The market is still holding strong. The median sales price is slightly up, and the average sales price is slightly down. The # of homes sold is down roughly 14% from April 2007. Again, we’re not setting records this year, but the market is doing fine. In my opinion, the average sales price dip is due to the difficult jumbo market, and the glut of luxury homes (14 month+ inventory) currently on the market. Definitely a good time to get a steal on a luxury property.
Sounds good that the market is doing fine, I’m just curious if you can predict on what’s gonna happen next year. Will this boost continue to 2009? thanks for the facts and figures.
The numbers look good! Now if only enough buyers would believe them and quit waiting to buy. I’ve been noticing in Sacramento that even when they see the numbers of the market recovering there is still some fear in the minds of would-be buyers and that drives sales down.
This seems like one of the better big city markets in the US right now. I know Tucson and Phoenix for that matter would love to have the stats Austin has currently. I am of the opinion for the most part the worst is behind the real estate markets and most I think have hit bottom or very close to it.
Word. I just put an offer in on a home with one of my clients last weekend. 14 offers, $40,000 over asking price on a $225,000 home. The homes in Phoenix that are priced right are going quick. Best of luck on a great second half of the year.
2 years ago there were 15 houses in my develpoment for sale. now there is about 5. It is odd. I would have thought it would have gone the other way.