Austin Area Real Estate Market Report - March 2010
The Austin area has rebounded strongly this year
. The Austin metro area added 6000 jobs in March which lowered the unemployment rate to 7.1% (Texas 8.2%; U.S. 9.7%). Recent articles in CNN Money and Forbes have noted Austins relative economic health nationally as the #1 metro area in the nation. Dallas and Houston have also remained relatively healthy, which reflects the strength of the Texas economy as a whole.
The tax credits combined with record low interest rates around 5% started 2010 off strong. With the historically active Spring and Summer seasons approaching, the future is bright.
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 called 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 is at 7.8 months, which favors home buyers. The average days on the market for single-family homes to sell has dropped slightly to 73 days.
The Austin Real Estate Market:
Average sold price - up 2% from a year ago to $240,107
Number of Sales YTD up an impressive 12% compared to March '09
Number of Active Listings up less than 1% from Feb. to 9401 listings
Months of Inventory - there is 7.8 MOI; an oversupply, favoring buyers
Average days on market decreasing slightly to 73 days
The Georgetown Real Estate Market:
Average sold price - up 2.2% from a year ago to $229,407
Number of Sales YTD up an impressive 50% compared to last March
Number of Active Listings up 4% from February to 579 listings
Months of Inventory - there is 8.3 MOI; an oversupply
The Round Rock Real Estate Market:
Average sold price up 1.4% from last March to $215,600
Number of Sales YTD up 17.4% compared to last March
Number of Active Listings up 6.4% from February to 811 listings
Months of Inventory - there is 5.6 MOI; an oversupply
The Pflugerville Real Estate Market:
Average sold price down slightly from a year ago to $162,737
Number of Sales YTD up 12.6% compared to this time last year
Number of Active Listings up 4.1% from February to 459 listings
Months of Inventory - there is 6.2 MOI; an oversupply
The Cedar Park & Leander Real Estate Market:
Average sold price down 1.9% from a year ago to $203,251
Number of Sales YTD up 10% compared to this time last year
Number of Active Listings up 35% from February to 701 listings
Months of Inventory increasing to 5.8 MOI; a slight oversupply
The North & Northwest Market:
Average sold price up 14.3% from a year ago to $304,430
Number of Sales YTD down 2.4% compared to this time last year
Number of Active Listings up 11.7% from February to 373 listings
Months of Inventory increased to 5.2 MOI, a slight oversupply
The River North (FM 2222) Market:
Average sold price - down 11.3% from a year ago to $464,522
Number of Sales YTD up 10.2% compared to this time last year
Number of Active Listings up 3% from last month to 240 listings
Months of Inventory - there is 9 MOI; an oversupply
The Austin Westlake Market:
Average sold price up 2.4% from a year ago to $695,389
Number of Sales YTD up an impressive 41% compared to last March
Number of Active Listings up 7.3% from February to 263 listings
Months of Inventory - there is 9.6 MOI; an oversupply
The Southwest Austin Real Estate Market:
Average sold price up 1.3% from a year ago to $221,989
Number of Sales YTD up 18% compared to this time last year
Number of Active Listings up 9.5% from February to 596 listings
Months of Inventory increased to 4.8 MOI, a slight oversupply
Lake (South shore) Real Estate Market:
Average sold price up 6.2% from a year ago to $421,161
Number of Sales YTD up 13.9% compared to this time last year
Number of Active Listings up 4.6% compared to February at 664 listings
Months of Inventory increased to 13.9 MOI, an oversupply
by: Mary B
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