Are we really in a buyers market here in Austin? I have seen many scenarios of multiple offers this past summer and I am often explaining to buyers that there isn't a "fire sale" in Austin Real Estate.
The answer is that when looking at the entire Austin real estate market, we have roughly 7.4 months of inventory, which yes, is technically a buyers market. This means that there is enough homes currently for sale to last 7.4 months at the current rate of sales. Generally, anything more than 6 months is considered a buyers market.
However, when you focus in on specific neighborhoods and areas, you see a different picture.
The hottest selling Austin neighborhoods/Austin MLS areas:
1. Area 10S - 2.24 months of inventory
(north of Slaughter, west of I-35, east of Mopac, south of William Cannon)
2. Area 2N - 3.8 months of inventory
(north of 183, west of I-35, east of Mopac, south of Parmer Lane) Includes popular Quail Creek neighborhood.
3. 10N - 4.95 months of inventory
(north of William Cannon, west of I-35, east of Mopac, south of Ben White Blvd) Includes popular Cherry Creek neighborhood.
Average sales price range in these 3 areas is $125,000 - $175,000. (First time home buyer range...we can thank the tax credit I think.)
The slower moving Austin neighborhoods / Austin MLS areas?
1. Downtown - 24 months of inventory
(north of Colorado River/Town Lake, west of I-35, east of Lamar, south of MLK)
2. 1B - 15.6 months of inventory
(south of 2222, west of Mopac until 35th St, west of Lamar until Colorado River / Town Lake, east of Lake Austin) Includes Tarrytown, Clarksville, Highland Park West, and Pemberton Heights neighborhoods.
3. 8W - 11.82 months of inventory
(south of Colorado River, west of Mopac, east of 360, includes zip code 78738) Includes Rollingwood, West Lake Hills, and Lost Creek neighborhoods.
Average sales price in these 3 areas is $350,000 (downtown) - $650,000.
Here's a map of the Austin MLS areas.
Find out before you are buying or selling the market statistics for the area you are buying or selling in.