Eleven Oaks Realty is proud to present their January 2015 Austin Foreclosure Market Report measuring activity in the single family home foreclosure market.
Austin Bank Owned Properties Sold Down 71%
January 2015 saw a 71% decrease in the number of bank owned homes sold in year over year figures. In January 2014, there were 17 bank owned homes that sold (closed escrow) compared to 5 in January 2015. Bank owned homes (foreclosures) accounted for 1.0% of the total home sales in Austin, compared to 3.1% of the total sales in January 2014. The overall market saw a 7% decrease in the number of homes sold compared to last year’s numbers.
Austin Bank Owned Homes Under Contract Down 37%
Also trending downward was the number of bank owned homes, foreclosures, that accepted a contract. In January 2015, there were 12 bank owned homes that accepted a contract (pending) compared to 19 homes in January 2014 marking a 37% (7 home) decrease in year over year numbers. Bank owned homes accounted for 1.5% of the homes that went under contract in January 2015 compared to 2.4% of homes that went under contract in January 2014. The full market saw a 4% increase in the number of homes that went pending compared to last year at this time, showing just how small a percentage the distressed market takes in Austin.
Austin Bank Owned Listed for Sale Down 50%
In January 2015, we saw a 50% (10 home) decrease in the number of bank owned homes, foreclosures, listed for sale. In January 2014, there were 20 foreclosures (homes owned by the bank) listed for sale compared to 10 in January 2015. Our market continues to be very lean in the number of foreclosures it sees, yet we still hear talk of shadow inventory. With only 10 foreclosures introduced to the Austin market in January 2015, it’s clear banks have very little, if any, inventory they are holding back from the market.
Austin Bank Owned Homes Currently for Sale Down 37%
The number of bank owned homes in Austin currently on the market went from 46 in January 2014, to 29 in January 2015 marking a 37% (17 home) decrease. The full market saw an 11% increase in number of homes for sale this time last year. The number of bank owned homes for sale made up just 1.1% of the market in January 2015 compared to 2.0% in January 2014.
Number of Austin Bank Owned Homes that Didn’t Sell Down 50%
In January 2015, banks took 1 home off the market that didn’t sell compared to 2 in January 2014, marking a 50% decrease in year over year numbers.
What Do Austin Foreclosure Numbers Mean for Buyers?
As we’ve been saying for months, if you are pursuing foreclosures in Austin as part of your home buying strategy, make it just that – part of your strategy. With so few bank owned homes on the market in Austin, you should open up your search to both homes owned by the bank and homes owned by traditional sellers. Remember, the traditional seller has to compete with bank owned properties if they want to get their homes sold.
Looking to Buy a Foreclosure in Austin?
With a combined 58+ years of experience, our team knows how to get banks to accept your offers, even in a competitive market like we’re seeing here in Austin. We’ve helped several people buy foreclosures and also purchased them for our own properties. For more, check out Guide to Buying Foreclosures in Austin and our Buying a Home in Austin Guide. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation conversation. Together we can come up with the best strategy for you to buy a bank owned home in 2015.