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Austin Real Estate Analysis

While the disturbing news of the national real estate market continues, our home town Austin, though not invincible, appears to be holding it’s own.
Low tide effects everyone, statistics vary. The national average time on the market for single family is a whopping 10 months. Nationally prices have dipped by +/-5%.
According to sources locally, Austin has a 5 month supply of SFH and our prices have increased slightly over a year ago, not bad as compared to the nation. The verdict is still out on the forecast for 08, however.  Sales have slipped 20% year over year and pendings are alarmingly down.  Median price is 5% higher than a year ago, however, given the fallout in sub-prime and consequently the lower priced side of our market (175k and down) this stat may not be as hopeful as it appears.  Brokers and Title Companies are reporting brisk business and orders. Buyers are offering again, though cautiously. …………

Stay tuned, reliable trends take time.

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