One of my favorite tools to determine market activity is Pending Sales. While new listings and sold homes are good measures of market activity, pending tells me what is IMMEDIATELY happening as it is most recent information. Just listed is not sales data, and just closed is 30-60 days after the executed contract. Pending is NOW. For other trends you may want to read: Housing Market Report - Austin, Texas (03.09.12)
I like this graphical interface as you can boldly see that Austin, in general, is doing very well. There is a 28.3% increase in Pending Sales this January compared to 2011. Looking over at the data to the right you can see that spread over a year, the increase averaged 10.3% increase.
More interesting, look at the line graph below and see the 6 year sales trend. We hit a peak in 2007-2008 then hit bottom in 2010. There is a slight improvement in 2011, then BOOM! That pent up demand from a three year lull resulted in a big improvement for 2012.
If you've been on the fence about buying a home, waiting for the last shoe to drop, it dropped. From this point forward, my Magic 8 ball says the market will continue to improve so there's no more time to waste. Call Cathy Bureau to sell or buy a home in the Austin-San Antonio Corridor.
For national information you may refernce this inforgraphic or refer to this blog. Real Estate Values.
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