Pending Sales Have Remailed Stable
Generally speaking, the market has continued to level out towards buyers in February. Months of inventory is still high with 2.6 (with average days on market of 84 days) and median sales price has reduced to $436,419 compared to $450,000 in January this year.
While at first sight this may look like the market is heavily favoring buyers, there are signs of a stable market - pending sales have remained pretty stable month over month and home builders are seeing fewer cancellations and supply shortages, according to the CEO of the Home Builders Association of Greater Austin.
As always, it’s important to keep in mind that market data overall tells a story, but activity can vary by house and location. A good property will most always have high demand and may not fall into the average category of reduced sales price and number of days on market.
Earlier this month we got under contract in Eanes for our buyer client and despite the market being more favorable towards buyers, interest was very high in this desirable property. We put together an aggressive offer package that beat out 6 other competitive offers with concessions on sales price, lease-back, option period, earnest money, and closing time. The house wasn’t on the market 4 days.
