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John Crowe's Blog

By John Crowe | Broker in Austin, TX

Mayday, Mayday!

Why the alert? We need inventory. Calling all home owners who have listed a home or thought about listing in the past few years - we need you! May brought 31 more days of low inventory and strong sales. Many buyers are losing patience and showing frustration, stuck with multiple offers, paying above list and every other tick associated with a seller's market. Like the rain we sought last year (and still need this year), homes are Austin's latest drought. I mentioned a few neighborhoods last month where inventory was exceptionally low, like Allandale with 8 homes for sale (it's typically 4-5 times that) and all of 78704 (think "Keep Austin Weird" cachet). Want numbers? Sales are at 31% of total inventory compared with 19% of inventory in April 2011.  Sales are up same month over last year by 25% against 23% less inventory. 

More sales data for May 2012, courtesy of the Real Estate Center:
  • 2,618 sales (2,066 in May 2011, 2,103 in April 2012)
  • $271,800 average sales price - $265,300 in April ($260,700 in May 2011)
  • $211,900 median sales price - $207,400 in April ($194,800 in May 2011)
  • 8,465 total active listings - 8,239 in April (11,033 in May 2011)
  • 4.5 months of inventory – 4.5 in April, (6.9 in May 2011)
Austin Sales Data: Real Estate Center - Texas A&M
I hope the numbers are as stunning in print to you as they are to me. May put us at an even year, twelve months, of double-digits sales increases over the same month in the previous year. This is the new Austin when it comes to real estate. Time for the builders to play catchup and the commercial markets (think condos and apartments) to move into high gear. The projects are on the way and will check our collective patience until they start to come online. 

Looking at the general economy, we remain a plus market. Job growth is there, unemployment remains below 6%, rates are excellent and attitudes are positive in our warm, sunny town.  

What do you want to know about the market, Austin or the broader area? Whether you are buying or selling a personal residence, need an investment property or know a family member, friend or colleague who needs my service, or simply have questions - get in touch.
Care to share your thoughts - on the Austin market or any other? I'd love to read them!

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