Multiple offers, lower inventory and a sense of urgency is the mantra for March.
While the country is seeing headlines like “Existing home sales dive, prices at nine- year low” (from MSNBC) Central Austin real estate is experiencing something very different. In the month of March in Northwest Hills and Tarrytown we have repeatedly seen multiple offer situations. In the field, it’s been a tough month making the mental shift that we need to be more aggressive on what we offer sellers. It seems that the power pendulum is at least temporarily moving from buyers to sellers.
Note – It is still a buyers market but less so than it was a month ago.
This months chart tells the story -the number of homes for sale in Tarrytown and Northwest Hills continues to drop. Price (you can’t see it well in this chart) continues to slide just a bit as seller do whats need to accomplish their goals.
Its my guess that inventory will go up next month. My instinct for the remainder of the year is that we are going to be stuck in a market that is better for sellers than it has been but is still challenging. Should be interesting. Stay tuned!