As mentioned in previous posts, housing market stats lag by about a month. Therefore, any “new” updates we get are really telling us what the housing market did in the recent past. With that in mind, the Austin Board of Realtors just released the Austin housing market stats for July 2015 and there are definitely some nuggets in there.
Check out the video below where I break down some of the core stats! (If the video doesn’t show up below, check it out here on my YouTube Channel)
|A common site in Austin these days. We need more! (Photo courtesy of Wikimedia Commons)|
As you will hear in the video, there is definitely some shifting going on in our market. What we don’t (yet) know is if this is a seasonal shift, which is common, or if this is the beginning of an overall market shift. To be honest, I think this is just a seasonal shift. Family’s have already made their purchases and moved in time for the school year to start. This happens every year. However, there are a few indicators- of what, I’m not sure yet- that I want to point out:
- Inventory is up. We are seeing available housing levels above 3 months for the first time in a while. This means buyers have more to choose from and sellers have a very little less room to be so audacious in their asking prices. Are we heading for a buyer’s market? No way. Not anytime soon. However, this will provide buyers with a marginal amount of relief.
- Lots of appraisals are coming in low. As a buyer, if the appraised value of the home you are wanting to purchase comes in below the contract price, you can walk away from the deal and you will only lose your option money. I am seeing this happen a lot more lately. This, in my opinion, signifies the beginning of a market “saturation” instead of a downturn. Buyers will only pay so much for a 630sqft condo, right?…
- Jobs. Austin is constantly attracting new businesses as well as employees from other states and nations. As long as we continue to create jobs, our market will continue to grow. They gotta live somewhere!…