Here’s a couple of things to know about what’s going on in the market right now.
This week’s inventory is still really low and an extremely competitive place for buyers. As I’ve been saying for weeks, if you’re looking to buy in the under $500K range or so, you’re looking at multiple offer situations, a really competitive market, and very low inventory.
As I was saying a couple of weeks ago, the market wasn’t as competitive in the higher price ranges. However, we’re starting to see that change. For example, several of Chris’ Urban ATX listings have been set to be pending during the last few weeks in their respective markets. So luxury properties that have been sitting on the market are now starting to move.
The reality of the situation is that it is a really tough time for buyers and it’s a really good time to be a seller. We’re seeing really short days on market, lots of multiple offer situations that are going over asking price.
- Active and AC listings:
- As of June 16th: 1374 (57 AC)
- Inventory doing is going down since mid-May
- Pendings (contracts accepted):
- 375 single family homes went pending between June 9th-June 16 in Austin
- About 47/day, steady from last week, up from May
- Sold Listings:
- 495 sold in June so far (About 31/day)
- 220 sold since 6/2 last Tuesday (About 28/day)
- Both daily averages higher compared to average May closings
If you have any specific questions about your file, we’re happy to talk.
Have a great week,