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Interested in the Greater Austin real estate?
Each month I summarize what is happening in the Greater Austin residential real estate market in a Market Watch newsletter. This is the most recent of these newsletters...
Sellers Holding the Line on Prices
June 15, 2007
Despite a rapidly expanding number of homes being listed for sale and considerably fewer homes being sold, prices paid for previously owned single-family homes on average still rose by 6 percent in May, as compared to the prices that similar homes sold for a year ago. This is only 2% less than the annual average increase in home sale prices seen in this area over the past twelve months.
Home values also continued to appreciate across all price ranges. Compared to a year ago, while a typical $250,000 Austin home accounted for 8.8% of the market, sales increased by 13.0 percent, and a typical $350,000 home accounted for 10.4 % of the market, sales increased by 12%. The typical $450,000 home accounted for 5.2% of the market and increased 11%. Homes selling for less than $200,000 represent only a 2% increase whereas the price of homes selling for more than $500,000 was up 35 percent, compared to a year ago..
Pre-owned, single family home sales reported for the Greater Austin area were up 5 percent, 3,125 homes this May versus 2969 homes a year ago, according to data compiled by the Real Estate Center at Texas A&M and ABOR. April’s pre-owned, single family sales were revised upward to a 6.0 percent increase. When combined with March’s revised sales results of 2,343, a total of 8,437 homes were reported sold, an increase of 17.46% from the 7,183 homes reported sold during this same three month period last year.
Within the Greater Austin area, pending sales of 3,125 was 5% less than a year ago; new listings have increased by 9% over the same time last year while the total number of active listings, 8,821 is 8 percent greater than a year ago.
Home sales continue to grow stronger for homes priced at $300,000 and up. Just under 27.40 percent more of these homes were sold this May than during the same month a year ago. Sales for homes that sold for less than $300,000, on the other hand, were up only 3.02 percent. The split between the number of homes selling for less and more than $300,000 was 77:23, an almost 6.50% increase over the 82:18 split experienced during May two years ago.
As would be expected given the market shift toward higher priced homes being sold, the $183,160 median price of pre-owned homes sold in the Greater Austin area was 5.00 percent higher than the $174,000 median price posted last May and up 9.02 percent from the $168,000 median price that homes sold for in this area two years ago.
The average length of time required to sell a home decreased to 55 days. This is 5.45 percent less than the average 58 days required to sell a home during April as well as the 5.45% from the 58 average days required during May a year ago.
Market Highs and Lows
The Greater Austin area with the largest annual increase in its three month average home prices was Lake Austin, with 45.56 percent average price growth.
Lake Travis came in second with a 12.19 percent increase.
The Downtown area experienced an 8.42% three month average price increase, Westlake at 6.57%, and West at 5.62%.
The Central/Historic area came in at 3.47%, Southwest at 1.57%, and Northwest at 1.46%.
Only Dripping Springs experienced a three month average price decrease of 1.53% less than the previous three months average.
Pre-owned, single family home sales for the last three months average price reported for the Greater Austin areas followed in this site include Central Historic at $547,623, Downtown at $456,100, and Dripping Springs at $335,494.
Lake Austin came in at $423,248 and, Lake Travis at $518,888. The Northwest area reported $516,094, Southwest at $315,310.
West Austin last three months averaged $929,041 and Westlake reported $821,753.
When you want more information...
Send me an e-mail or call 512-288-1652 whenever you have questions about the Greater Austin area residential real estate market or what it is like to live here. I look forward to hearing from you.
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