For most children in Texas, school starts next week, signaling the official end of our summer home buying season. As with previous years, the summer months were some of the busiest of the year. However, this summer, the home buyer tax credits got buyers out early resulting in record home sales volume in May and June. When the tax credits expired, sales across the nation fell substantially, giving us our own 'Cash for Clunkers' hangover effect.
Unfortunately, Austin was no exception. When compared to July of 2009, the number of homes sold in the Austin area dropped 31.5% from 2,285 to 1,565. Meanwhile, the number of homes for sale increased 18% to a record high of 13,638.
Despite the lower sales volume, compared to last July, the average price of homes sold actually increased 17.3% from $238,270 to $279,521. The average time it took to sell a home dropped 3.7% from 73 days to 70 days and, on average, sellers received 96.5% of their asking price.
If you are thinking about buying a home in the Austin-area, the good news is there are lots of homes to choose from, interest rates are in the low 4's for well qualified buyers, and sellers are more negotiable now that the market is taking a breather. Send us your search criteria and and we will setup a saved MLS search that will notify you by email when new listings match your criteria.
If you are thinking about selling a home in the Austin-area, you may have to be patient as the number of buyers that are normally in the market has decreased substantially due to the after effect of the government incentives. There are still 1,500 to 1,800 homes selling per month, but with over 13,000 homes on the market, and more coming on each month, it may take awhile to find the right buyer. Send us your address and we can analyze the recent sales activity and help you determine what the market is doing in your area.
If we can ever help you, or someone you know, we would truly appreciate a referral.
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