The overall Austin market:
- Compared to this time last year, the number of single-family homes sold in the Austin area dropped by 20%. The average sales price for single family homes is stable at $247,924. The median price, however, is up 3% to $190,000 over last year.
- The total number of single-family listings in the Austin MLS is up 15% to 9,969 units compared to this time last year - which is an oversupply. Also, while the listing inventory is down slightly from last month, it is unusually strong for this time of year, and is suppressing prices.
- 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 dropped slightly to 5.9 months, but it still favors buyers. The average days on the market for single-family homes remained the same from last month at 70 days.
In most areas in and around Austin, the market for homes priced under 300K is more active, as are the closer-in markets in general. The financial sector nationally is still looking for stability, yet we have a current oversupply of inventory here, coupled with historically low interest rates below 6%. This has created an exciting combination for opportunistic buyers in the Austin area.
The Georgetown Real Estate Market: The average price in the Georgetown market is down very slightly from a year ago to $223,152. Sales of single-family homes for the first 11 months of 2008 are down 15% compared to last year. There is 7.2 months of inventory, which is an oversupply and reflects a market which favors buyers. The number of active listings is down slightly from last month to 632 listings; which is an increase of 32% from last September.
The Round Rock Real Estate Market: The average price in the Round Rock area is up 2% from a year ago to $215,616. Single-family home sales are down 18% when compared to this time last year. The months of inventory is down slightly to 4.6; I feel that a balanced market is 4 months, so currently this market favors buyers somewhat. Since last month the number of active listings is down slightly to 1004 units, but the number of listings is still up 10% compared to this time last year. Round Rock is in the top 25 Austin MLS markets.
The Cedar Park & Leander Real Estate Market: The average price in this area is up 4% from last year to $207,036. Single family home sales have decreased 17% for the year and the months of inventory has dropped slightly to 4.6 months, which slightly favors buyers. The number of active listings is at 819, up 22% compared to year ago. This area is in the top 20 Austin MLS markets.
The North & Northwest Market: The average price in North and Northwest Austin for November 2008 compared to 2007 is down 5% to $310,738. Single family home sales in this area are off 24% compared to last year. Active listings are up 35% from a year ago to 373 units; this represents 3.7 months of inventory which is balanced. This area is in the top 15 Austin MLS markets, and is in the Round Rock ISD.
The Austin Westlake Market: Compared to November 2007, the average sales price is off in the Westlake area of Austin 8% this year to $728,588. Single-family home sales in this area are down 31% compared to this time last year. Currently, there are 276 active listings which is the same as last month, but 25% greater than last year. The months of inventory has dropped slightly to 7.6 months, favoring buyers. This market is in the Eanes ISD.
The Southwest Austin Real Estate Market: The current average sales price in Southwest Austin for 2008 compared to November 2007 is up 2% to $233,263. Single-family home sales are down 17% compared to this time last year, and there is a 3.7 month supply of homes, which is fairly balanced. Active listings are up 28% to 556 homes compared to a year ago. The Southwest area is among the top 20 Austin MLS markets.
The South Austin Market: The average sales price in South Austin compared to this time last year is stable at $148,458. Single-family home sales are off 32% compared to last November YTD. There are 6.7 months of inventory, which reflects a market favoring Buyers. Active listing inventory is stable at 192 units. This area has moved into the top 25 Austin MLS markets.
Lake (South shore) Real Estate Market: In the Lakeway area of Austin, the average sales price for November 2008 is stable compared to a year ago at $472,511. The number of homes sold so far this year is 16% less than this time last year. Currently, the Lakeway area has 11 months of inventory, which reflects an oversupply that favors buyers. There are currently 778 homes for sale, down 3% from last month.
Lake (North Shore) Real Estate Market: The average sales price in the Lago Vista and Jonestown area for November is $272,744 which is 2% less than this time last year. Single family home sales are down 29% from last year and active listings are up 13% to 244 units. There is 13.6 months of inventory, a pronounced oversupply favoring buyers.
Mary "B" Battaglia GRI, CRS