This is the first month I’ve felt like I needed to remove a few sales from the stats so the numbers weren’t so skewed by a few outliers. There were two Opendoor listings that were so wildly overpriced in the beginning, their original list price to sales ratios were 72% and 73%. After removing those, the average ratio for November was 89%.
With 12 new listings in November, we are following the normal pattern for inventory towards the end of the year. Typically this time of year, we see a lot of properties pulled from the market and we see high er demand for the ones on the market. It will be interesting to see if that is the case this year. I know personally I have had a LOT of buyers re-enter the market in the past 5 weeks and there’s not much to show them right now.
78732 saw 23% of their sales last month going to cash buyers. One was one of the Opendoor listings. If I was looking for another investment property, I would target every Opendoor listing in Austin right now – there are a LOT of them and they are pretty desperate to liquidate their inventory.
The number of months of inventory stayed below 3 months at 2.9 months. This is calculated by dividing the current number of listings (48) by the average number of sales in the last 6 months (16.3) to determine how long it would take to sell the current inventory. This is a very healthy number.
If you are thinking of buying or selling, I’d love to help and can be reached at (512) 657-7510 or Elicia@SteinerRanchInfo.com.
