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I'm in one of the hottest zip codes in one of the hottest markets in the country (Austin). The number of offers on homes has decreased slightly. But I think that's just because buyers are dropping out of the market. Prices have increased so much that many people are being priced out. Also, appraisals are not keeping up with sold prices, so buyers are having to bring as much as $200K or more to the table at closing to bridge the gap, and many buyers don't have $200K in cash lying around.
Some stats for my zip code as of the end of April:
Median price has increased 51.7% from April of last year. The average price has increased by 55.7% during that same time period. The price per square foot has increased 47.3% during the same time. Homes are selling for 113.1% of list price, and the average days on market was 4. Typically homes here hit the market on Thursdays, they do showings and accept offers through Sunday, and one of the offers is accepted on Monday. The 4 days on market reflects that.
It's nuts. There are even bidding wars for rentals here. People have sold their houses but can't get a new house, so they are scrambling to find any place to live zoned to these schools. So even rents are skyrocketing.
A friend listed his house near Richmond, VA (not exactly an known hotbed) on a Tuesday evening with showings beginning on Wednesday. By Thursday evening, they were selecting from the 7 offers that came in, and chose one that was 111% of asking. The house never made it anywhere near the weekend.
Homes in my area (central SC) are selling fast (2 weeks) and over asking price by 5 to 10%.
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