This month has been really strong. In my personal book of business – 6 contracts in 10 days and I’m pretty sure mine wasn’t a unique experience. As I did research for this update you can imagine my surprise when I learned that our inventory of Central Austin homes for sale was increasing.
Meanwhile prices have been holding somewhere between steady and slightly up. (This is in line with the Case Schiller prediction that prices in Austin would increase .4% from here to the end of the year)
Normally this type of chart behavior would cause a standoff between buyers and sellers who paid attention to 9th grade economics. (remember the supply and demand curve?) The underlying data tella a more complete story. The speed of home sales are increasing and the average number if days a home stays on the market in Central Austin is going down.
The reason for this appears to be that the homes coming to market are fresh. If you’ve been paying attention to our market for the last couple of years a percentage of the home keep coming back on and keep re-listing again and again. It seems many of those homes have sold and sellers who have been waiting on the sidelines are bringing fresh listings to marlet.
The rest of Austin is seeing a slightly different story. Inventory is continuing to increase and prices are continuing to slide. (I expect these charts to change in the coming months because traditionally Central Austin is where prices increase first.)
If you would like to visit with me about selling or buying a Central Austin home – contact me here.