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Austin, Texas Real Estate Market Report – November 2011 YTD

December 22nd, 2011

Overall Austin Market Comments:

Sales of existing homes in the Austin area rose almost 11 percent in November, and the area’s median home price was up 3 percent compared with the same month last year.  Year to date, the number of home sales are up 7 percent over the same period in 2010, and the average sold price for the year has increased 2% to $257,845.

For the sixth month in a row, home sales in Austin have exceeded last year, and the inventory of homes for sale has decreased.  There were 7,173 homes on the market in November, which is 18 percent less than a year earlier. This represents a great opportunity for Sellers due to reduced inventory levels.

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. This important figure is included for the Austin area and in each submarket below:

 

The Austin Real Estate Market:

  • Average sold price – up 2% from a year ago to $257,845
  • Number of Sales YTD – 7% greater than this time last year
  • Number of Active Listings – down 18% from last November to 7173 listings
  • Active Listings compared to last month – a 9.5% decrease
  • Months of Inventory – dropping to 4.9 MOI; a slight oversupply
  • Average days on market – 83 days to sell; 9% less than last November

The Georgetown Real Estate Market:

  • Average sold price – steady from a year ago at $217,659
  • Number of Sales YTD – up 13% compared to this time last year
  • Number of Active Listings – 2.8% less from last November to 621 listings
  • Months of Inventory – there is 6.7 months of inventory; an oversupply

The Round Rock Real Estate Market:  

  • Average sold price – off 2% from last November to $214,947
  • Number of Sales YTD – up 9.6% compared to this time last year
  • Number of Active Listings – 16% less than last November to 749 listings
  • Months of Inventory – slightly favoring sellers at 3.4 MOI

The Pflugerville Real Estate Market:  

  • Average sold price – down 2.5% from a year ago to $156,511
  • Number of Sales YTD – steady compared to this time last year
  • Number of Active Listings – 16% less than last November at 425 listings
  • Months of Inventory – there is a balanced 3.8 MOI

 The Cedar Park & Leander Real Estate Market:  

  • Average sold price – is slightly down by 1.8% to $199,691
  • Number of Sales YTD – up slightly from this time last year
  • Number of Active Listings – down 19% from last November to 629
  • Months of Inventory – balanced at 3.9 months

 The North & Northwest Market:  

  • Average sold price – off 2.7% from a year ago to $305,290
  • Number of Sales YTD – up 15% from this time last year
  • Number of Active Listings – down 24% from last November to 357 listings
  • Months of Inventory – decreasing to 2.7 months; slightly favoring sellers

 The River North (FM 2222) Market:   

  • Average sold price – 6.2% greater than a year ago to $513,739
  • Number of Sales YTD – up 18% compared to this time last year
  • Number of Active Listings – down 12.8% from last November to 237 listings
  • Months of Inventory – down to 5.2 MOI; a slight oversupply

 The Austin Westlake Market:  

  • Average sold price – up 12.7% from a year ago to $824,801
  • Number of Sales YTD – up 3.9% compared to last November
  • Number of Active Listings – down 19% from last November at 239 listings
  • Months of Inventory – decreasing to 3.6 MOI; in balance

 The Southwest Austin Real Estate Market:  

  • Average sold price – off 1% from a year ago at $228,279
  • Number of Sales YTD – up 4.6% compared to this time last year
  • Number of Active Listings – down 23% from last November to 523 listings
  • Months of Inventory – a market favoring sellers at 2.6 MOI

 Lake (South shore) Real Estate Market:  

  • Average sold price – up 1.2% from a year ago to $441,255
  • Number of Sales YTD – up 6.2% compared to this time last year
  • Number of Active Listings – off 19% compared to last month to 579 listings
  • Months of Inventory – at 6.9 MOI, an oversupply, but dropping

Thanks for visiting and be sure to contact me with any questions!

Mary “B” Battaglia      maryb@maryb.com      Website     512-767-6787

 

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Austin, Texas Real Estate Market Report – August 2011

October 10th, 2011

The Overall Austin Market:

 Sales in the first eight months of 2011 were up 3% compared to this time last August; the average sales price is also up 3% for the year.  These two figures are showing that without government incentives the market is standing on its own.

During August there were 1,978 home sales closed  – which is an increase over last August of 33%.  This is the second month of more than a 30% increase in sales.  This has brought 2011 sales above annual sales for the last 3 years; an indication that the Austin market is moving into higher levels of activity.  Currently, Buyers are focused on record low interest rates, in the low to mid 4% range, combined with a healthy selection of available homes.

