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Texas Housing Market Hits An ALL Time Low In Inventory Matching Austin Area Trends
First, I'd like to say "Thanks for checking out my blog." This is really my first attempt at this so I am just going to post some information that I feel is exciting and relevant to anyone who is interested in real estate and especially here in the Austin Area. Texas Association of Realtors just released data gathered through the Real Estate Center of Texas A & M University that Texas has hit an ALL TIME LOW for inventory homes for sale! What does that mean? The average home inventory is 6.0 - 7.0 months worth of inventory which balances out the supply and demand. The current inventory of homes in Texas is 2.8 months! 2.8 is crazy!
If you've been watching the Austin market for any amount of time, you should be aware that our prices continue to climb and there just aren't enough homes to go around. About 3 years ago, a multiple-offer situation was rare unless you were in the $125K and under market; however, due to the limited supply of homes available and the continual influx of people that has definitely changed! Now, in my experience if you are looking at a $250K home and under you are almost assuredly going to be in a multiple-offer situation and if it is under $200K; well, you can almost be sure that there will be many offers on the property you desire! Let me give you a recent example, I recently listed a 3/2 home in Hutto for $169,900 and had 7 offers...SEVEN on the first day! I've dealt with multiple offer situations before but never that many offers on one property and not on the first day!
More to come....