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 3^rd 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

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 Austin’s 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

The overall Austin market
- 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.  This is indeed a special time; with prices still suppressed a good 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.

 
The Georgetown Real Estate Market:
Average sold price – up 5.8% from a year ago to $237,829
Number of Sales YTD – up an impressive 53% compared to this time last year
Number of Active Listings – down 10.7% from December to 559 listings
Months of Inventory – there is 7.6 months of inventory; an oversupply

The Round Rock Real Estate Market:  
Average sold price – up 3% from December to $213,545
Number of Sales YTD – up 16.8% compared to this time last year
Number of Active Listings – down 6.9% from December to 762 listings
Months of Inventory – there is 4.9 months of inventory; an slight oversupply

The Pflugerville Real Estate Market:  
Average sold price – down slightly from a year ago to $160,523
Number of Sales YTD – down 1% compared to this time last year
Number of Active Listings – up 13.6% compared to December to 441 listings
Months of Inventory – there is 4.5 months of inventory; a slight oversupply

The Cedar Park & Leander Real Estate Market:  
Average sold price – up 2.9% from a year ago to $209,236
Number of Sales YTD – up 2.4% compared to this time last year
Number of Active Listings – down 30 % from December to 518 listings
Months of Inventory – decreasing to 5.2 months; a slight oversupply

The North & Northwest Market:  
Average sold price – up 14.5% from a year ago to $298,133
Number of Sales YTD – down 17% compared to this time last year
Number of Active Listings – down 10.4% from December to 334
Months of Inventory – there is a fairly balanced 4.2 months of inventory

The River North (FM 2222) Market:  
Average sold price – down 11.7% from a year ago to $466,107
Number of Sales YTD – down 9.7% compared to this time last year
Number of Active Listings – down 20% from December to 233 listings
Months of Inventory – there is 8 months of inventory; an oversupply

The Austin Westlake Market:  
Average sold price – up 1.9% from a year ago to $717,389
Number of Sales YTD – up an impressive 53% compared to this time last year
Number of Active Listings – down 22% from December to 245 listings
Months of Inventory – there is 8.4 months of inventory; an oversupply

The Southwest Austin Real Estate Market:  
Average sold price – down 1.7% from a year ago to $221,886
Number of Sales YTD – up 11.2% compared to this time last year
Number of Active Listings – up 10% from December to 544 listings
Months of Inventory – there is very healthy 3.5 months of inventory

Lake (South shore) Real Estate Market:  
Average sold price – up 21.6% from a year ago to $457,164
Number of Sales YTD – up almost 1% compared to this time last year
Number of Active Listings – down 13.4% compared to December at 635 listings
Months of Inventory – oversupplied at 12.4 months of inventory

Lake (North Shore) Real Estate Market: 
Average sold price – down 21% from last year to $195,203
Number of Sales YTD – steady compared to this time last year
Number of Active Listings – up 4.6% from December to 241 listings
Months of Inventory – there is 17.5 months of inventory; an oversupply

The overall Austin market

-  Compared to the end of year 2008, the number of single-family homes sold in the Austin area dropped by 6%.  Compared to 2008, the average sales price for single family homes is down 2% to $242,690.  The median price, however, is at $188,480 which is 1% less when compared to this time last year.
 -  The total number of single-family listings in the Austin MLS is 5% less than this time last year at 9335 units.  This is still an oversuppy, and looking at it from a supply and demand standpoint prices are being kept in check – which is a positive for buyers and move up sellers.
-  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 months which favors buyers.  The average days on the market for single-family homes to sell has continued unchanged at 79 days.

The Austin area’s population increased by 44,000 people last year, and Austin finished the year with less than ½ of 1% negative economic growth.  This topped all 20 major metro areas in the U.S., which is a reflection of Austin’s overall strength.  Most forecasts look for the Austin area to bounce back during 2010 and 2011, returning to positive job growth during March of 2010.  The combination of a talented workforce, excellent area schools, 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 into the Spring, and current activity bears this out.  This is indeed a special time; with prices still suppressed, a good selection of homes and interest rates hovering near record lows at 5%, this market is a wonderful opportunity for buyers .

The Georgetown Real Estate Market:
Average sold price – up 1.3% from a year ago to $226,753
Number of Sales YTD – down 11% compared to this time last year
Number of Active Listings – down 5% from last December to 626 listings
Months of Inventory – there is 7.2 months of inventory; an oversupply

The Round Rock Real Estate Market:  
Average sold price – down from a year ago to $208,107
Number of Sales YTD – down 11.5% compared to this time last year
Number of Active Listings – down 17.5% from a year ago to 819 listings
Months of Inventory - steady at 4.4 months; a slight oversupply

The Pflugerville Real Estate Market:  
Average sold price – up slightly from a year ago to $156,000
Number of Sales YTD – down 7% compared to this time last year
Number of Active Listings – steady from last December to 381 listings
Months of Inventory – there is 4.5 months; a slight oversupply

The Cedar Park & Leander Real Estate Market:  
Average sold price – steady from a year ago to $208,917
Number of Sales YTD – down 7.6% compared to this time last year
Number of Active Listings – down 8.3% from a year ago to 739 listings
Months of Inventory – decreasing to 4.7 months; a slight oversupply

The North & Northwest Market:  
Average sold price – down 5.6% from a year ago to $291,296
Number of Sales YTD – up 2.6% compared to this time last year
Number of Active Listings – down 3% from last month to 373; up 1.9% from a year ago
Months of Inventory – a fairly balanced 3.7 months of inventory