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. This important figure is included for the Austin area and in each submarket below:

The Austin Real Estate Market:

  • Average sold price – up 3% from a year ago to $260,619
  • Number of Sales YTD – 3% greater than this time last year
  • Number of Active Listings – down 14% from last August to 9,201 listings
  • Active Listings compared to last month – a 1% decrease
  • Months of Inventory – there is 6 MOI; an oversupply, but dropping
  • Average days on market – 79 days to sell; 3% longer than last August

 The Georgetown Real Estate Market:

  • Average sold price – up 1.3% from a year ago to $218,260
  • Number of Sales YTD – up 10.8% compared to this time last year
  • Number of Active Listings – 2% less from last August to 627
  • Months of Inventory – there is 7.2 months of inventory; an oversupply

 The Round Rock Real Estate Market:  

  • Average sold price – off 2% from last August to $216,460
  • Number of Sales YTD – up 6% compared to this time last year
  • Number of Active Listings – 13% less than last August to 795
  • Months of Inventory – dropping to 4.4 MOI; a slight oversupply

 The Pflugerville Real Estate Market:  

  • Average sold price – down 3.5% from a year ago to $156,052
  • Number of Sales YTD – off 8.2% compared to this time last year
  • Number of Active Listings – 14% less than last August at 453
  • Months of Inventory – there is 5.2 MOI; an oversupply

 The Cedar Park & Leander Real Estate Market:  

  • Average sold price – is slightly down by 2% to $198,968
  • Number of Sales YTD – off 6.6% from this time last year
  • Number of Active Listings – down 18% from last August to 650
  • Months of Inventory – at to 4.7 months; a slight oversupply

 The North & Northwest Market:  

  • Average sold price – off 3.2% from a year ago to $303,325
  • Number of Sales YTD – up 19% from this time last year
  • Number of Active Listings – down 21% from last August to 383
  • Months of Inventory – decreasing to 3.6 months; a balanced market

 The River North (FM 2222) Market:   

  • Average sold price – 5.5% greater than a year ago to $518,789
  • Number of Sales YTD – up 18% compared to this time last year
  • Number of Active Listings – down 13.4% from last August to 246
  • Months of Inventory – down to 6.7 MOI; yet still an oversupply

 The Austin Westlake Market:  

  • Average sold price – up 15% from a year ago to $819,483
  • Number of Sales YTD – up 1% compared to last August
  • Number of Active Listings – down 14.8% from last August at 263
  • Months of Inventory – decreasing to 6 MOI; an oversupply

 The Southwest Austin Real Estate Market:  

  • Average sold price – off 1.4% from a year ago at $227,060
  • Number of Sales YTD – steady compared to this time last year
  • Number of Active Listings – down 20% from last August to 565
  • Months of Inventory – a balanced market at 3.5 MOI

 Lake (South shore) Real Estate Market:  

  • Average sold price – up 3.9% from a year ago to $446,386
  • Number of Sales YTD – up 12.7% compared to this time last year
  • Number of Active Listings – off 19% to 603 listings
  • Months of Inventory – at 8.2 MOI, an oversupply

Thanks for visiting and be sure to contact me with any questions!

Mary “B” Battaglia          maryb@maryb.com          Website         512-767-6787

 

 

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America’s Best Cities September 2011 – per BusinessWeek.com

September 23rd, 2011

BusinessWeek.com has just issued their first ranking of the Top 50 Cities in America, with an assist from Bloomberg Rankings.   The pictures were beautiful and the data was interesting; trouble is, when I read the article I couldn’t find a summary “list” which was frustrating.   So, even though I am partial to Austin, here is a list that I compiled from their site.  Enjoy!

  1. Raleigh, N.C.
  2. Arlington, Va.
  3. Honolulu, Hi.
  4. Scottsdale, Az.
  5. Irvine, Ca.
  6. Washington D.C.
  7. San Diego, Ca.
  8. Virginia Beach, Va.
  9. San Francisco, Ca.
  10. Anchorage, Ak.
  11. Plano, Tx.
  12. Austin, Tx.
  13. Seattle, Wa.
  14. New York, N.Y.
  15. Albuquerque, Nm.
  16. Boston, Ma.
  17. Madison, Wi.
  18. Colorado Springs, Co.
  19. Portland, Or.
  20. Charlotte, N.C.
  21. Chesapeake, Va.
  22. Lincoln, Ne.
  23. San Jose, Ca.
  24. Pittsburgh, Pa.
  25. Lexington/Fayette, Ky.
  26. Jacksonville, Fl.
  27. Denver, Co.
  28. Nashville, Tn.
  29. New Orleans, La.
  30. Minneapolis, Mn.
  31. Greensboro, N.C.
  32. Atlanta, Ga.
  33. Boise, Id.
  34. Omaha, Ne.
  35. Houston, Tx.
  36. Oklahoma City, Ok.
  37. Durham, N.C.
  38. Henderson, Nv.
  39. St. Paul, Mn,.
  40. San Antonio, Tx.
  41. Gilbert, Nv.
  42. Dallas, Tx.
  43. Kansas City, Ks.
  44. Reno, Nv.
  45. Chandler, Nv.
  46. Winston-Salem, Ma.
  47. Tampa, Fl.
  48. Oakland, Ca.
  49. Phoeniz, Az.
  50. Irving, Tx.

