And again….the Austin real estate market is down from 2007’s record year, but still fairing well. Active listings are up 20%, and # of homes sold are down 20%. However, we’re still appreciating. The median sales price is up to $196,120 from last year’s $184,050. The average sales price is up 5%, $263k from $250k. The good news is that the glut of inventory looks like it’s being absorbed. Last month’s numbers indicated 5.03 months of inventory on the market, and this month’s indicate 4.91.
While your market is down median prices are up! That is great.In Denver the real estate marketshowing us something neat! I have not seen it since 1989. New listings entering the market are DOWN 15-20% based upon a 6 year average. Next spring we will see days on the market start to shrink. In the south suburbs, like Highlands Ranch, Parker & Castle Rock, we keep seeing competetive bidding for homes. Not consistently mind you, but there is always a sweet spot in pricing.
Yet according to the press we are still in a down turn. Last weeke there was one “hopeful” report. I think your reporting of data makes it easier for the public to get through the depressing national news. Keep it up!
Good to see how positive your market is. I am from Palm Beach County Florida and from our trends the bottom is at least close. Our inventory has started to decline at last.
I like the format that you share your resuts with - very clean.
Those are pretty impressive stats in the current climate. Seems as if you are bucking to overall trend.
So do you feel the market has now reached the bottom?
Perhaps the bottom has been reached in spite of Fanny Mae / Freddy Mac problems.
If foreclosures are on the decline, stock is declining (perhaps a contrarian view - there are less people willing to sell at today’s prices!), then perhaps signs are emeging ot a bottom!
If the availability of mortgage funds do not shrink, then better times could be around the corner.
Those aren’t bad numbers at all. You should be happy you aren’t in the Las Vegas market!
Thats the one great thing about living in Texas right now. The market seems fairly strong compared to other parts of the nation. Houston is still very steady. We keep accumulating more and more people who realize our economy here is strong.
Thanx for the update, I live in Chicago and thinking about moving to another state. The market is really unforgiving here.
The housing market in the UK is down at the moment and it looks llike we are on the verge of a recession! which is not good news! We howevere have seen an increase on the rental side of the market, how is your rental side in the US?
Eric - What type of software are you using to create the jpg of your market stats? Is that from your MLS system?
We’ve got a pretty sophisticated MLS (mlxchange), but it does not allow us to create web-friendly stats images. I’d like to start creating similar images for Sarasota real estate market statistics.
@John Allen - our local board puts together these graphics, and I just repost them.
@Letting Agents - yes, our rental market is booming. We’re going to see a much needed influx of rental units this year, which will help relieve the rental prices.
I think the real estate market always reflects the job market. Our unemployment level is about 3.5% and retail outlets are opening at a fast pace creating new jobs as companies move here and Austin companies expand. Jobs bring in people, and people buy homes.