Jason's Market Update May 2016
- The greater Austin area continues to be in a "sellers" market. Homes are selling quickly and prices continue to rise. Some areas, neighborhoods and price points are hotter than others. Sellers are benefiting from the current market cycle. While buyers have fewer options available and have to compete against each other for homes in many areas. Currently the greater Austin area has a 4 month supply of home inventory available, market wide. The best homes are going under contract within days and often over asking price! We have a home under contract now, where the buyer offered $75,000 over/above the sellers asking price! A balanced market is when the active home inventory levels reach 5 1/2 to 6 months of supply. In other words, if no additional homes became available for purchase, it would take however many months (currently 4) for inventory to be bought up. Another way to view this, is there are more buyers than there are homes available...Demand vs Supply.
- Here are local stats:
- Greater Austin (includes all rural and neighboring communities) - Medium Price $290,000, average days on market = 10
- San Marcos - 146 Active Homes, Medium Price 205k, Days on Market 12
- Kyle - 317 Active Homes, Medium Price 193k, Days on Market 18
- Buda - 243 Active Homes, Medium Price 240k, Days on Market 24
- Lockhart - 34 Active Homes, Medium Price 181k, Days on Market 42
- Wimberley - 120 Active Homes, Medium Price 275k, Days on Market 41
Thank you Ashley Tullis for these great pictures of Preston and I from this last December.