Mary “B” Battaglia, Realtor, GRI, CRS   |   maryb@maryb.com   |   Your Best Link to Austin Area Real Estate

 

 

 

 

 

 

 

 

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Austin Texas Real Estate Market Report – July 2011

September 7th, 2011

The Overall Austin Market:

 Sales in the first six months of 2011 were virtually equal to this time last July.  The average sales price, however, is up 3% for the year.  These two figures are exceptional, for last year the special tax credits for buyers and sellers spurred the market and this year the market is standing on its own with strong activity.

 During July there were 1,973 home sales closed and 1,994 homes that went under contract – which is an increase over last July of 32% and 28% respectively.  What happened last July? The special tax credits ended.  Currently, Buyers are focused on record low interest rates, in the low to mid 4% range, combined with a healthy selection of available homes.

 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. This important figure is included for the Austin area and in each submarket below:

The Austin Real Estate Market:

  • Average sold price – up 3% from a year ago to $260,523
  • Number of Sales YTD – equal to this time last year
  • Number of Active Listings – down 13% from last July to 9,201 listings
  • Active Listings compared to last month – a 1% increase
  • Months of Inventory – there is 6.1 MOI; an oversupply, but dropping
  • Average days on market – 77 days to sell; 5% longer than last July

 The Georgetown Real Estate Market:

  • Average sold price – up 1.5% from a year ago to $219,769
  • Number of Sales YTD – up 5% compared to this time last year
  • Number of Active Listings – steady from last July to 629 listings
  • Months of Inventory – there is 7.5 months of inventory; an oversupply

 The Round Rock Real Estate Market:  

  • Average sold price – 1.5% greater than last July to $212,950
  • Number of Sales YTD – up 1% compared to this time last year
  • Number of Active Listings – 12% less than last July to 805 listings
  • Months of Inventory – dropping to 4.7 MOI; a slight oversupply

 The Pflugerville Real Estate Market:  

  • Average sold price – down 4.6% from a year ago to $155,098
  • Number of Sales YTD – off 11.3% compared to this time last year
  • Number of Active Listings – 14% less than last July at 457 listings
  • Months of Inventory – there is 5.4 MOI; an oversupply

 The Cedar Park & Leander Real Estate Market:  

  • Average sold price – is slightly down by 2% to $199,596
  • Number of Sales YTD – off 11% from this time last year
  • Number of Active Listings – down 4% from last July to 755
  • Months of Inventory – at to 4.9 months; a slight oversupply

 The North & Northwest Market:  

  • Average sold price – off 1.9% from a year ago to $304,689
  • Number of Sales YTD – up 16% from this time last year
  • Number of Active Listings – down 18% from last July to 388 listings
  • Months of Inventory – decreasing to 4 months; a balanced market

 The River North (FM 2222) Market:   

  • Average sold price – off 7.5% compared to a year ago to $529,517
  • Number of Sales YTD – up 14% compared to this time last year
  • Number of Active Listings – down 13.7% from last July to 246 listings
  • Months of Inventory – down to 7 MOI; yet still an oversupply

 The Austin Westlake Market:  

  • Average sold price – up 15% from a year ago to $819,483
  • Number of Sales YTD – up 1% compared to last July
  • Number of Active Listings – down 14.8% from last July at 263 listings
  • Months of Inventory – decreasing to 6 MOI; an oversupply

 The Southwest Austin Real Estate Market:  

  • Average sold price – off 1% from a year ago at $224,813
  • Number of Sales YTD – 5.8% less compared to this time last year
  • Number of Active Listings – down 18% from last July to 575 listings
  • Months of Inventory – a balanced market at 2.8 MOI

 Lake (South shore) Real Estate Market:  

  • Average sold price – up 3.8% from a year ago to $439,550
  • Number of Sales YTD – up 7% compared to this time last year
  • Number of Active Listings – off 16% compared to last month to 606 listings
  • Months of Inventory – at 8.8 MOI, an oversupply

 

Thanks for visiting and be sure to contact me with any questions!

Mary “B” Battaglia          maryb@maryb.com          Website         512-767-6787

 

 

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Austin Texas Real Estate Market Report – June 2011

August 21st, 2011

The Overall Austin Market:

Sales in the first six months of 2011 were 5% less than this time last June.  The average sales price, however, is up 5% for the year which is an indication that more upper-end properties are selling.  Considering the activity spurred by buyer tax credits during the first half of last year, our current market activity is strong.

