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!"
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