In 2009, the Austin area reported 18,734 home sold.
This represents a 7 year low in one year sales. And while the number of
homes sold continued to decline, the average length of time a home was on the
market increased to 88 days, the longest time in 11 years.
However, the average home sales price for the year
was at the highest level ever, at $261,372! This average sales price for
2009 represents a 4.2% increase over the prior year. (Across the country,
most communities are experiencing a drop in average value of homes sold,
meaning the Austin market overall is more stable, in our opinion.)
General area numbers do not provide a clear
picture of what is happening in Austin. Within the area wide numbers there
are some housing markets within Austin that are Sellers' Markets where demand
exceeds supply, others housing markets that are Buyers Markets where supply
exceeds demand, and some markets that are Balanced. And reviewing monthly
trends help you understand if markets are getting stronger or weaker.
So to really understand the Austin market, you need to start with two
charts that show December numbers and 2009 overall, that are divided by:
·
Sales by Price Band, and
·
Sales by Region
Sales by Price Band
During December 2009, 1,299 homes sold in Austin. The
low sold was $23,710 and the high sold was $2,958,500 and the average sold was
$263, 736. The average days of the market was 82 days.
During December the best selling markets were below $200,000
and were Seller's Market's, where months of inventory was less than five
months. Above $400,000 , where inventory exceeds 8 months, it is a
Buyers' Market.
Sales by Region
The following chart provides detail of how well each region of
Austin and surrounding city is selling for the month of December and during the
year. The North Central Austin region has the least amount of houses for
sale and they are on average selling faster than other areas.
These charts and
nine additional charts on the Austin market are available in the following link:
West Austin Properties can provide you with a more
specific analysis for either your home or your buying price range, by combining
the Sales Band and Sales by Region information. Contact Laura@westaustin.com (512-750.2425) or Patrick@westaustin.com
(512- 585.1571).
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