During June there were 2,145 home sales closed – which is 9% more than June 2010.  Most impressive were the 2,114 homes that went under contract in June – which is 31% more than June 2010.  This year Buyers are focused on record low interest rates, currently in the 4.5% range, combined with a good selection of available homes.

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. This important figure is included for the Austin area and in each submarket below:

The Austin Real Estate Market:

  • Average sold price – up 5% from a year ago to $259,777
  • Number of Sales YTD – off 5% compared to this time last year
  • Number of Active Listings – down 11% from last June to 9,169 listings
  • Active Listings compared to last month – a 1% increase
  • Months of Inventory – there is 7.2 MOI; an oversupply, favoring buyers
  • Average days on market – 75 days to sell; 7% longer than last June 

The Georgetown Real Estate Market:

  • Average sold price – steady from a year ago to $216,443
  • Number of Sales YTD – up 2% compared to this time last year
  • Number of Active Listings – steady from last June to 622 listings
  • Months of Inventory – there is 8.5 months of inventory; an oversupply

The Round Rock Real Estate Market:  

  • Average sold price – 2.3% less than last June to $212,304
  • Number of Sales YTD – down 6.2% compared to this time last year
  • Number of Active Listings – 9.9% less than last June to 804 listings
  • Months of Inventory – dropping to 5.6 MOI; a slight oversupply

The Pflugerville Real Estate Market:  

  • Average sold price – down 3.7% from a year ago to $155,925
  • Number of Sales YTD – off 16.3% compared to this time last year
  • Number of Active Listings – 10% less than last June at 458 listings
  • Months of Inventory – there is 6.5 MOI; an oversupply

 The Cedar Park & Leander Real Estate Market:  

  • Average sold price – is slightly down by 1% to $200,043
  • Number of Sales YTD – off 13.9% from this time last year
  • Number of Active Listings – down 15.6% from last June to 651
  • Months of Inventory – at to 5.6 months; a slight oversupply

The North & Northwest Market:  

  • Average sold price – off 1.4% from a year ago to $303,972
  • Number of Sales YTD – up 9.6% from this time last year
  • Number of Active Listings – down 16.3%% from last June to 384 listings
  • Months of Inventory – decreasing to 5 months; slightly favoring buyers

 The River North (FM 2222) Market:   

  • Average sold price – up 11% compared to a year ago to $534,522
  • Number of Sales YTD – up 26% compared to this time last year
  • Number of Active Listings – down 14% from last June to 242 listings
  • Months of Inventory – decreasing to 7.1 MOI; an oversupply

The Austin Westlake Market:  

  • Average sold price – up 14.3% from a year ago to $794,665
  • Number of Sales YTD – down 3.5% compared to last June
  • Number of Active Listings – down 14.7% from last June at 262 listings
  • Months of Inventory – decreasing to 7.5 months; an oversupply

The Southwest Austin Real Estate Market:  

  • Average sold price – steady from a year ago at $224,813
  • Number of Sales YTD – off 12.1% compared to this time last year
  • Number of Active Listings – down 15.4% from last June to 579 listings
  • Months of Inventory – a fairly balanced market at 4.6 MOI

Lake (South shore) Real Estate Market:  

  • Average sold price – up 6% from a year ago to $443,665
  • Number of Sales YTD – up 5.7% compared to this time last year
  • Number of Active Listings – off 16.8% compared to last month to 607 listings
  • Months of Inventory – at 9.7 MOI, an oversupply

Thanks for visiting and be sure to contact me with any questions!

Mary “B” Battaglia          maryb@maryb.com          Website         512-767-6787

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Austin Texas Real Estate Market Report – May 2011

July 1st, 2011

The Overall Austin Market:

Sales in the first five months of 2011 were 2% less than this time last May.  The average sales price, however, is up 7% which is an indication that more upper-end properties are selling.  The consistent activity seems to reflect buyers focusing on the below 5% interest rates and the increased affordability they are finding.

According to the Texas Workforce Commission, the Austin area continues to add jobs at a rate of just over 1000 jobs per month.  This is a 1.8% annual rate, one of the nation’s best. Also, parenting.com named Austin as the second best place in America to raise a family!

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. This important figure is included for the Austin area and in each submarket below:

The Austin Real Estate Market:

  • Average sold price – up 7% from a year ago to $256,945
  • Number of Sales YTD – off 2% compared to this time last year
  • Number of Active Listings – up from last May to 9,066 listings
  • Active Listings compared to last May – a 10% decrease
  • Months of Inventory – there is 7.5 MOI; an oversupply, favoring buyers
  • Average days on market – up to 90 days to sell

 The Georgetown Real Estate Market:

  • Average sold price – 1.2% less than a year ago to $215,149
  • Number of Sales YTD – off 3% compared to this time last year
  • Number of Active Listings – steady from last May to 605 listings
  • Months of Inventory – there is 8.7 months of inventory; an oversupply