The River North (FM 2222) Market:  
Average sold price – down 9% from a year ago to $483,258
Number of Sales YTD – down 9.7% compared to this time last year
Number of Active Listings – down 4.1% from last December to 300 listings
Months of Inventory – there is 8 months; an oversupply

The Austin Westlake Market:  
Average sold price – up 1% from a year ago to $734,643
Number of Sales YTD – up 1.4% compared to this time last year
Number of Active Listings – up 16.2% from a year ago to 316 listings
Months of Inventory – there is 7 months; an oversupply

The Southwest Austin Real Estate Market:  
Average sold price – down 2.5% from a year ago to $226,205
Number of Sales YTD – down 1.3% compared to this time last year
Number of Active Listings – down 10% from last December to 495 listings
Months of Inventory – there is a very healthy 3 months of inventory

Lake (South shore/Lakeway area) Real Estate Market:  
Average sold price – down 5.8% from a year ago to $350,000
Number of Sales YTD – down 3.6% compared to this time last year
Number of Active Listings – slightly less than last month with 734 listings
Months of Inventory – oversupplied and holding at 11.3 months

Lake (North Shore) Real Estate Market 
Average sold price – down 6% from last year to $252,724
Number of Sales YTD – down 11.5% compared to this time last year
Number of Active Listings – steady from last month at 230 listings
Months of Inventory – there is 15.1 months; an oversupply

The overall Austin Real Estate market

• - Compared to last November, there were 7% fewer single-family homes sold in the Austin area.  The average sales price for single family homes is down 3% compared to this time last year to $241,422.  The median price, however, is at $188,000 which is 1% less when compared to this time last year.
• - The total number of single-family listings in the Austin MLS is 5% less than this time last year at 9449 units.  Still, prices are being pushed down – which is a positive for buyers.
• - 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 decreased to 6 months which favors buyers.  The average days on the market for single-family homes to sell has dropped 15% to 78 days.
• - The recently extended tax credits for Renters and Homeowners will increase our market activity the next 4 months.  For either type of Buyer, the purchase contract has to be agreed to by April 30th, and many are saying that these tax credits will not be extended.  This is indeed a special time; with prices still suppressed, a good selection of homes and interest rates hovering near record lows at 5%, this market is a wonderful opportunity for sellers and buyers alike. 

The Austin metro area continues to be named to Top 5 lists and recognized for its schools and healthy economic climate.  To be sure Austin has felt the effects of our nation’s economy which reached historic lows in 2009.  That said, the Austin area ranks among a select few areas nationally and we are fortunate to be in such a popular area; our improving national economy should make 2010 a year to look forward to.

The Georgetown Real Estate Market:

Average sold price – up 1.3% from a year ago to $226,195
Number of Sales YTD – down 11.7% compared to this time last year
Number of Active Listings – down 5% from last November to 601 listings
Months of Inventory – there is 7.3 months of inventory; an oversupply

The Round Rock Real Estate Market:  

 Average sold price – down from a year ago to $207,862
Number of Sales YTD – down 11.8% compared to this time last year
Number of Active Listings – down 19% from a year ago to 813 listings
Months of Inventory – there is 4.6 months of inventory; an slight oversupply

The Pflugerville Real Estate Market:  

Average sold price – steady from a year ago to $164,212
Number of Sales YTD – down 7% compared to this time last year
Number of Active Listings – down 16% from last November to 381 listings
Months of Inventory – there is 4.5 months of inventory; a slight oversupply

The Cedar Park & Leander Real Estate Market: 

Average sold price – steady from a year ago to $208,062
Number of Sales YTD – down 7.4% compared to this time last year
Number of Active Listings – down 8.8% from a year ago to 747 listings
Months of Inventory – decreasing to 4.6 months; a slight oversupply

The North & Northwest Austin Real Estate Market: 

Average sold price – down 5.8% from a year ago to $291,712
Number of Sales YTD – up 2% compared to this time last year
Number of Active Listings – down slightly from last month to 382; up 2.7% from a year ago
Months of Inventory – there is a fairly balanced 3.9 months of inventory

The River North (FM 2222) Market:  

Average sold price – down 7% from a year ago to $486,335
Number of Sales YTD – down 10.3% compared to this time last year
Number of Active Listings – down 4.1% from last November to 306 listings
Months of Inventory – there is 8 months of inventory; an oversupply

The Austin Westlake Market:

Average sold price – up 1% from a year ago to $734,460
Number of Sales YTD – up 1.3% compared to this time last year
Number of Active Listings – up 17.5% from a year ago to 326 listings
Months of Inventory – there is 7.1 months of inventory; an oversupply

The Southwest Austin Real Estate Market:

Average sold price – down 3.4% from a year ago to $225,413
Number of Sales YTD – down 1.5% compared to this time last year
Number of Active Listings – down 10% from last November to 418 listings
Months of Inventory – there is very healthy 3 months of inventory

The Lake (South shore) Real Estate Market:

Average sold price – down 9.3% from a year ago to $427,736
Number of Sales YTD – down 6% compared to this time last year
Number of Active Listings – slightly less than last month with 749 listings
Months of Inventory – still oversupplied but decreasing to 11.3 months of inventory

The Lake (North Shore) Real Estate Market:

Average sold price – down 11% from last year to $242,390
Number of Sales YTD – down 13.7% compared to this time last year
Number of Active Listings – steady from last month at 233 listings
Months of Inventory – there is 15.1 months of inventory; an oversupply