Austin Real Estate Market Update- Consumption Rate Analysis: How Fast Are Homes Selling?

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One of the leading indicators of whether a market leans toward the Seller or leans toward the Buyer is the rate at which homes are going under contract. Details regarding this dimension of the market are seldom reported; in fact, I don't know of any other Realtors or Analysts who look at the consumption at this level of detail. Making a determination of "Seller's Market" is normally tied to only one factor--homes sold compared to total volume of homes for sale (inventory). But knowing how fast homes are selling in the area where you are selling or where you are looking is a key factor that you should before selling your home or before you buy your next home. If the best homes in the area are selling in less than 3 days and you are planning on waiting until the weekend to see a new listing--guess what--you may have missed the house that you wanted to buy. And if you are selling and your home has been on the market past the expected contract time for your community, you may need to seriously look at the factors that are keeping your home from selling--chiefly, Market price and Showing Quality.

Q: So how fast are houses selling in Greater Austin area?A: As of today, with more than 2998 homes with pending contracts, here are the rates at which homes are selling during the first 34 days on the market:

• The first day on market: 3.5% of these home
• First 3 days on market: 8.4% of these homes
• First 7 days on market: 18.4% of these homes
• First 14 days on market: 38% of these homes 
• First 34 days on market: 50% of all homes

 These are incredible statistics and valuable information to both buyers and sellers.Whether you are planning to buy or sell your home--give me a call and we can discuss what is happening in your community or the area where you are looking. 

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