May Austin Market Report Available
May 7, 2012 by Laura Duggan · Leave a Comment
Is the Austin real estate market starting to stagnate or just taking a breather?
- •Number of homes for sale are at seven year lows. This month there are 28% fewer homes for sale than last year and 34% fewer than 2010 – a big drop in inventory.
- •Demand for homes was stagnate during April, the first month of slow demand this year. Demand, number of homes sold compared to February, had increased in April for each of the last four years. Other data indicates this is not a long term trend.
- Months of Inventory is 4.36, defined as a “Normal Sellers Market” where there is normally “moderate appreciation.” This is an average for the Austin market as a whole. Price bands, Zip Codes and Areas all have different market dynamics. (See charts for specifics.)
- •The homes that did sell in April sold faster than the prior 4 years, with a average time on the market of only 67 days
- •The strongest Austin market segments are homes prices below $600K. For homes valued over $1M, there is an oversupply of houses and few buyers and this upper price range is in an “Extreme Buyers Market.”
To view the entire May Report click below, or the Market Report tab above:
http://westaustin.com/wp-content/uploads/2010/09/May-2012-Market-Report.pdf
