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Here’s what low inventory and high demand looks like in the Austin market today.
LESS THAN 15% NORMAL INVENTORY
In the past, the Austin area MLS would have somewhere between 9000 and 12,000 homes on the market at any given time. Today that same search yields 1852 homes. If further refined to just the City of Austin it’s drops to a total 443 available homes.
OFF MARKET MANIA
It’s difficult to calculate the percentage of off-market sales, but it’s substantial. This is long been the case in the luxury price point (in an effort to keep market value out of sight). Now off-market sales are happening at all price points…buyers are make great offers when properties are “coming soon” to keep them from ever being listed.
Sellers have to be sure they are ready to make the move. Yes, they will get top dollar for their homes, but they need a clear next step. This a GREAT TIME to sell investment property! Get the best price possible before paying 2022 taxes! We’ve seen several savvy clients make the most of investment exit opportunity.
MULTIPLE OFFERS ON EVERYTHING
All locations and all price points are experiencing multiple offer situations. Buyer competition is fierce, cash is king and sellers dictate almost all terms. This has been the case for quite some time, but it hasn’t let up...prices will continue to rise as buyers have to go significantly over list price to beat the competition.
Here are 5 Things I’m LOVING ❤️ this week!
BUILD TO RENT COMMUNITIES
COMING TO AUSTIN
The hottest trend in residential real estate is build-to-rent. Developers are planning entire communities for rent, not sale. For example, Banyan Residential will build a 34.4-acre community of 230 single-family rental homes in Pflugerville. Rents will be comparable to those of similarly sized Class A apartments. It will include a pool, fitness center and green space. MORE
I’M DROOLING OVER
RODEO AUSTIN GALA
The Rodeo Austin Gala & Youth Art Auction is one of Austin’s favorite charity events! This Texas-sized fundraiser is sure to be a great time…all to support Rodeo Austin and educational opportunities for Texas kids. Join Rodeo Austin and this year’s entertainer, MIDLAND, as we add some western flair to downtown. MORE
BUTLER HIKE AND BIKE TRAIL
LOVE IS IN THE AIR
VALENTINE’S DAY IN AUSTIN
It’s time to celebrate that special someone in your world. Luckily Austin has tons of great romantic restaurants, fun hotel staycations and sweet outdoor scenes…there are a million ways to celebrate LOVE. Need a little inspiration? Here’s a link to our friend Jane Ko’s 7 Date Ideas for Valentine’s Day.
800 Embassy #216 | Tyndall
864 SF | 1 BD + Study | $475,000
1009 Lonesome Lilly Way
3473 SF | 5 BD | 3.5 BA | $560,000
5160 AW Grimes #202 | Final Unit
Haven at Terravista
3 BD | 2 BA | 1777 SF | $425,000
East Austin | Redevelopment Lot
.3588 Acres | Buyer Representation
COMPASS CURATED MAGAZINE: Enjoy this complimentary compilation of the most prestigious properties Compass has to offer. JANUARY CURATED
CELEBRITIES ON THE MOVE: Here is the latest in celebrity real estate transactions. CELEB
BUYER GUIDE: It’s not easy buying in a market with rising prices and limited inventory. We can help you through the process. BUYER GUIDE
SELLER GUIDE: How do you make sure you get the most money for your home? From pricing to marketing, we’ll customize a plan to ensure you get the most money for your home. SELLER GUIDE
© Compass 2023 | All Rights Reserved by Compass | Made in NYC
The information contained herein does not purport to be complete nor, necessarily, accurate and should be independently verified; nor does it represent or constitute a legal analysis or financial advice. All of the financial projections and/or conclusions are provided for illustration purposes only. Compass and its agents disclaim any and all liability for representations and warranties, express or implied, contained in, or for omissions from, the information contained herein or any other written or oral communication transmitted or made available to the recipient. This represents an estimated sale price for this property. It is not the same as an opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.