 The Round Rock Real Estate Market:  

  • Average sold price – 1.8% less than last May to $210,882
  • Number of Sales YTD – down 11% compared to this time last year
  • Number of Active Listings – 7.3% less than last May to 798 listings
  • Months of Inventory – dropping to 6.0 MOI; a slight oversupply

The Pflugerville Real Estate Market:  

  • Average sold price – down 4.3% from a year ago to $154,952
  • Number of Sales YTD – off 21% compared to this time last year
  • Number of Active Listings – 9.2% less than last May at 452 listings
  • Months of Inventory – there is 7.2 MOI; an oversupply 

The Cedar Park & Leander Real Estate Market:  

  • Average sold price – is slightly down by 1% to $199,725
  • Number of Sales YTD – off 18% from this time last year
  • Number of Active Listings – down 14% from last May to 641
  • Months of Inventory – at to 5.6 months; a slight oversupply

 The North & Northwest Market:  

  • Average sold price – up 1% from a year ago to $305,352
  • Number of Sales YTD – the same as this time last year
  • Number of Active Listings – down 12.7% from last May to 379 listings
  • Months of Inventory – increasing to 5.7 months; slightly favoring buyers

The River North (FM 2222) Market:   

  • Average sold price – up 22% compared to a year ago to $564,687
  • Number of Sales YTD – up 15% compared to this time last year
  • Number of Active Listings – down 13% from last May to 236 listings
  • Months of Inventory – increasing to 7.5 MOI; an oversupply

 The Austin Westlake Market:  

  • Average sold price – up 15% from a year ago to $787,604
  • Number of Sales YTD – even compared to last May
  • Number of Active Listings – down 13% from last May at 256 listings
  • Months of Inventory – increasing to 7.9 months; an oversupply

 The Southwest Austin Real Estate Market:  

  • Average sold price – steady from a year ago at $225,690
  • Number of Sales YTD – off 15% compared to this time last year
  • Number of Active Listings – down 12% from last May to 574 listings
  • Months of Inventory – a fairly balanced market at 4.9 MOI

Lake (South shore) Real Estate Market:  

  • Average sold price – up 5.8% from a year ago to $434,494
  • Number of Sales YTD – up 4.3% compared to this time last year
  • Number of Active Listings – off 15% compared to last month to 604 listings
  • Months of Inventory – up to 10.1 MOI, an oversupply

Thanks for visiting and be sure to contact me with any questions!

Mary “B” Battaglia          maryb@maryb.com          Website         512-767-6787

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Austin Texas Real Estate Market Report – February 2011

April 8th, 2011

The Overall Austin Market:

Sales in the first two months of 2011 were up 4% over last February.  This has continued an upswing in activity since mid-December.  So far this year the average sales price is up 1% compared to a year ago.  Many people use the holidays and early January to plan for the coming year.  The increased activity seems to reflect this as more buyers seem to be focusing on the below 5% interest rates and the increased affordability they are finding.

Austin continues to be mentioned among the Top Cities nationally – the latest being CNN naming Austin #2 in population growth among major U.S. metro areas for the last 10 years.

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. This important figure is included for the Austin area and in each submarket below:

The Austin Real Estate Market:

  • Average sold price – up 1% from a year ago to $247,287
  • Number of Sales YTD – up 4% compared to this time last year
  • Number of Active Listings – down from last month to 8,375 listings
  • Active Listings compared to last February – a 6% decrease
  • Months of Inventory – there is 6.5 MOI; an oversupply, favoring buyers
  • Average days on market – up to 96 days to sell

 The Georgetown Real Estate Market:

  • Average sold price – down 10.8% from a year ago to $211,542
  • Number of Sales YTD – up 9.8% compared to this time last year
  • Number of Active Listings – down 3% from last month to 577 listings
  • Months of Inventory – there is 7.9 months of inventory; an oversupply

 The Round Rock Real Estate Market:  

  • Average sold price – up 2.3% from last February to $218,945
  • Number of Sales YTD – up 2.2% compared to this time last year
  • Number of Active Listings – down 4.7% from last month to 736 listings
  • Months of Inventory – dropping to 5.1 MOI; a slight oversupply

 The Pflugerville Real Estate Market:  

  • Average sold price – down 2% from a year ago to $157,004
  • Number of Sales YTD – down10.2% compared to this time last year
  • Number of Active Listings – down 7.7% from last month to 407 listings
  • Months of Inventory – there is 5.4 MOI; an oversupply

 The Cedar Park & Leander Real Estate Market:  

  • Average sold price – is currently down 2.3% to $204,005
  • Number of Sales YTD – the same as this time last year
  • Number of Active Listings – currently total 608; down 11% from last month
  • Months of Inventory – down to 4.6 months; a slight oversupply

 The North & Northwest Market:  

