Austin Community is one of the “Hardest Hit” Communities

We often here about communities that are defined as “hardest hit” when it comes to foreclosures.

Hardest Hit Area: For purposes of this report a hardest hit area is where there are higher % of distressed sales. Austin under this context is considered a hardest hit area because 58% of Single Family home sales and 60% of all 2-4 unit sales are distressed.

Distressed Sales: Distressed sales are Short Sales or Bank Owned Foreclosure Sales.

Silver Lining in all of these statistics: While the number of distressed sales is higher in Austin than other communities Sale Prices are increasing nearly 4% for SF and 20% for 2-4 units over the past 18 months. This is good news for the community and for investors looking to buy in Austin.

Pending Sales:  Another important statistic not in the chart below is the number of Pending Sales. These are sales under contract and due to close. Currently there 86 SF homes and 59 2-4 unit properties under Pending sales status. The number of Pending Sales tells you that there are people investing in Austin because they see value in Austin.

As these homes sales close and get recorded we will see the market statistics listed below change and hopefully for the better.

 

 

Property Type Time # Active # Closed # Distressed Sales % Distressed Avg Sale Price Increase/Decrease
Single Family 6 Mo 102 143 84 58% $115,059 4%
Single Family 2013 0 282 158 56% $110,048 0
2-4 units 6 Mo 67 84 51 60% $92,039 20%
2-4 units 2013 0 220 153 69% $76,164 0

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