Here is a re-cap of last week's real estate market:

I think we're seeing a trend developing here. The number of new homes on the market this last week increased to 67% increase over same period from last year.  For the past two weeks the number of homes under contract and sold homes are down from 2007. Here are the STATS:

The Week March 9 - March 15, 2008 in Review

  • New listings up 67%
  • Pending (Under Contract) are down 27%
  • Solds down 50%

As for Average Prices:

(compared to the same week in 2007)

The "New Listings" average list price increased 8% to $358,400. 

In 2007 the new listing average list price was 330,330.

 

The Sold average closed sales prices increased 5% to $248,400.

In 2007 it was $235,800 for the same week.

(Local Market Stats are provided by Alamo Title)

Our analysis is what we expected. The number of sales in Austin is dropping. The average price is stable and increasing a little. Also we've got a lot more homes for sale now which means more competition which is good for buyers. This will vary be neighborhoods so check with us to determine how much inventory is in your area. Sellers are usually about 6 months behind the market and buyers are 6 months ahead of the market. Sellers need to price their home with the current market now before prices drop further and interest rates go up. After all a .5% increase in mortgage rates offset a 5% decrease in price. As always contact us if you want to see what the situation in your neighborhood looks like.