SoCo / South Congress Austin Real Estate Update...

Good afternoon and happy Friday!

Ok, I have had several clients interested in the South Congress/SoCo area in Austin. Things have been changing in this area so I thought you all might like to hear about the latest and the greatest.

Here's the deal: There are currently 49 active homes available in the South Congress area with 21 others under contract. Over the past 3 months 21 homes have sold. At this rate of absorption there is 7 months of inventory. Equilibrium is 6 months, so these numbers are not particularly high, but does show availability in the market place.

I am pleased with the number of homes under contract. This shows that activity in this area has started to increase. Sales in SoCo were somewhat sluggish in November and December of last year. 6 Homes sold in November with an average days on market (DOM) of 91 days. The original list to sales price (OL/SP) was an unimpressive 87.32%. This indicates that sellers were forced to be more flexible in pricing in order to find real buyers. December saw improvement; 7 homes sold with a OL/SP of 90.49%, but the DOM figure increased to 104 days.

OL/SP for the past few months is over 90% and DOM has been a fresh 73 days...yeah, that's nice. Over the past week or two new listings have started to hit the market. Many of the markets in Austin have been waiting for new homes to hit the market as much of the sluggish inventory has been on the market for some time. The "new blood" in the market signifies that sellers are more comfortable with marketing their homes and buyers will certainly welcome the new options. Additionally, 21 pending homes is an excellent sign for sellers in the SoCo area, especially as we get closer to summer. The sharp increase in number of homes in escrow shows that Austin's South Congress area is waking up for the summer buying season. I anticipate the inventory will start to decrease over the next months as more buyers pull the trigger. As more homes sell, sellers will be more inclined to list their homes so this churn should keep numbers closer to equilibrium rather than a sharp drop in supply.

So, things look good for South Congress as we move closer to the summer. No doubt people will start to spend more time outdoors, at First Thursdays and enjoying Austin, for the popular SoCo we know what that means...more activity across the board.

Thanks for reading...now it's time for dinner, cocktails and the sunset!

Marcus Cox

More about me:
www.marcuspeacecox.com
More about my company:
www.avalaraustin.com