Housing Market Normalizes in Austin Area

For the first time in 5 years the OVERALL Austin market has moved from an Extreme Seller’s Market (less than 3 months of inventory) to a Normal Seller’s Market (3 to 6 months of inventory).

The reason for the movement is the increase in inventory. There are more homes for sale now this November than in any time in the last 6 years. There are 21.31% more homes for sale now than one year ago.

Demand, the number of homes sold in October, is nearly identical this year to the last three years. Pending sales, homes under contract but not yet closed, are nearly identical to last year. Demand is staying steady. However with more inventory, the average number of days to sell a home is 8 days longer than a year ago, now at 53 days.

The above are overall averages. Market conditions are different by Price Band, Zip Code and Neighborhood. For instance homes valued over $2M are in an Extreme Buyer’s Market while homes valued under $300K are in an Extreme Seller’s Market. The following Zip Codes are still in an Extreme Seller’s Market: 78705, 78727, 78730,78739,78749,78750 and 78759

Historically, the total number of homes sales declines during the holidays and through November, December and January. Sales begin to increase in February. (February sales are the result of homes going under contract in January.)

If you want to sell your home, you should use this time to get it ready for a January listing. We have a designer on staff along with a great work crew that can help you get your home ready.

Submitted by Laura Duggan, President, West Austin Properties, 3312 River Road, Austin, Texas 78703, 512-750-2425, homes@westaustin.com