September 2020 Residential Market Statistics

Independence Title has put out the September stats and an associate of mine, Eric Bramlett (Broker of Bramlett Residential) has come forward with some remarkable analysis of the market currently, our biggest challenges and how we may be able to continue on with the historic success in the Greater Austin Area. Check out this chart, full of information and here’s what Eric had to say :

“These statistics continue to answer the question Why is the market so insanely tight? The easiest explanation is due to inventory. September 2019 showed a healthy seller’s market with 2.8 months of inventory. September 2020 dropped to a historical 1.1 months of inventory. In general, we consider anything <3 months a seller’s market.”

“Year to date, new listings (supply) are down -3.7% and pending contracts (demand) are up 9.9%. This combined 12.6% delta over 2019 is what’s causing this tight market. The only way for the market to let up is if demand declines, which is unlikely to happen, or if supply increases, which is difficult to accomplish. We do expect more supply to enter the market next year when the pandemic ends and owner-occupant sellers can safely list their homes for sale.”

Betty Saenz is a REALTOR with the information you need to make the best decision for your situation. If you have questions about your specific situation, please don’t hesitate to reach out. CONTACT BETTY