  • Average sold price – down 2% from a year ago to $287,241
  • Number of Sales YTD – up 20% compared to this time last year
  • Number of Active Listings – down 6.9% from last month to 311 listings
  • Months of Inventory – increasing to 4.5 months; slightly favoring buyers

 The River North (FM 2222) Market:   

  • Average sold price – up from a year ago to $645,682
  • Number of Sales YTD – up 32% compared to this time last year
  • Number of Active Listings – down 10.7% from last month to 208 listings
  • Months of Inventory – increasing to 7.1 MOI; an oversupply

 The Austin Westlake Market:  

  • Average sold price – 8.2% less than a year ago to $678,257
  • Number of Sales YTD – down 17% compared to last February
  • Number of Active Listings – down 12% from last month at 210 listings
  • Months of Inventory – increasing to 6.3 months; an oversupply

 The Southwest Austin Real Estate Market:  

  • Average sold price – down 2.2% from a year ago to $224,779
  • Number of Sales YTD – up 5.5% compared to this time last year
  • Number of Active Listings – down 4.2% from last month to 532 listings
  • Months of Inventory – a fairly balanced market at 3.9 MOI

 Lake (South shore) Real Estate Market:  

  • Average sold price – up 6.6% from a year ago to $425,242
  • Number of Sales YTD – up 33% compared to this time last year
  • Number of Active Listings – down 8% compared to last month to 548 listings
  • Months of Inventory – steady at 8.7 MOI, still an oversupply

Thanks for visiting!

Mary “B” Battaglia          maryb@maryb.com          Website         512-767-6787

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Protesting your County Appraisal District’s 2011 Assessed Value

March 6th, 2011

Let me begin with an important note:  This article is mainly focused on assessed values in the Austin, Texas area.  Some of the information may help you outside the area as well, but please consult your local tax office for their particular information.   And I am SO GLAD that I am here in Austin and the Lone Star State instead of most metro areas outside of Texas!!  Millions of people in other areas would welcome an increase in their property values.

Yes, it’s that time of year again in Texas – time to receive your property’s assessed value for the 2011 fiscal year.

If you own your property, the appraisal district normally mails out the valuations in mid-April.   It is quite possible that your assessed value will change.  Like last year, I am hearing opinions on both sides; predictions range from a 3% decrease to a 5% increase.  Everyone is likely to be right because property values have increased in some parts of the Austin area and decreased in others.   To give you a better understanding, here is a snapshot of the Greater Austin Area:

  • Average sold price – up 4% from a year ago to $253,151
  • The median price – up 2% from a year ago to $193,520
  • Number of Sales YTD – down 5% compared to this time last year
  • Number of Active Listings – down slightly from last month to 10,158 listings
  • Active Listings compared to last December – an increase of 9%
  • Months of Inventory – there is 6.0 MOI; an oversupply, favoring buyers
  • Average days on market – up very slightly at 77 days to sell

 

If you feel that the assessed value you receive is too high, you have until May 31st to send your notice of protest to the county appraisal district.  They will respond with a time for you to come in with your supporting material.  As in past years, I am available to help you through the process of filing your protest.   To make the process less intimidating and more understandable, here are a few suggestions:

First, keep in mind that your assessed value is not the same as the market value of your home.  Many people confuse the two terms.  In researching the data for your assessed value I am looking to justify the lowest value possible; if I were analyzing your property to sell I would be looking to justify the highest value possible.   The county values your property according to the size, condition, location of your property, and any upgrades you have made to it.   They would not consider curb appeal, quality, floorplan, etc.

Second, it’s important that you file your protest by May 31st.   Travis County has a protest form.   Fill out the form and send it in before May 31st, then be prepared to wait.  It can take several weeks for the County Appraisal District to schedule your informal hearing – this gives us plenty of time to get your presentation together.  In arranging your schedule, allow for a few hours; some afternoon appointments are backed up due to morning meetings running long.

Third, prepare your presentation.   The purpose of the informal hearing (you’ll probably meet with one staff member at their desk) is for you to present evidence and facts to support your position, such as:

- A cover letter and a Market Analysis, which I will provide.

- Document your property’s condition.   Do you have foundation issues?  Plumbing problems?  Anything negative?  Document these and take photos if possible.

- Information about your location.   If your home is on or adjoins a busy street or intersection, print a map to document your location, and take photos.

- If you have recently purchased or refinanced your property and the price justifies your position, bring a copy of your HUD Settlement Statement or appraisal – whichever is lower.

Fourth, present your material with these facts in mind:

- The Appraisal District is responsible for setting the assessed value. They have nothing to do with the tax rate; you are only appealing the assessed value of your home.
- Be polite and courteous.  You catch more bees with honey.
- Bring an extra copy of your supporting documentation to leave with them.

