Eleven Oaks Realty is proud to present their May 2016 Austin Foreclosure Market Report measuring activity in the single family home foreclosure market.
Austin Bank Owned Properties Sold Down 60%
May 2016 saw a 60% decrease in the number of bank owned homes that sold in year over year figures. In May 2015, there were 10 bank owned homes that sold (closed escrow) compared to 4 in May 2016. Bank owned homes (foreclosures) accounted for 0.4% of the total home sales in Austin in May 2016, compared to 0.9% of the total sales in May 2015. The overall market saw no change in the number of homes sold compared to last year’s numbers.
43% Decrease in Austin Bank Owned Homes Under Contract
In May 2016, there were 4 bank owned homes that accepted a contract (pending) compared to 7 bank owned homes in May 2015 marking a 43% decrease in year over year numbers. Bank owned homes accounted for 0.3% of the homes that went under contract in May 2016 compared to 0.6% of homes that went under contract in May 2015. The full market saw a 19% 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 80%
In May 2015, there were 10 foreclosures (homes owned by the bank) listed for sale compared to 2 in May 2016 showing an 80% decrease in year over year numbers. Bank owned homes listed for sale made up of 0.1% of the full market in May 2016 compared to 0.7% in May 2015. The full market saw a 4% increase in number of homes listed for sale.
Austin Bank Owned Homes Currently for Sale Down 63%
The number of bank owned homes in Austin currently on the market went from 27 in May 2015, to 10 in May 2016 marking a 63% (17 home) decrease. The number of bank owned homes for sale made up just 0.3% of the market in May 2016 compared to 0.7% in May 2015. The full market saw an 8% increase in the number of homes for sale this time last year.
1 Bank Owned Home Didn’t Sell
In May 2016, banks took 1 home off the market that didn’t sell compared to 2 in May 2015, showing a 1 home (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 2016.
How Much Did Foreclosures Sell For?
How much did foreclosures sell for in the zip code you’re targeting? Our Market Snapshot Tool will reveal actual sold prices, time to sell and market trends. Simply put in the zip code you’re targeting and the report will be emailed to you immediately.