Real Estate Broker · Austin, TX · Member since 2015 · 715 posts · 527 votes
For the week ending June 13, it only took a median of 12 days for an Austin-area home to go from "available" to "pending." That's three fewer days than the same time last year, as well as three fewer from the same week in May. To show just how quickly the market is moving, it's even one day less than the week before (ending June 6).
Inventory is still low thanks to the COVID-19 pandemic, with buyers in May finding themselves competing over the smallest pool of inventory on record for that month in years. But as "the new normal" begins to take hold, it seems that buyers are now eager to make up for lost time with speedy offers.
Like it usually is, Austin is ahead of the curve when it comes to red-hot real estate.
Investor · Austin, TX · Member since 2014 · 184 posts · 229 votes
6y
Our last finished rehab went under contract in 18 days in early June. Most other homes in the same subdivision (far South Austin, 78748) seem to be going under contract in under a week now.
We were priced about 10% higher than anything else of the same size because of the extensive rehab. It took a bit longer to get a picky buyer willing to spend more than most to get the updates we put in. And we had a full price back-up offer from another buyer signed and in escrow.
On the opposite end of the spectrum, the same floor plan sold for $70,000 less. The house was untouched since 2004 when the subdivision was built.