♦♦♦ A final point to a comment I made in the first of the four steps:   The State, County, school district and City are all in need of more tax money.  None of them want to change the tax rate so the emphasis is on the Appraisal District and their assessed values.   In a market where values are generally flat, one way the Appraisal District can increase assessed values is to monitor building permits for owners who are renovating/remodeling their property.   I visited with a neighbor today who shared with me that they had recently finished a interior remodel of their home.  A person who identified themselves as a County Appraiser came to their home wanting information and asking to take pictures.    So, pay attention to your assessed value – others are!

I hope this was helpful to you!!

Mary “B” Battaglia, GRI, CRS 

( call or email me for assistance; 512-767-6787 or maryb@maryb.com ).

When you call or email, share with me your contact information, your address, the details of your assessed value, etc. and when your hearing is scheduled (if it’s been set).   I will make sure you have the information well in advance.  If I do not acknowledge your email, call me – your email could have been filtered.

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For more information on the process, contact the Travis Central Appraisal District at 512.834.9138 or visit their website.   For information on the Williamson County appraisal and appeal process, call 512.930.3787 or visit their website.

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Austin Real Estate Market Report for 2010

January 30th, 2011

Austin Area Real Estate Market Summary

December Year-To-Date 2010

The Overall Austin Market:

Sales in December were up 6% over last December.  This was a dramatic turn from last month which was off 27%.  For the 2010 calendar year sales were off 5% to 17,905 single-family homes.  The average sales price, however, was up 4% compared to 2009.  2010 was an unusual year, even considering the national economy.  Last Spring saw the end of two homeowner’s tax credits.  This created an unusually active Spring and a less active Summer.  Recently more buyers seem to be focusing on the below 5% interest rates and the increased affordability they are receiving.   They are finding suppressed prices and good selection.

Austin continues to be prominently mentioned among the Top Cities nationally – the latest being ABC News’ naming Austin #1 to rebound economically.  In a completely different category, Men’s Health Magazine named Austin as the Sexiest City in America.  Congrats!

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.  This important figure is included for the Austin area and in each submarket below:

The Austin Real Estate Market:

  • Average sold price – up 4% from a year ago to $253,151
  • Number of Sales YTD – down 5% compared to this time last year
  • Number of Active Listings – down slightly from last month to 10,158 listings
  • Active Listings compared to last December – an increase of 9%
  • Months of Inventory – there is 6.0 MOI; an oversupply, favoring buyers
  • Average days on market – up very slightly at 77 days to sell

 The Georgetown Real Estate Market:

  • Average sold price – down 2.4% from a year ago to $220,360
  • Number of Sales YTD – up 2.7% compared to this time last year
  • Number of Active Listings – down 1% from last month to 632 listings
  • Months of Inventory – there is 7.4 months of inventory; an oversupply

The Round Rock Real Estate Market:  

  • Average sold price – up 5.2% from last December to $219,799
  • Number of Sales YTD – down 7.9% compared to this time last year
  • Number of Active Listings – down 2% from last month to 883 listings
  • Months of Inventory – dropping to 4.7 MOI; a slight oversupply

The Pflugerville Real Estate Market:  

  • Average sold price – down 2.5% from a year ago to $160,446
  • Number of Sales YTD – down 9.4% compared to this time last year
  • Number of Active Listings – down 4.6% from last month to 499 listings
  • Months of Inventory – there is 4.9 months of inventory; an oversupply

The Cedar Park & Leander Real Estate Market:  

  • Average sold price – is currently down 2.5% to $203,354
  • Number of Sales YTD – down 7.6% compared to this time last year
  • Number of Active Listings – currently total 769; down 1.8% from last month
  • Months of Inventory – down to 4.5 months; a slight oversupply

 The North & Northwest Market:  

  • Average sold price – up 6.8% from a year ago to $310,948
  • Number of Sales YTD – down 8.1% compared to this time last year
  • Number of Active Listings – down 2.6% from last month to 457 listings
  •             This also reflects a 23% increase from a year ago.
  • Months of Inventory – almost in balance at 3.9 months of inventory

The River North (FM 2222) Market:   

  • Average sold price – steady from a year ago to $480,465
  • Number of Sales YTD – up 2% compared to this time last year
  • Number of Active Listings – down 2% from last month to 266 listings
  • Months of Inventory – decreasing to 5.8 MOI; an oversupply

The Austin Westlake Market:  

  • Average sold price – 1% less than a year ago to $728,309
  • Number of Sales YTD – up a healthy 14% compared to last December
  • Number of Active Listings – down 3% from last month at 286 listings
  • Months of Inventory – an oversupply but dropping to 5.0 months

The Southwest Austin Real Estate Market:  

  • Average sold price – up 1.9% from a year ago to $230,449
  • Number of Sales YTD – down 10.3% compared to this time last year
  • Number of Active Listings – down 2.2% from last month to 668 listings
  •             This figure is up 35% from a year ago
  • Months of Inventory – a fairly balanced market at 3.8 MOI

Lake (South shore) Real Estate Market:  

  • Average sold price – unchanged from a year ago to $438,951
  • Number of Sales YTD – up 10.8% compared to this time last year
  • Number of Active Listings – down 2% compared to last month to 699 listings
  • Months of Inventory – decreased to 8.6 MOI, still an oversupply

Thanks for visiting!

