The overall Austin market:
- Compared to this time last year, the number of single-family homes sold in the Austin area dropped by 20%. The average sales price for single family homes is stable at $247,767. The median price, however, is up 2% compared to this time last year to $189,500.
- The total number of single-family listings in the Austin MLS is up 14% to 9,848 units compared to this time last year - which is an oversupply. Also, while the listing inventory is down slightly from last month, it is unusually strong for this time of year, and is suppressing prices.
- 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 remained steady at 6.0 months, but it still favors buyers. The average days on the market for single-family homes is steady as well at 71 days.
In most areas in and around Austin, the market for homes priced under 250K is more active, as are the closer-in markets in general. The list-to-sell ratio for the Austin Metro area is at 94.1%, which is 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 in the 5% range.
The Georgetown Real Estate Market: The average price in the Georgetown market is down very slightly from a year ago to $224,224. Sales of single-family homes for the first 12 months of 2008 are down 12.7% compared to last year. There is 7.6 months of inventory, which is an oversupply and reflects a market which favors buyers. The number of active listings is down slightly from last month to 626 listings; which is an increase of 29.6% from last December.
The Round Rock Real Estate Market: The average price in the Round Rock area is up 1.7% from a year ago to $214,747. Single-family home sales are down 18.4% when compared to this time last year. The months of inventory is steady at 4.7 months; I feel that a balanced market is 4 months, so currently this market favors buyers somewhat. Since last month the number of active listings is down slightly to 993 units, but that is still 8.6% more listings compared to this time last year. Round Rock is in the top 30 Austin MLS markets.
The Cedar Park & Leander Real Estate Market: The average price in this area is up 2.9% from last year to $205,672. Single family home sales have decreased 17% for the year and the months of inventory has risen to 5.2 months, which slightly favors buyers. The number of active listings is at 806, up 20% compared to year ago. This area is in the top 25 Austin MLS markets.
The North & Northwest Market: The average price in North and Northwest Austin for December 2008 compared to 2007 is steady at $309,731. Single family home sales in this area are off 24% compared to last year. Active listings are up 35% from a year ago to 366 units; this represents 3.5 months of inventory which is balanced. This area is in the top 20 Austin MLS markets, and is in the Round Rock ISD.
The Austin Westlake Market: Compared to December 2007, the average sales price is off in the Westlake area of Austin 7.3% this year to $730,724. Single-family home sales in this area are down 29% compared to this time last year. Currently, there are 272 active listings which is the same as last month, but 24% greater than last year. The months of inventory has dropped slightly to 7.5 months, but still favors buyers. This market is in the Eanes School District.
The Southwest Austin Real Estate Market: The current average sales price in Southwest Austin for 2008 compared to December 2007 is down 1.7% to $232,326. Single-family home sales are down 17.8% compared to this time last year, and there is a 3.7 month supply of homes, which is fairly balanced. Active listings are up 28% to 550 homes compared to a year ago. The Southwest area is among the top 20 Austin MLS markets.
The South Austin Market: The average sales price in South Austin compared to this time last year is stable at $147,210. Single-family home sales are off 32% compared to last December YTD. There are 6.8 months of inventory, which reflects a market favoring Buyers. Active listing inventory is stable at 190 units. This area has moved into the top 25 Austin MLS markets.
Lake (South shore) Real Estate Market: In the Lakeway area of Austin, the average sales price for December 2008 is down 2% compared to a year ago at $467,235. The number of homes sold so far this year is 18% less than this time last year. Currently, the Lakeway area has 12 months of inventory, which reflects an oversupply that favors buyers. There are currently 762 homes for sale, down 2% from last month.
Lake (North Shore) Real Estate Market: The average sales price in the Lago Vista and Jonestown area for December is $267,752 which is 4.6% less than this time last year. Single family home sales are down 27% from last year and active listings are up 12% to 241 units. There is 12.6 months of inventory, a pronounced oversupply favoring buyers.
Mary "B" Battaglia GRI, CRS Austin, Texas Referrals Welcome!