The Week in Review for May 25- May 31, 2008
(compared to the same week in 2007)
- New listings down this week 9%
- Pendings (homes under contract) down 63%
- Solds down 37%
As for Average Prices: May 25 - May 31, 2008
(compared to the same week in 2007)
The “New Listings” average list price decreased 6.5% to $305,760.
In 2007 the new listing average list price was $326,900.
Sold average sales prices decreased 3% to $253,993.
In 2007 it was $262,100 for the same week.
Now let’s look of the The Month in Review for May 2008
Units (homes for Sale): (compared to May 2007)
- New listings were up 26%.
- Pendings were down 67%.
- Solds Units decreased by 28%.
As for Average Prices:
The “New Listings” average list price is down 7% to 314,100.
In May 2007 the average list price was $337,400.
Sold average sales prices increased 5% to $257,600
For May 2007 it was $245,600.
Current Overall Listings update
This time last year we had 9,800 active listings during the same week in 2007?
Right now there are about 12,250 active listings!
That is a 24% increase from last year. As always some areas have more inventory then others so contact me if you need to know about specific market area of Austin.
We see a lot of buyers and sellers who are wondering what’s happening to the market here and overreacting to what is going on in the national real estate scene. We still caution sellers to not overprice their property because while Austin isn’t in the doldrums like the rest of country, it is still not a strong market right now. We are just riding out the real estate storm from the rest of U.S. You always have to look at each individual neighborhood and see what the actual numbers show. For instance if everyone your neighborhood is putting their home on the market in the $300,000 range and you put yours up for sale at $350,000, well you know what happens right? You sit there and wait, and wait, and wait…etc…
Buyers are taking their time and looking for the best deals.There aren’t a lot of them but if you look carefully at the market you can find them. Interest rates are still low and with all the inventory in various areas buyers can be more selective about which home they want to try and buy.
The strongest areas of Austin that we see are in Central Austin and the weakest areas now are out in the Lakeway/Lago Vista. There are over 13 months of inventory out there while there is less then 4 months of inventory in Central Austin.
(Weekly Real Estate Market Stats courtesy of Alamo Title)
