Home sales screech to a halt in Austin
Home sales are at a 13 year low in Austin. According to the third quarter report from the Chicago Association of Realtors, the number of homes sold in the area dropped to 43.
This is a 62 percent drop from the same period last year and the lowest total for the third quarter since 1994.
If you’re looking to sell your home in Austin, it may take a lot longer than you thought to find a buyer. The average turnover rate for homes on the market in Austin is currently at 90 days. This is a 23 percent increase from last year, but is still almost 25 percent below the average for all of Chicago.
Prices for homes in Austin continued to inch upwards. Homes sold for an average 4 percent higher during the third quarter.
However, if demand continues to stay at levels not seen in over a decade, sellers may be forced to offer better prices to attract more buyers to the neighborhood.
If you’re buying a home in Austin, beware of getting in the market at the peak. Negotiate for a price that reflects the current market conditions for the neighborhood.
The Chicago Real Estate market is facing a decline in demand in neighborhoods around the city.
Technorati Tags: Chicago Real Estate, Chicago Homes for Sale, Austin Real Estate News
