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 $253,150
- 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 $160,440
- 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 $203,350
- 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 $310,940
- 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 $480,460
- 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 $728,300
- 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