Austin Real Estate Scene

We see the number of active listings is up 10% over last year this past week. For the past week the number of homes Pending (under contract) is down 55% from last year. The number of Sold homes are down almost 50% from this same week last year.

As for Average Prices:

(compared to the same week in 2007)

The “New Listings” average list price increased 6% to $298,400. 

In 2007 the “new listings” average price was 281,000.

The Sold average closed sales prices increased 11% to $280,500.

In 2007 it was $251,500 for the same week.

Our analysis is that while the number of homes for sale has increased in Austin this past week and the average sales price has gone up some too. However, We are seeing a pretty big drop in the number of Pending transactions (homes under contract) right now, and the number of listings that have been withdrawn (taken off the market) is up 55% from year ago this week. Also we found out that there are over 50% less buyers in the marketplace right now. So Sellers really need to be realistic in pricing their homes now. We think that a seller needs to be priced at 25% off the top of the market in their area. If they are overpriced or their home isn’t in great condition then they can expect that their home probably won’t sell.