The overall Austin market:
- Compared to this time last year, the number of single-family homes sold in the Austin area has dropped by 21%. The average sales price for single family homes is down 3% to $241,400. The median price, however, is at $190,000 which is the same when compared to this time last year.
- The total number of single-family listings in the Austin MLS is 2% less than this time last year at 9625 units. This is still an oversupply, and it is exerting downward pressure on prices -which is a positive for buyers.
- If you average the number of sales for the last 12 months and divide that figure into the number of current active listings, the result is the number of Months of Inventory (MOI). In a balanced market, the MOI is between 3.5 and 4.5 months. Currently, the MOI in the Austin market has increased to 7.5 months which favors buyers. The average days on the market for single-family homes to sell has remained at 83 days.
In most areas in and around Austin, the market for homes priced under 225K is more active, as are the closer-in markets. The list-to-sell ratio is at 95.9%, which is up from a low of 94.2% during last December. Our current market represents a enticing opportunity for buyers with an oversupply of inventory here, coupled with historically low interest rates from 5-5.5%.
The Austin metro area has been recognized as the only major metro area in the country to gain jobs during the economic downturn. While the gain is less than 1%, it's still good to be here. According to Forbes.com, from now until the end of 2010, the Austin economy is projected to grow by $5 billion. That, coupled with relatively subdued unemployment, has the Texas Capital poised for the quickest economic rebound in the nation. The Forbes Top Five cities for recovery, in order, are Austin; Fayetteville; Boulder; Huntsville, Ala. & San Antonio.
Mary "B" Battaglia CRS Austin Real Estate
The current average sales price in Southwest Austin compared to last May is down 2% to $226,028. Single-family home sales are down 22% compared to this time last year, and there is a 4.1 month supply of homes, which is fairly balanced. Active listings are up 9% compared to a year ago to 530 homes. The Southwest area is among the top 10 Austin MLS markets.
Mary "B" Battaglia GRI, CRS Austin Texas real estate
The average price of homes sold in North and Northwest Austin for May compared to last year is down 8.2% to $283,468. Single family home sales in this area are off 17% compared to this time last year. Active listings are up 17% from a year ago to 373 units; this represents a fairly balanced 5.1 months of inventory. This area is in the top 25 Austin MLS markets, and is in the Round Rock ISD.
Mary "B" Battaglia GRI, CRS Austin Texas real estate
The average sales price in this area is down 1.4% from last year to $208,536. Single family home sales have decreased 24% for the year and the months of inventory is stable at 5.8 months, which favors buyers slightly. There are 774 active listings, down 4% compared to year ago. This area is in the top 25 markets.
Mary "B" Battaglia GRI, CRS Austin, Texas real estate
The average price of homes sold in the Round Rock area is down 1% from a year ago to $211,682. Single-family home sales are down 31% when compared to this time last year. The months of inventory is up to 5.5 months, which slightly favors buyers. Since last month the number of active listings is at 863 units which is 14% fewer listings compared to this time last year. This area is a top 20 Austin market.
Mary "B" Battaglia GRI, CRS Austin, Texas real estate
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Over 20 years experience in Austin, Texas real estate as a top listing agent, buyer agent and corporate relocation specialist. I stress consistent communication & tenacious representation.
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