The overall Austin market:

-           Compared to this time last year, the number of single-family homes sold in the Austin area has dropped by 21%.  The average sales price for single family homes is down 3% to $241,400. The median price, however, is at $190,000 which is the same when compared to this time last year.

-           The total number of single-family listings in the Austin MLS is 2% less than this time last year at 9625 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 remained at 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 95.9%, which is up from a low of 94.2% during last December.   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 been recognized as the only major metro area in the country to gain jobs during the economic downturn.  While the gain is less than 1%, it's still good to be here.  According to Forbes.com, from now until the end of 2010, the Austin economy is projected to grow by $5 billion. That, coupled with relatively subdued unemployment, has the Texas Capital poised for the quickest economic rebound in the nation.  The Forbes Top Five cities for recovery, in order, are Austin; Fayetteville; Boulder; Huntsville, Ala. & San Antonio.

Mary "B" Battaglia CRS       Austin Real Estate