The overall Austin market:
- Compared to this time last year, the number of single-family homes sold in the Austin area dropped by 32%. The average sales price for single family homes is down 1% to $237,876. The median price, however, is up 2% compared to this time last year to $185,000.
- The total number of single-family listings in the Austin MLS is down 9% since the first of the year to 9,056 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 6.6 months which favors buyers. The average days on the market for single-family homes to sell has risen to 87 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 94.6%, which is up from December's 94.1% - the lowest in several years for Austin. 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%. While Austin is 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. Austin was named in a recent YahooBusiness report as the #2 US city for people to move to. This strength has kept Austin real estate prices stable in comparison to most other metro areas in the U.S.
Mary "B" Battaglia "Your Best Link to Austin Real Estate"