It is interesting to look at the numbers of listings that have sold year-to-date by price bands. These are sales that were reported to the Multiple Listing Service of the Austin Board of REALTORS and are comprehensive through December 1, 2008.
The report demonstrates that certain market segments are still very active here in Austin, in fact, these homes are being absorbed at a greater than normal rate. A real estate market is considered "normal" when there is a 6 month inventory. Those segments that have more than a 6 month inventory are considered to be a "buyer's market" and those with less are a "seller's market".
Homes under $300,00 are in highest demand and are being absorbed at quicker than normal rate. Over half of the 20,738 home sales which have taken place so far this year have sold for $200,000 or less. Another 38% sold between $200,000 and $500,000 with an average absorption rate of 7.6 months. Homes between $500,000 and $700,000 have an average absorption rate of almost 13 months. Inventory is down slightly from last month with 11,164 active listings in the market place.
If you would like home sales and market statistics for your neighborhood or a particular market segment here in Austin, please contact us at [email protected] and we will do a custom report just for you. We can also set you up on an automated listing alert so that you receive real time email alerts when a new listing comes onto the market in your neighborhood or area of interest. It would be our pleasure to serve you!
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