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Austin Texas real estate market report - April 2009 YTD

By
Real Estate Agent with Coldwell Banker United (referrals welcome!)

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

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