North & Northwest:
The average sales price for September 2008 compared to 2007 is up 1.3% to $310,322. Single family home sales in this area are off 25% compared to last year. Active listings are up 37% from a year ago to 375 units; this represents 4.7 months of inventory which favors buyers. This area is in the top 25 most active Austin MLS markets.
Mary "B" Battaglia GRI, CRS
"Referrals Appreciated!"
Review of the overall Austin market:
•- Compared to this time last year, the number of single-family homes sold dropped by 18%. The average sales price for single family homes is stable at $250,025; down $967 from last month. The median price is up 3% to $190,000 over last year.
•- The total number of single-family listings is up 16% to 10,052 units compared to this time last year, which is suppressing prices as inventory increases.
•- The inventory in the Austin market has dropped slightly to 6.4 months, which still favors buyers. The average days on the market for single-family homes remained the same from last month at 69 days.
In most areas the market for homes priced under 300K is more active and the closer-in markets are showing greater activity as well. While the financial markets are still looking for stability, the current over- supply of inventory, coupled with attractive interest rates around 6% has created an exciting combination for opportunistic buyers.
Mary "B" Battaglia GRI, CRS
"Referrals Appreciated!"
Cedar Park/Leander:
The average sales price is up 5% from this time last year to $208,074. Single family home sales have decreased 12.5% for the year and the months of inventory has dropped slightly to 4.8 months, which slightly favors buyers. The number of active listings is at 829, up 35% compared to year ago. This area is in the top 25 Austin MLS markets.
Mary "B" Battaglia GRI, CRS
"Referrals Appreciated!"
Cedar Park/Leander: (average price is up 6.5% from last year to $209,849) Single family home sales have decreased 15.4% for the year and the index for months of inventory has increased to 5.1 months, which is favoring buyers. The number of active listings is up 26% from a year ago to 831 units.
Mary "B" Battaglia CRS; Austin area real estate
Review of the overall Austin market:
•- Compared to this time last year, the number of single-family homes sold dropped by 19%. The average sales price, however, is unchanged from last August at $250,992 and the median price increased 3% to $191,000.
•- The total number of single-family listings is up 18% to 10,031 units compared to this time last year, which is suppressing prices as inventory increases.
•- The months of inventory in the Austin market has dropped slightly to 6.5, which still favors buyers. Note that in most areas the market is more competitive for homes priced under 300K.
•- The average days on the market for single-family homes are down slightly from last month to 69 days, which is a good trend.
Stability in the financial market will be welcomed with the government bailout and takeover of FNMA and FHLMC. Thirty-year interest rates have dropped to around 6%, which should please buyers.
Georgetown: (average price is up 6.7% from a year ago to $237,572) Sales of single-family homes for the first eight months of 2008 are down 14% compared to last year. There is 7.8 months of inventory, which is an oversupply and reflects a market which favors buyers. The number of active listings has increased only slightly from last month to 634 listings; which is an increase of 38% from last August.
Round Rock: (average price is up 3% from a year ago to $216,181) Single-family home sales are down 16% compared to this time last year. The months of inventory is down slightly to 5.1 which favors buyers somewhat. Since last month the number of active listings is stable at 1033 units, but the number of listings is still up 15% compared to this time last year. The Round Rock area is in the top 20 Austin MLS markets.
Cedar Park/Leander: (average price is up 6.5% from last year to $209,849) Single family home sales have decreased 15.4% for the year and the index for months of inventory has increased to 5.1 months, which is favoring buyers. The number of active listings is up 26% from a year ago to 831 units.
North/Northwest: (average price for August 2008 compared to 2007 is up 1% to $310,093); single family home sales in this area are off 26% compared to last year. Active listings are up 29% from a year ago to 371 units; this represents 4.7 months of inventory which favors buyers.
Westlake: (compared to August 2007, the average sales price is off 9.3% this year to $725,604) Single-family home sales in this area are down 30% compared to this time last year. Currently, there are 280 active listings which is the same as last month, but 29% greater than last August. The months of inventory has increased to 9 months which favors buyers.
Southwest: (the current average sales price for 2008 compared to August 2007 is up 3.3% to $234,568). Single-family home sales are down 15.8% compared to this time last year, and there is a 4 month supply of homes, which is fairly balanced. Active listings are up 32% to 539 compared to a year ago. The Southwest area is among the top 10 Austin MLS markets.
South: (the average sales price compared to last August is down 1% to $150,374) Single-family home sales are off 31% compared to last August YTD. There are 7 months of inventory, which reflects a market which favors Buyers. Active listing inventory is up 9.4% to 186 units.
Lake (South shore): (the average sales price for August 2008 is up 6.4% over 2007 to $484,635) the number of homes sold so far this year is 23% less than this time last year. The months of inventory has increased slightly to 14.1 months, which reflects an oversupply favoring Buyers. There are 799 homes for sale.
Lake (North Shore): The average sales price for August is $265,241 which is virtually the same as a year ago. Single-family home sales are down 23% from last year and active listings are up 9.5% to 242 units. There is 13.6 months of inventory.
Mary "B" Battaglia CRS; Austin, Texas
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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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