Quick Study Austin Market
I just ran 15 quickie pending / sold analysis around Austin comparing sold the last 60 days and current pending and found some interesting and optimistic data.
If you say that 30 homes sold in area 4 in the past 60 days, that tells us that 15 homes are selling per month recently. Then you see that there are currently 20 area 4 homes pending … that means, in theory, that 20 homes will close in the next 30 days. That would be a slight increase in activity.
When we see the pace pick up like this, it indicates that we are moving inventory through the system, lowering the number of homes on the market. This is a good thing. If the market is saturated, it softens prices; when the market has fewer homes available, it increases demand … basic economics and something we watch closely.
Of the 15 snapshots I ran, 14 were up, 1 was even. Meaning, they all are showing that homes sold for the next 30 days will outpace the rate at which they sold the past 60 days.
5 of them have almost doubled: areas 1B, 1A, downtown condos, 78704 condos and area 5 (east).
The next healthiest: Anderson High School, 78704 homes, area 10N.
A little further down the list but showing stability: areas 4, 2, Hays and Pflugerville over $200k.
This is not an indication of prices creeping up (that is another study), but it indicates stability.