Monday AM Austin Real Estate Market Update - Sept. 10, 2012

I did not publish this at the beginning of the week in remembrance of the victims of 9/11. However, this report is retro to Monday's weekly numbers. We are more than 2,583 homes sold ahead of where we were this time last year and homes are sitting on the market for a much shorter period of time than the recent past. In the last week alone over 673 homes have closed and 3,307 homes are currently under contract--expected to close during the next 30 days. Inventory is low and activity is high. We are in a Seller's Market--which means that homes that are priced right and show well are selling fast! (See my report on how fast homes are selling).

• 8,182 homes for sale (Single Family, Condos, Townhouses) (down 139 homes)
• 3,307 homes under contract!
• 17,496 homes have closed so far this year (+673 homes over last week!)
• YTD compared to 2011:  +2,583
•      ~16% increase YoY

 
Median Sold for Single Family Homes:

• Median Sold price across Greater Austin: $209,990
•     -up $13k over YTD 2011
• Median price as a percentage of list price: 98%
• Median days on market YTD: 33
•     -20 days faster than YTD 2011
• Median days on market during past month:  33 days
• Most expensive home sold YTD: $7.75M
• Median SOLD in Travis County past 30 days: $265,000
• Median SOLD in Williamson County past 30 days: $185,500

 Sept Summary: 
The median days on market during the past month in Travis County was 24 days! That means that half of the houses in Travis County that are going under contract are doing so in less than 24 days. In fact, many of these homes are going under contract in 24 hours! Williamson County is only 16 days longer on market than Travis. These numbers are remarkable--especially when compared to historical numbers of closer to 60-75 days on market. Same story as the past several months! Inventory is low, so buyers have to be ready to jump on opportunities as they are uncovered. Houses that are priced right and show well are selling in as little as one day or one week--often times with multiple bids. Many buyers are being surprised by how fast homes are selling. Many houses are selling so fast that only the buyers who see it during the first day on the market have a chance to bid on it. Of course, not all houses fall into this category. The home has to show well and be priced to market. Otherwise, the competition will handily squash it. Want to know more? Call me. Let's Talk about your real estate needs.