INHABIT INDEX for October 2007

27 11 2007

The October stats are in for the Austin real estate market. My market report contains over 50 pages of data compiled from the Austin MLS. I am happy to share the full report with anyone that loves to analyze the numbers at length, just send me a quick email. But for brevity, here is the latest look at the INHABIT INDEX for single-family homes.

As I mentioned in an earlier post, the INHABIT INDEX is a tool I developed to easily gauge if overall market conditions are favoring the buyer or seller in the Austin area. If you want to know how the index is calculated check out The INHABIT INDEX: How to Know When It’s a Buyer’s or Seller’s Market

Up 4% from the previous month, the index increased as a result of more pending sales and a reduction in active listings. More pending sales translates into more homes going under contract, but the reduction in active listings can also be attributed to listings expiring or being withdrawn from the market.

Sellers should remain aware, we are still in the buyer’s zone (< 30%). Although the rate of sales increased in October, there are still a record number of available properties on the market from which buyers may choose. In fact, the current inventory is at a three year high. Bottom line, homes are still selling in Austin (some very quickly), but buyers now have a large inventory of homes to choose from and are not wasting any time by looking at homes that are in questionable condition or even slightly overpriced.

Want to know where your area or neighborhood ranks on the INHABIT INDEX? Here’s a list (and map) of how the Austin MLS areas are performing.

< 30% → Buyer’s Zone

> 30% → Seller’s Zone

Buyer’s should keep an eye out for areas that consistently rank on the lower end of the Inhabit Index for an extended period of time as seller concessions and price adjustments should eventually take place. 

 

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