Overall Market Summary Report
Property Type | Sales | % Change Year Ago | Dollar Volume | % Change Year Ago | Average Price | % Change Year Ago |
| Single Family | 1,576 | 58% | $377,603,296 | 62% | $239,596 | 2% |
| Townhouse/Condominium | 169 | 84% | $28,389,296 | 61% | $167,984 | -13% |
| Farm/Ranches | 24 | 9% | $13,064,976 | 98% | $544,374 | 81% |
| Multifamily | 47 | 57% | $9,143,333 | 58% | $194,539 | 1% |
| Lots | 71 | 16% | $5,895,414 | 21% | $83,034 | 4% |
| Commercial | 13 | -24% | $4,497,298 | -17% | $345,946 | 9% |
| Lease | 946 | 8% | $1,133,308 | 3% | $1,198 | -4% |
| Commercial Lease | 11 | 57% | $11,473 | 41% | $1,043 | -10% |
- SELLERS: The supply (Active Listings) of Austin homes for sale hit an annual low in November, providing fewer homes for buyers to choose from … and less competition for sellers in the market! This trend is not surprising, and easily predictable. As we note from the historical graph, November and December provide the fewest number of homes on the market, and this year is no different. What IS different is the unusually high number of home sales for the fall. Typically, the falling inventory coincides with the falling sales, and ultimately keeps the average sales price relatively steady. However, this year, we have had the decline in inventory and yet the sales have remained steady. If all homes in Austin were the same and priced equally, then this would trigger an increase in the average sales price. So why did the average sales price drop? The Government. In 2009, our government offered a tax rebate for first time homebuyers (virgins). This, plus the abundance of lower-priced homes skewed the average downward, ultimately lowering the average sales price. Therefore, we have been studying the influx of first-time home buyers in the market. Why are they buying right now?
- Interest rates – rates remain extremely low and allows otherwise unqualified buyers to purchase homes in this market
- Prices – prices are extremely affordable and lower than they have been in years
- Tax credit – the governmental intervention and tax credit has incentivized buyers and made it possible for some buyers to have the necessary cash funds to purchase homes
- BUYERS: Interest rates remain low. Pricing remains affordable. Sellers who have their homes on the market right now are REAL sellers (why else would anyone put their home on the market when the grass is dead, it is 20 degrees outside, and the holidays and new year capture us all?). Are you interested in buying and taking advantage of the Housing V? Take these steps to own the home you are dreaming of:
- Choose a highly-qualified and accomplished real estate professional: Call 512.892.9473 to learn how to choose your Austin real estate agent
- Learn about your Buying Power: Call us at 512.892.9473 so we can put you in touch with our mortgage banker, Kristin Carroll.
- Begin touring homes with your GoodLife agent and choose your new dream home!
Sales Closed by Month (Demand)After the blip on the screen for fall 2009, we return to your regularly programmed graph. As we note, the number of sales per month has returned (at least momentarily) to the historical seasonal decline. If our graph and buyers’ behaviors mimick history, December should prove to increase sales a bit over November.
Active Listings (Supply)Shocking! No, wait. This is completely predictable. Inventory falls as the leaves do. Once all the leaves have stopped falling, so does inventory. What does this mean? If you are thinking of selling in the next 12 months, you may want to consider now as a perfect time to put your home on the market. You will have less competition and more demand for your home … just make sure you get expert help from qualified real estate professionals to design a thorough strategy to get the most amount of money in the least amount of time.
Average Sales PriceIt appears that the average sales price has leveled off after a very exciting and turbulant ride earlier in 2009. We continue to hover around $240,000 as an average sales price, and barring any new legistlation, natural disasters, or single-digit temperatures (almost got there in January), prices should remain relatively stable moving into the new year.BTW, We do have very specific data for every price range and area of town. Want specific data pertaining to your neighborhood or your own home? We have it! Please let us know if you would like a neighborhood-specific analysis by emailing us at experience@goodlifeteam.com or calling us at 512.892.9473.
Simple Summary
Want to sell your house more quickly than your competitor?
Get really good help from proven professionals
and
Price your house accordingly.
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