How is the Austin Real Estate Market doing?
Understand when the number of new listings are low, (meaning a surplus of homes don’t hit the market at the same time), the inventory that is already out there starts to diminish. It is just basic supply and demand. When inventory is low, prices are higher, because there are less homes to choose from. I always point this out to sellers when I go on a listing appointment. It’s not just what competition is out there, but how much of it is out there as well.
Week in Market Review
Units for Sale:
Dec. 27 – Jan. 2, 2010
(compared to the same week in 2008)
New listings down this week 17.04%
Pendings are down this week 0.98%
Solds are up 10.05%
As for Average Prices:
Dec. 27 – Jan. 2, 2010
Sold average sales prices increased 13% to $252,483.
In 2008 it was $223,430 for the same week.
I support local Austin; after all I think it’s only neighborly. Need a house? Contact me below.
Doreen Zelma
Realtor, BA, GRI
Keller Williams Realty
T: 512-531-2914
E: dzelma@kw.com
W: www.SupportLocalAustin.com
