North Austin Market Snapshot
I noticed an interesting trend yesterday when I was doing some research for a customer in North Austin. What you will see in the report below is in this particular North Austin subdivision, Willow Run, there are currently 15 active listings and only 3 pending sales. What this tells me is that competition for buyers is very competitive as there is only 1 pending sale for every 5 active listings. Another interesting note is that of the 15 active listings 10, or 66%, have had recent price reductions, as evidenced by the downward arrow adjacent the price (as always, click on the chart to see a larger version).
Sellers in today’s market need to also realize that while price is an important component in the sales process, condition / staging and marketing are also very important. Sellers should aslo have a good understanding of inventory levels in their area, this is also sometimes referred to as the absorption rate. This will give you an idea of how long it may take to sell and how aggressive one should be with their price.
To sum things up, I feel the market in North Austin is going to take a slight dip due to the shortage of buyers. Once we get deeper into the summer things will begin to pick back up as more buyers come in. With so many buyers having taken advantage of the tax credit deadline of April 30, 2010 we will need time to ramp back up.
If you are thinking of selling or need an assessment of why you might not be able to sell, call Jim Morelli at 512.918.1562
Written by Jim MorelliREMAX 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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