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Hello, and welcome back! Today, I just want to give you a quick market update!
We’re currently seeing what we usually see around this time of year: inventory and sales are both on the rise! This seasonal rise in market activity is to be expected, but there are a few anomalies to take note of.
One thing to look closely at in this market is affordability.
- In the $100,000-$150,000 range, there is almost no inventory at all. Right now, there are only 3 active listings in Austin that fall into that price range! Usually about 17 houses sell a month in that range, but that clearly won’t be the case this month.
- In the $150,000-$200,000 range, we only have 1/3 of a month’s worth of inventory, and in the $200,000-$250,000 range there is only a 1/2 of a month’s worth of inventory!
- When you look at the $250,000-$300,000 price range, inventory is up to 1.3 months, but that is still a very strong seller’s market.
- For homes in the $300,000 – $350,000 the inventory is 1.5 months and for homes in the $350,000 -$400,000 the inventory is 1.9 months.
- At the $400,000 mark, inventory starts to level out a bit, as we have 3-4 months of inventory in that range. If you add in the new construction, we probably have closer to 6 months in this range.
If you’re a first-time home buyer, there really isn’t much available. There just isn’t much inventory in the lower price ranges, and builders can’t afford to build many homes in those ranges either. Homeowners would be wise to take advantage of this favorable seller’s market! The only good news for buyers right now is that interest rates remain low, which means affordability is quite high if you can find the right home.
If you have questions about these market conditions, or if you need our assistance, give us a call or shoot us a quick email. We would love to give you a hand!