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Austin Real Estate Market Suddenly Very Hot Spring 2012

Almost overnight, with little warning, the Austin real estate market has caught fire. We are encountering multiple offers and buyer frustration. Not everywhere, but in the popular neighborhoods. Let’s look at some Active/Pending stats for popular neighborhoods.

Circle C
27 Active Listings. Average Days on Market = 35
31 Pendings.  Average Days on Market = 32

Over half of all listings under contract. A normal ratio is about 1 of 5 listings under contract in a balanced market.

Southwest Austin 78749 Zipcode (includes Legend Oaks, Village at Western Oaks, Westcreek)
25 Active Listings. Average Days on Market = 88
49 Pendings.  Average Days on Market = 38
Double the number of homes under contract than there are available. This is an ASTOUNDING ratio reflecting a lot of pent up demand.

South Austin 78704 Zipcode  – MLS Area 7 – Zilker/Barton Hills
10 Active Listings. Average Days on Market = 126
16 Pendings.  Average Days on Market = 50
Like SW Austin, the Active/Pending ratio is inverted, with more Pending listings than Active.

Northwest Austin 78759
60 Active Listings. Average Days on Market = 59
51 Pendings.  Average Days on Market = 47
Nearly half of all listings under contract.

The ratio for the entire Austin MLS at present is 1 of 3 listings under contract, which is very strong overall, even in typically weaker areas like Manor and Hutto. What does this mean for the Austin real estate market?

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Posted by Steve
4 years ago