The Austin market went a little "funny" on us this Summer. Traditionally, Summer is a very busy time of year as people relocate to new places and they want to get settled in before the next school year starts.
However, this Summer wasn't what we're used to. Things slowed a little. It didn't slow to a crawl or anything, but houses in many areas did sit on the market a little longer than they were earlier in the year and things just calmed down a bit.
To understand what I'm saying, look at the two graphs below representing Lake Pointe in Bee Cave Austin TX. One is the Days on Market graph for the beginning of the year through May 31st and the second is from June 1 through today.
The first thing you'll notice is the blue section on both is very large. This is the part that represents "under 30 days" on the market. The next section is red that represents "30-60 days" on the market. They both show 13 properties sold under 30 days, but note the percentage of all the properties sold. At the beginning of the year, that percentage was almost 77%. Over the Summer, it was a mere 65%.
No, 65% is nothing to scoff at, but it does represent a significant drop in how quickly the market is moving at the current time. (the green in the second chart is actually equal to the yellow in the first chart- the system wouldn't use the same colors).
Why did Summer slow down? No one seems to know. There are agents all over the Austin market asking the same questions over and over. Maybe this is for the better. A calmer market makes for a more stable market. I personally believe it was going to be hard to sustain the craziness of the multiple offers within hours on the market. Stabilizing will put things back into perspective and allow people to breathe.
**Are You Packed Yet?**
Donna Harris, REALTOR®
Donna Homes, Owner
Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Steiner Ranch, Spicewood, Circle C, and everywhere in between… Hill Country Austin TX Real Estateand beyond.Whether you’re buying or selling an Austin TX Home, I’ll be with you every step of the way.
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Copyright©2014 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
*Lake Pointe Market Report - A Calming Summer Market * was first published on donnahomesblog.com.