The overall Austin market:
- Compared to this time last year, the number of single-family homes sold in the Austin area has dropped by 25%. The average sales price for single family homes is down 3% to $238,378. The median price, however, is at $186,000 which is 1% less when compared to this time last year.
- The total number of single-family listings in the Austin MLS is the same as this time last year at 9529 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 dropped slightly to 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 95.7%, which is up from a low of 94.2% during last 95.1% in March. 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 recently been named by Kiplinger, U.S. News and World Report, Forbes and Business Week to EIGHT more Top Places lists, as an inbound city, healthy job market, attractive economy and best place to live. While Austin is surely feeling the effects of the national economy, these strengths have kept Austin real estate prices relatively stable in comparison to most other metro areas in the U.S.
Mary "B" Battaglia GRI, CRS Austin, Texas Real Estate
The overall Austin market:
- Compared to this time last year, the number of single-family homes sold in the Austin area dropped by 26%. The average sales price for single family homes is down 3% to $233,501. The median price, however, is unchanged at $185,000 compared to this time last year.
- The total number of single-family listings in the Austin MLS is the same as this time last year at 9426 units. This is still an oversupply, and 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 7.2 months which favors buyers. The average days on the market for single-family homes to sell has dropped slightly to 85 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 95.6%, which is up from 95.1% in March. Our current market represents a enticing opportunity for buyers with an oversupply of inventory here, coupled with historically low interest rates at or below 5%. The Austin metro area has recently been named to two more Top 5 lists, as an inbound city and healthy job market. While Austin is surely feeling the effects of the national economy, the metro area remains one of the most attractive areas in the U.S. for business, quality of life, employment, growth, etc. This strength has kept Austin real estate prices relatively stable in comparison to most other metro areas in the U.S.
Mary "B" Battaglia Austin Texas real estate
The average price of homes sold in North and Northwest Austin for April compared to last year is down 9% to $274,245. Single family home sales in this area are off 17% compared to this time last year. Active listings are up 23% from a year ago to 362 units; this represents a fairly balanced 5.1 months of inventory, slightly favoring buyers. This area is in the top 20 Austin MLS markets, and the Northern 2/3 of the area is in the popular Round Rock ISD.
Mary "B" Battaglia GRI, CRS Austin Texas real estate
The average price of homes sold in the Round Rock area is up slightly from a year ago to $212,452. Single-family home sales are down 33% when compared to this time last year. The months of inventory is up to 5.3 months, which slightly favors buyers. Since last month the number of active listings is at 975 units which is 12% fewer listings compared to this time last year. This area is among the top 20 Austin markets.
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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