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, however, is unchanged from last July at $249,350 and the median price increased 3% to $190,000.
•- The total number of single-family listings is up 21% to 9986 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 6.6, 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.
Georgetown: (average price is down 2.2% from a year ago to $220,638) Sales of single-family homes for the first seven 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 632 listings; which is an increase of 40% from last July.
Round Rock: (average price is up 3% from a year ago to $214,929) Single-family home sales are down 16% compared to this time last year. There is 5.3 months of inventory of homes available, which is slightly favoring buyers. Since last month the number of active listings is stable at 1033 units, but the number of listings is still up 18% 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 7% from last year to $208,844) Single family home sales have decreased 15% 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 30% from a year ago to 833 units.
North/Northwest: (average price for July 2008 compared to 2007 is up 2.8% to $313,266); single family home sales in this area are off 27% compared to last year. Active listings are up 43% from a year ago to 361 units; this represents 4.7 months of inventory which favors buyers.
Westlake: (compared to July 2007, the average sales price is off 10.4% this year to $705,882) Single-family home sales in this area are down 24% compared to this time last year. Currently, there are 280 active listings; this is up1% compared to last month, but 31% greater than last July. The 8.3 months of inventory is favoring buyers.
Southwest: (the current average sales price for 2008 compared to July 2007 is up 3.3% to $233,150). Single-family home sales are down 15% compared to this time last year, and there is a 4.1 month supply of homes, which is fairly balanced. Active listings are up 36% to 529 compared to a year ago. The Southwest area is among the top 10 Austin MLS markets.
South: (the average sales price compared to last July is the same at $151,359) Single-family home sales are off 34% compared to last July YTD. There are 5.2 months of inventory, which reflects a market which slightly favors Buyers. Active listing inventory is up 11.5% to 184 units.
Lake (South shore): (the average sales price for July 2008 is up 3.6% over 2007 to $474,626) the number of homes sold so far this year is 17% less than this time last year. The months of inventory has declined slightly to 13.8 months, which reflects an oversupply favoring Buyers. There are 798 homes for sale, which is up slightly from last month.
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