Eleven Oaks Realty is proud to present their October 2020 Austin Foreclosure Market Report measuring activity in the single family homes market.
Austin Bank Owned Properties Sold Saw a 71% Decrease
In October 2020 there was a 71% (5 home) decrease in the number of bank owned homes that sold in year over year figures. In October 2019, there were 7 bank owned homes that sold (closed escrow) compared to 2 in October 2020. Bank owned homes (foreclosures) accounted for 0.2% of the total home sales in Austin in October 2020 and 0.7% in October 2019. The overall market saw a 13% increase in the number of homes sold compared to last year’s numbers.
Austin Bank Owned Homes Under Contract Up 33%
In October 2020 there were 4 bank owned homes that accepted a contract (pending) compared to 3 bank owned homes in October 2019. Bank owned homes accounted for 0.3% of the homes that went under contract in October 2020 compared to 0.3% of homes that went under contract in October 2019, showing just how small a percentage the distressed market takes in Austin. The full market saw a 25% increase in the number of homes that went pending compared to last year at this time.
20% Increase in Austin Bank Owned Homes Listed for Sale
In October 2020, there were 6 foreclosures (homes owned by the bank) listed for sale vs. 5 in October 2019 showing a 20% increase in year-over-year numbers. Bank owned homes listed for sale made up of 0.5% of the full market in October 2020 and 0.5% in October 2019. The full market saw a 17% increase in new listings this month.
Austin Bank Owned Homes Currently for Sale Saw a 40% Decrease
The number of bank owned homes in Austin currently on the market saw a 40% decrease in year over year numbers. In October 2020, 9 bank owned homes were listed for sale compared to 15 in October 2019. The number of bank owned homes for sale made up just 0.4% of the market in October 2020 and 0.4% in October 2019. The full market saw a 37% decrease in the number of homes for sale this time last year.
Bank Owned Homes That Didn’t Sell Saw a 100% Decrease
In October 2019 banks took 2 homes off the market vs. 0 in October 2020, marking a 100% decrease in year over year numbers. Bank owned homes made up 0.0% of expired properties in October 2020 and 0.9% in October 2019. The full market saw a 25% decrease in the number of homes taken off the market.
What Do Austin Foreclosure Numbers Mean for Buyers?
We can’t seem to say this enough, 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 60+ 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 this year.