This year, 4 properties have sold in Balcones Oaks Subdivision. The sales ranged from $210,000 to $305,000 with the average being $272,500 or $138.77 per sq. ft. Currently, there are no homes on the market.
During 2007, 6 properties had sold for an average price of $293,400 which is $120.84 per sq. ft. Larger homes sold during 2007, which is why the average price was higher. Conversely, smaller homes sold during this last year, which resulted in a higher price per sq. ft. The time to sell during 2008 for the 4 properties that sold was 11 days. For 2007, it took an average of 51 days for the 6 properties to sell. For 2008, the average days on the market for the Austin Metro area was 70 days. So the time for properties to sell in Balcones Oaks was quite impressive. Being a area resident, it is good to see this activity and that the prices are holding strong. This is both a reflection of the strength of the Austin real estate market and how desirable this close in area is.
Mary "B" Battaglia GRI, CRS
The Round Rock Real Estate Market: The average price in the Round Rock area is up 2% from a year ago to $215,616. Single-family home sales are down 18% when compared to this time last year. The months of inventory is down slightly to 4.6; I feel that a balanced market is 4 months, so currently this market favors buyers somewhat. Since last month the number of active listings is down slightly to 1004 units, but the number of listings is still up 10% compared to this time last year. Round Rock is in the top 25 Austin MLS markets.
Mary "B" Battaglia GRI, CRS
The Cedar Park & Leander Real Estate Market: The average price in this area is up 4% from last year to $207,036. Single family home sales have decreased 17% for the year and the months of inventory has dropped slightly to 4.6 months, which slightly favors buyers. The number of active listings is at 819, up 22% compared to year ago. This area is in the top 20 Austin MLS markets.
Mary "B" Battaglia GRI, CRS
The North & Northwest Market: The average price in North and Northwest Austin for November 2008 compared to 2007 is down 5% to $310,738. Single family home sales in this area are off 24% compared to last year. Active listings are up 35% from a year ago to 373 units; this represents 3.7 months of inventory which is balanced. This area is in the top 15 Austin MLS markets, and is in the Round Rock ISD.
Mary "B" Battaglia GRI, CRS
The overall Austin Real Estate Market
- Compared to this time last year, the number of single-family homes sold in the Austin area dropped by 20%. The average sales price for single family homes, however, is stable at $247,924. The median price is up 3% to $190,000 over last year.
- The total number of single-family listings in the Austin MLS is up 15% to 9,969 units compared to this time last year - which is an oversupply. Also, while the listing inventory is down slightly from last month, it is unusually strong for this time of year, and is suppressing prices.
- 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 dropped slightly to 5.9 months, but it still favors buyers. The average days on the market for single-family homes remained the same from last month at 70 days.
In most areas in and around Austin, the market for homes priced under 300K is more active, as are the closer-in markets in general. In particular, the Southwest, Northwest and Round Rock areas are the most active.
The financial sector nationally is still looking for stability. We have a current oversupply of inventory here, coupled with historically low interest rates below 6%. This has created an exciting combination for opportunistic buyers in the Austin area. Job security is the only ingredient that I see holding back a rush to housing; inventory and interest rates are already in place.
Mary "B" Battaglia GRI, CRS
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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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