The Week January 13- January 19, 2008 in Review

The number of new listings are up this week.  The number of pending listings (under contract) are down from 2007 while the number of solds are up for the week from the same week in 2007.

  • # of New Listings Up 82% (yes, that's correct!)
  • # of Pending - (Under Contract) Down 45%
  • # of Solds are Up this week at 47%

As for Average Prices:

(compared to the same week in 2007)

The "New Listings" average list price increased 3% to $295,400. 

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

 

The Sold average Closed sales prices increased 4.5% to $247,200

In 2007 it was $234,000 for the same week.

 

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. Every neighbhorhood is different so contact us about your specific area.

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drop in the number of Pending transactions (homes under contract) right now, and the number of listings that have been withdrawn (taken off the market) is up 55% from year ago this week.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.