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Market News and Trends

March Market Statistics

I’ll have more to say on this subject over the next few days as I assemble my updated Austin Market Dashboard.  For now, I just want to highlight some key statistics announced this morning.  This graphic summarizes:

The short version:  Supply (active listings) is down 28% compared to last year.  At the same time, Demand (sales) is up 16%.  As a result, current listing inventory represents about 2.6 months’ supply — 1.8 months less than the same time last year, and well under the 6-month supply that most analysts consider “balanced” market conditions. Average time to sell is now 64 days, down from 84 days a year ago.  Predictably, in that market environment, sales prices are rising — to a $220,000 median, up 10% from March 2013.

So far the influx of new listings is about the same pace as last year, so we are not on our way yet to getting supply and demand better matched, and as I mentioned in an earlier post (Austin real estate flying in 2013), the contribution of new home construction is constrained by platted land availability.  The trends reported for March 2013 will likely continue well into the summer this year.

More soon ….

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.


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