4 month Inventory 78730 + Buyer Foot Traffic

Nothing tells a story better than the amount of inventory currently on the market and DEMAND. Above, you will see in our zip code of 78730 the amount of inventory for July 2023. Also against the national average (orange line) you can see that we have a bit higher inventory than in other parts of the country. Earlier this year homes were selling a bit faster because there were fewer homes on the market. Market Timing is incredibly important, specifically in the luxury market!

NAR - National Assn of Realtors explains it PERFECTLY.

Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace. Historically, six months of supply is associated with moderate price appreciation, and a lower level of months’ supply tends to push prices up more rapidly.

In my experience, if there is a 3 month inventory or more, the buyers I represent can make offers flexibly without worrying about another offer coming in. In Austin this depends upon price and location. Homes under the citywide median price ($483k in June ‘23) get a lot of healthy activity therefore anything under $500k is a very active price point = low prices = lots foot traffic = NATURE OF THE BEAST!). For A more accurate picture of the market before you list and during your listing includes the following items to research (but not limited to)

• your immediate neighborhood

• Zip Code

• MLS Area

• within 1-2 miles (this may include a few MLS areas or zip codes)

• New homes (inventory often not in MLS) if it is within the price point that you are selling.

You may be hearing in the media that resale inventory is down and that is true BUT IT DEPENDS UPON WHERE YOU ARE. This even applies to different neighborhoods in our city!!!

Here is data on foot traffic for June (we will update this for July soon). What is foot traffic? This is calculated “using the average number of buyer showings per active listing on a monthly basis.” June 2023.” Showing time.

Showingtime reports foot traffic in Austin, TX at 4.43- which is down year over year by 14%- and May vs June (month over month) it’s down by 9%. Now you can find a lot of reasons why I house is not selling and this could be one of the excuses however foot traffic from Showing time (the showing app used by REALTORS) is an excellent measure! Be sure to keep track of your feedback following showings. If you don’t have any showings that may be an indication you are simply priced too high or your photos are not getting any traction for one reason or another (looks too dated, there are too many choices in the market area, etc etc). Open houses also assist with staying on top of foot traffic. Here we go with another cliche = = = KNOWLEDGE IS POWER!

To help price and time your sale effectively if you are planning ahead even as far as 24 months in advance contact your trusted REALTOR.

If you need assistance I am available 7 days a week at 512-784-5111 and live across from the River Place Club to assist!