Inventory Of Foresclosed Properties Is Shrinking
My recent analysis of the inventory of homes for sale in North Austin Texas reveals that buyers have been snapping up deals on foreclosed properties. The analysis showed that of the 3031 homes available for sale in the MLS today only 3% or 85 were foreclosure listings. When the pending sales were review for the same North Austin areas 7% of the 652 pending sales were foreclosed homes. The homes that had sold so far in 2010 showed the same 7% run rate with 154 of the 2092 sales being foreclosure. Back in Februaury of this year when I last reivew foreclosed inventory levels foreclosed homes made up 7% of the entire MLS.
Going one step deeper I examined the Northeast Austin MLS area NE which due to the large amount of new construction in the mid 2000′s has seen more than it’s fair share of foreclosed properties. In area NE foreclosed homes made up 5% of the active listing and a staggering 22% of the pending sales and 12% of the sales YTD. In Pioneer Crossing foreclosures represented 10% of the sold homes YTD. Pending sale however came in at zero and only 2% of the active listings were foreclosures. This is great new to those trying or planning on selling in Pioneer Crossing.
It seems clear to me that the worst of the foreclosure crisis may be past us in North Austin. If you are thinking about selling now may be the time to make the move. If so feel free to call or email Jim 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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