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Austin Texas Real Estate Market Report - for 2008
The overall Austin 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 is stable at $247,924. The median price, however, 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 ... more

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