Mid Nov Austin Real Estate Market Update & Consumption Report -- How Fast Are Houses Selling

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First market update after "high season". This time of year is traditionally considered to be "low season" when buyers stop buying and sellers stop selling...well, I am here to tell you that this is not the state of our current market. Buyers are not only still buying, buyers are seriously moving to Austin and while the volume of buyers may be lower right now, the intensity of buyers is high. Here are the numbers:

• 7,108 homes for sale: Single Family, Condos, Townhouses--Inventory is very low now--even lower than usual
• 3,356 homes under contract: this number is much higher than we would expect for this time of year in a "normal market year"
• 22,258 homes have closed so far this year (18,770 YTD in 2011)
• YTD compared to 2011:  3,488 increase of sold homes YTD over 2011
• We are having a record year in Austin--just as I predicted we would all year long.

Median Sold Home Stats for Single Family Homes:

• Median price across Greater Austin: $207,500
• 90% of homes sold in Greater Austin are Single Family homes
• Almost 1/2 of the homes were sold in Travis County
• About 1/3 of the homes were sold in Williamson County
• Median price as a percentage of asking price: 98%
• Median days on market is very low: 34 days
• Most expensive home sold YTD: $7.75M
• Median SOLD in Travis County: $245,000
• Median SOLD in Williamson County: $182,500

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: 4.25% of these home
• First 3 days on market: 10.5% of these homes
• First 7 days on market: 20% of these homes
• First 14 days on market: 31% of these homes 
• First 38 days on market: half of the available homes are sold

Whether you are Buying or Selling your home--give me a call and we can discuss what is happening in your community or the area where you are looking. I am Tim Thornton, your Austin Area Realtor. tT