On June 14th, Austin Board of Realtors MLS shows 15,329 active single family residential properties in the MLS. The chart above shows that this has been the highest inventory ever (chart goes back to 2005), even when the foreclosures/short sales were up in 2010, where the inventory was as high as 13,820. The current interest rates, per Mortgage Rates Daily, are at 7.01% for 30 year fixed conventional loans.
What does this mean? Although we are currently at a balanced market (neither sellers nor buyers market), we are trending towards a buyers market. This would also mean that prices would have to drop if sellers want to sell. Many buyers who are in need of a loan are on standby due to the higher than normal interest rates. The property taxes and property insurance have also increased, hence, considerable additional costs to consider.
Before making a decision to buy or sell, give me a call to give you an understanding of the Austin market through my data analysis. I just recently finished a Data Science in Real Estate Course from MIT S&P and would like to apply the knowledge I gained.
