses and few buyers and this upper price range is in an “Extreme Buyers Market.”
To view the entire May Report click below, or the Market Report tab above:
http://westaustin.com/wp-content/uploads/2010/09/May-2012-Market-Report.pdf
April Austin Market Report – Changing Quickly
April 17, 2012 by Laura Duggan · Leave a Comment
During the Spring and early Summer it is normal to see the number of homes for sale, houses under contract and homes sold increase each month. This trend continues until mid summer. This year the trend continues with some very specific differences.
- Number of homes for sale are at seven year record lows. This month there are 23% fewer homes for sale than last year and 34% fewer than 2010!
- Demand for homes is rising. More homes have sold in Austin during the first three months of the year compared to 2011 and 2010 and 2009. And Pendings, homes under contract are at a seven year high.
- In one month, Month’s of Inventory has decreased 33%, from 6.14 Months of Inventory to 4.12 Months of Inventory. This is one of the most significant declines for March in the last seven years.
- In one month, the Austin market has moved from a “Balanced Market” to a “Normal Sellers Market.”
To view the 13 page Report, go to the Market Report tab above or click here:
http://westaustin.com/wp-content/uploads/2010/09/April-2012-Market-Report4.pdf
Seven Year Comparison of Number of Austin Homes for Sale
February 17, 2012 by Laura Duggan · Leave a Comment
To view the 11 page February Market Report, click on the chart above.
February Austin Market Report – lowest inventory in 7 years
February 15, 2012 by Laura Duggan · Leave a Comment
For the last four months the number of homes for sale in the Austin area
has been at a 7 year low. 6414 homes are currently for sale, 20% fewer
than last year and 26% fewer than two years ago.
The number of homes sold in January has remained about the same for
the last four years. The rental occupancy rate in Austin is nearing 97%.
With very few homes for sale and demand remaining steady, prices
should have pressure to move upward. However, our experience is that
increased loan requirements, more stringent appraisal requirements,
higher down payment requirements and the buyers perception that values
have declined are keeping prices steady. However there exists wide
variation in the Austin market. To view the entire 11 page report go to the
Market Report tab on our website.
