From our friend & local Realtor, David Brodsky, we heard the good news today that it is unofficially a seller’s market here in Austin. Here’s what he says about it:
Consistent with the national trend, Austin [housing] inventory levels have also declined. The current active inventory for Austin is 4.84 months. In other words, it would take less than five months to absorb (sell) the inventory for sale today. Why does this matter? When inventory exceeds 6 months, it is generally considered a Buyer’s market. When inventory is less than six months, it is generally considered a Seller’s market. The current inventory level suggests we are generally in a Seller’s market. Here are a few more local examples of inventory levels which illustrate a Seller’s markets in Austin:
Southwest Austin, Circle C: 1.52 months/ Barton Hills, SOCO (78704), Travis Heights: 4.49 months/ Westlake: 3.57 months
As we write to you, there are approximately 8,300 active listings in the Austin market. This represents approximately 22% less inventory than the same time last year.
This means that, if you have been holding off putting your home up for sale until the market returns, it may be almost time! Unfortunately, it also means that pricing for new homes will be on the rise as well. Hey, it’s just nice to have options, right?!