The Numbers Say Buy Now!

By jmorelli • September 2nd, 2010

A careful review of the absorption rate for the entire MLS, Austin only, and Northeast Austin show a very similar trend. That is, if you have been thinking of buying real estate in Austin now may be your best opportunity in years. As the chart below will demonstrate, in all three of the sampled areas inventory is extremely high. Northeast Austin currently has an 11.44 months’ of supply of homes. Keep in mind that a 6 month supply of homes is considered a balanced market.

What also interests me is the trend over the past year. Again, all three areas sampled show that the recent tax incentives for first-time buyers drove inventory down earlier in 2010 and then, since the expiration, caused inventory to increase. The most logical explanation is that demand for homes was brought forward due to buyers taking advantage of the huge tax incentives. What it all means now is if you want to buy real estate in North Austin, or anywhere in Austin for that matter, your timing couldn’t be better. Start today by searching the 18,714 homes available.

Written by Jim Morelli
REMAX Capital City | 13018 Research Blvd. | Austin TX 78750
Direct 512.918.1562 | Fax 512.331.7480
http://www.LivingNorthAustin.com
jim@livingnorthaustin.com
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