The Austin area has rebounded strongly this year with written business and closings up significantly. Written business in May and June slowed below last year’s numbers due to the tax credit expiring at the end of April. Interest rates on 30-year loans dropping below 4.5% has renewed buyer and home refinance activity, which should create a healthy 3rd quarter.
Austin as well as the State of Texas received some wonderful recognition recently. Austin was named by Kiplinger Personal Finance as the “Best City for the Next Decade”. Austin was also named the best city for Commercial Investment in 2010 by Grubb & Ellis. The State of Texas was ranked #1 for Business in general and #2 for Small Business by CNBC. We are indeed so very fortunate to be where we are!
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 each submarket below:
The Austin Real Estate Market:
Average sold price – up 2% from a year ago to $247,999
Number of Sales YTD – up an impressive 13% compared to this time last year
Number of Active Listings – up 15% from a year ago to 10,322 listings
Months of Inventory – there is 7.7 months of inventory; an oversupply, favoring home buyers
Average days on market – decreasing slightly to 71 days
The Georgetown Real Estate Market:
Average sold price – down 2.5% from a year ago to $216,362
Number of Sales YTD – up an impressive 24% compared to this time last year
Number of Active Listings – up 8.4% from last June to 565 listings
Months of Inventory – there is 8.3 months of inventory; an oversupply
The Round Rock Real Estate Market:
Average sold price – up 2% from last June to $217,189
Number of Sales YTD – up 10% compared to this time last year
Number of Active Listings – up 2.7% from last June to 892 listings
Months of Inventory – there is 5.8 months of inventory; an oversupply
The Pflugerville Real Estate Market:
Average sold price – down 2% from a year ago to $161,638
Number of Sales YTD – up 10.5% compared to this time last year
Number of Active Listings – up 36% compared last June to 513 listings
Months of Inventory – there is 6.2 months of inventory; an oversupply
The Cedar Park & Leander Real Estate Market: (comparisons to last year are not valid)
Average sold price – is currently $202,048 which is up 1% from last month
Number of Sales YTD – is at 1013
Number of Active Listings – currently total 771 down 2.8% from last month
Months of Inventory – steady at 5.8 months; a slight oversupply
The North & Northwest Market:
Average sold price – up 8.2% from a year ago to $311,389
Number of Sales YTD – up 6.5% compared to this time last year
Number of Active Listings – up 20% from February to 459 listings
Months of Inventory – increased to 5.7 months of inventory
The River North (FM 2222) Market:
Average sold price – up 1.1% from a year ago to $483,090
Number of Sales YTD – up 13.9% compared to this time last year
Number of Active Listings – down 15 from last June to 281 listings
Months of Inventory – there is 10 months of inventory; an oversupply
The Austin Westlake Market:
Average sold price – down 1% from a year ago to $693,191
Number of Sales YTD – up an impressive 44% compared to last June
Number of Active Listings – 10.3% less than a year ago to 305 listings
Months of Inventory – there is 9.7 months of inventory; an oversupply
The Southwest Austin Real Estate Market:
Average sold price – up 1.3% from a year ago to $229,438
Number of Sales YTD – up 11% compared to this time last year
Number of Active Listings – up 29% from last June to 684 listings
Months of Inventory – increased to 4.7 MOI, a slight oversupply
Lake (South shore) Real Estate Market:
Average sold price – down 1.6%% from a year ago to $419,407
Number of Sales YTD – up 20% compared to this time last year
Number of Active Listings – down 5.4% compared to last June to 730 listings
Months of Inventory – decreased slightly to 13 MOI, an oversupply
Tags: Austin market report, Austin real estate, Austin real estate statistics, Cedar Park market report, Georgetown market report, Lakeway market report, Northwest Austin market report, Round Rock market report, Southwest Austin market report, Westlake market report
