Market Quick Hits
“We often miss opportunity because it’s dressed in overalls and looks like work” ― Thomas Edison
- Units closed in April 2017 decreased 3.8% compared to April 2016. Year to date we’re up 1%.
- The Austin MSA inventory is up 16.9%, 15.1% in Travis County and 14.6% in Austin City Limits.
- Year to date condo sales are up 13%. Condos currently represent 10% of the total sales in the Austin MSA and 20% of the total sales in Austin city limits.
- Current interest rates for a 30-year fixed are 4%; down 0.125% from the beginning of May.
- Builder incentives and seller concessions are on the rise once again. Percentage of sold price to original list price dropped 0.7% compared to prior year.
We’re still very clearly in a sellers’ market, but a dip in sales and interest rates plus increases in inventory and seller concessions clearly spells opportunity for home buyers in Central Texas. As interest rates are expected to rise throughout the next year, now very well could be the best time to discuss taking advantage of the market by purchasing your first home, moving-up, or purchasing income-producing property.