Mary “B” Battaglia          maryb@maryb.com          Website         512-767-6787

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Austin Real Estate Market Report – November 2010

January 3rd, 2011

Austin Area Real Estate Market Summary

November Year-To-Date 2010

  The overall Austin market:

 Sales in November were off 27% compared to last November.  For the year, sales are off 6% and the average sales price is up 5%.  Austin continues to be mentioned among the Top Cities nationally – the most recent accolade being from the Brookings Institute which ranked Austin as the #1 City For Economic Recovery.   Buyers today are enjoying record low interest rates below 5% and suppressed prices due to high inventory levels.

These interest rates increase a buyer’s purchase power significantly.  Last summer, rates were at 5.5%.  A buyer purchasing a $200,000 home then would be able to purchase a $212,500 home at or below 5% today – and the monthly payment would be the same.  The $12,500 increase in purchase power makes the tax credit look small in comparison.  With our current market, these rates combined with very attractive prices create a great opportunity.

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. This important figure is included for the Austin area and in each submarket below:

The Austin Real Estate Market:

  • Average sold price – up 5% from a year ago to $253,702
  • Number of Sales YTD – down 6% compared to this time last year
  • Number of Active Listings – down slightly from last month with 10,337 listings
  • Months of Inventory – there is 6.3 MOI; an oversupply, favoring buyers
  • Average days on market – up very slightly at 76 days to sell

 The Georgetown Real Estate Market:

  • Average sold price – down 3% from a year ago to $218,435
  • Number of Sales YTD – up 1.7% compared to this time last year
  • Number of Active Listings – down 1% from last month to 639 listings
  • Months of Inventory – there is 7.5 months of inventory; an oversupply

 The Round Rock Real Estate Market:  

  • Average sold price – up 5.3% from last November to $219,458
  • Number of Sales YTD – down 9.8% compared to this time last year
  • Number of Active Listings – down 2% from last month to 897 listings
  • Months of Inventory – dropping to 4.8 MOI; a slight oversupply

 The Pflugerville Real Estate Market:  

  • Average sold price – down 2.5% from a year ago to $160,826
  • Number of Sales YTD – down 10.9% compared to this time last year
  • Number of Active Listings – down 3% from last month to 523 listings
  • Months of Inventory – there is 5.8 months of inventory; an oversupply

 The Cedar Park & Leander Real Estate Market:  

  • Average sold price – is currently down 2% to $203,599
  • Number of Sales YTD – down 8.6% compared to this time last year
  • Number of Active Listings – currently total 783 down 2% from last month
  • Months of Inventory – down to 4.8 months; a slight oversupply

 The North & Northwest Market:  

  • Average sold price – up 7.5% from a year ago to $313,796
  • Number of Sales YTD – down 8.6% compared to this time last year
  • Number of Active Listings – down 3.7% from last month to 469 listings
  •             This also reflects a 23% increase from a year ago.
  • Months of Inventory – nearing balance at 4.2 months of inventory

 The River North (FM 2222) Market:   

  • Average sold price – steady from a year ago to $484,521
  • Number of Sales YTD – up 2% compared to this time last year
  • Number of Active Listings – down 3% from last month to 272 listings
  • Months of Inventory – decreasing to 6.6 MOI; an oversupply

 The Austin Westlake Market:  

  • Average sold price – same as a year ago to $733,333
  • Number of Sales YTD – up a healthy 13.8% compared to last November
  • Number of Active Listings – down slightly from last month at 296 listings
  • Months of Inventory – an oversupply but dropping to 5.6 months

The Southwest Austin Real Estate Market:  

  • Average sold price – up 2.7% from a year ago to $231,029
  • Number of Sales YTD – down 12.2% compared to this time last year
  • Number of Active Listings – down slightly from last month at 683 listings
  •             This figure is up 35% from a year ago
  • Months of Inventory – a balanced market at 3.9 MOI

Lake (South shore) Real Estate Market:  

  • Average sold price – up 1.9% from a year ago to $435,229
  • Number of Sales YTD – up 10.6% compared to this time last year
  • Number of Active Listings – down 3% compared to last month to 713 listings
  • Months of Inventory – decreased to 8.9 MOI, still an oversupply

Thanks for visiting!

Mary “B” Battaglia          maryb@maryb.com          Website         512-767-6787

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