TIM’s FOUR 4-POINTS* BULLET POINTS (November 2013)
Click HERE for my detailed 4 Pts Mkt Report in Excel (including specific neighborhoods) (or reply and I will send you an Excel attachment)
1. Inventory ties a TEN YEAR LOW. We may likely break this next month.
2. Sales dropped 9%from last year; the second monthly decline. The market is has been in a minor correctionsince August. Prices are being adjusted from being overly-inflated this summer.
3. Inventory is dropping at a similar pace as demand; thus, MOI “Months of Inventory” (and “Days on the Market”) has changed upward only slightly i.e. 30-60 days is back to the norm. (see graph)
4. MOI is showing a seller’s market in all price ranges to 4 million; but that is quite misleading, as we are in a very, very rare phenomenon where both demand and supply are dropping. I have zero concerns because of the inventory drop. Expect a strong 2014 as inventory is an excellent leading indicatorof the future market. Massive speculative buying (flipping) is a leading indicator of a future correction.
Feel free to reply with any detailed questions….
*”Four Points” is the nickname used for the Austin Board of Realtors area designation called RIVER NORTH (RN), which is bordered by Hwy 360, FM2222, Volente Road and Lake Austin
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