subject: Austin Real Estate Market Report [print this page] The Austin, Texas area is at the top of many national lists ranging from quality of life to growth to its economy. Here is a snapshot of the overall Austin real estate market as of the end of February 2010:
- Compared to last February, the number of single-family homes sold in the Austin area is up 4%. The average sales price for single family homes is up 1% to $244,348 and the median price is unchanged compared to this time last year at $189,500. The total number of single-family listings in the Austin MLS is unchanged from last February at 9335 units.
- 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 is at 6.9 months, which favors buyers. The average days on the market for single-family homes to sell has dropped slightly to 79 days.
The Austin area was recently named by CNN Money as the #1 metro area in the nation to recover economically. Dallas and Houston were also in the CNN top Ten areas, which reflects the strength of the Texas economy as a whole. The combination of a talented workforce, strong business climate and high quality of life will continue to serve the Austin area well into the future.
The recently extended tax credits for homebuyers will increase our market activity through the Spring, and current activity bears this out. Most buyers are aware that they must be on contract to buy a property on or before April 30th. This is indeed a special time; with prices still restrained by the large selection of homes and interest rates hovering near record lows at 5%, this market is a wonderful opportunity for buyers and move-up sellers alike.
