Eleven Oaks Realty is proud to present their October 2018 Austin Foreclosure Market Report measuring activity in the single family home foreclosure market.
Austin Bank Owned Properties Sold Up 50%
In October 2018 there was a 50% increase in the number of bank owned homes that sold in year over year figures. In October 2017, there were 2 bank owned homes that sold (closed escrow) compared to 3 in October 2018. Bank owned homes (foreclosures) accounted for 0.3% of the total home sales in Austin in October 2018 and 0.2% in October 2017. The overall market was up 4% in the number of homes sold compared to last year’s numbers.
Austin Bank Owned Homes Under Contract Down 67%
In October 2018 there were 2 bank owned homes that accepted a contract (pending) compared to 6 bank owned homes in October 2017. Bank owned homes accounted for 0.2% of the homes that went under contract in October 2018 compared to 0.5% of homes that went under contract in October 2017, showing just how small a percentage the distressed market takes in Austin. The full market was down 2% in the number of homes that went pending compared to last year at this time.
Austin Bank Owned Listed for Sale Down 25%
In October 2018, there were 6 foreclosures (homes owned by the bank) listed for sale vs. 8 in October 2017 resulting in a 25% decrease in year-over-year numbers. Bank owned homes listed for sale made up of 0.4% of the full market in October 2018 and 0.6% in October 2017. The full market had a 2% decrease this month.
Austin Bank Owned Homes Currently for Sale Down 11%
The number of bank owned homes in Austin currently on the market saw an 11% decrease in year over year numbers. The number of bank owned homes for sale made up just 0.3% of the market in October 2018 and 0.4% in October 2017. The full market saw a 7% decrease in the number of homes for sale this time last year.
Bank Owned Homes That Didn’t Sell Up 50%
In 2017 banks took 2 homes off the market vs. 3 in 2018. Bank owned homes made up 0.7% of expired properties in October 2018 and 0.4% in October 2017. The full market saw a decrease of 4%.
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 in 2018.