Austin Real Estate Inventory Hits Record Low
I have been hearing the phrase "it seems like there are not many homes on the market". And the truth is there is not. In fact, the last time we has less than 6 thousand homes on the market was in 2001. Compared to January 2012 the amount of inventory is down 28.5%.
The inventory seems to have fallen more in central Austin. Here are the drops in inventory for the central Austin mls areas.
10N - Down 56.7%
10S - Down 58.1%
1B - Down 38.3%
2 - Down 76.5%
4 - Down 50.0%
6 - Down 63.2%
7 - Down 43.8%
It's hard to know where the market goes from here. While sales are up the one thing that is lowering sales volume is a lack of inventory. Part of the problem is the current waits at the city for permits. Currently the wait for a permit to build or remodel is running around 4-5 months. So there is some pent of inventory we should be seeing released onto the market in the next few months.