Austin Real Estate Market Report – December
December 7, 2011 by Laura Duggan · Leave a Comment
Lowest Sales, Highest Pendings, Fewest Listings
Historically during October, November and December the number of sales and number of homes for sale decreases each month. Our market is continuing to follow this pattern. (See Charts 2 and 3 of the December Market Report for a six year review.)
Compared to the prior month, November sales decreased 8% and inventory of homes for sale decreased 7%.
- 7,287 homes are currently for sale, the lowest number in six years.
- 1, 158 homes sold in November, the fewest in November in three years
Our analysis is the Austin market is defined as a “Balanced” market with slightly over 6 months of inventory for sale. After six months of Austin being a “Normal Sellers” market with moderate appreciation in values, two months ago Austin moved to a “Balanced” market where home values overall are now flat or showing slight depreciation.
At the end of November, pending sales of houses under contract were at the highest levels in any November since 2006. Pending sales have been at their highest levels since 2006 for 6 consecutive months! Demand remains strong however new financial requirements, economic uncertainty and changing conditions delay closings or cause contracts to “fall off” and not close at all.
The most significant market changes are by price levels, zip codes and areas and are included in the full Market Report. To view the complete December Market Report: CLICK HERE
