The statistics for November show some interesting things for various MLS Areas in the Austin MLS coverage area. In order to better understand this you will need an Austin MLS map.  Open that link and see what happened to property values in November, 2006.  The stats came from the Austin Board of REALTORS® (ABoR). 

Area                        Units Sold               Average Price Change
2                                   35                                16%
3                                   25                                 4%
4                                   29                                 43%
5                                   30                                 21%
6                                   34                                  5%  
7                                   16                                  3%
9                                   17                                -23%
10                                 101                                14%
11                                  17                                  -8%
1A                                 35                                 14%
1B                                  52                                 8%
1N                                  50                                 3%
2N                                  48                                 1%
3E                                   9                                33%
5E                                   8                               -17%
8E                                  32                                18%
8W                                 27                                -3%
BA                                  34                                18%
BW                                 16                                -6%
CL                                 160                                12%
GT                                  74                                 -1%
HD                                  29                                24%
HH                                  63                                 2%
1W                                  20                               30%
LN                                   45                                10%
LS                                   64                                29%
MA                                  32                                 3%
N                                     42                                10%
NE                                  27                               -17%
NW                                 65                                -1%
PF                                 110                                 8%
RN                                  21                                 8%
RR                                 198                                 3%
SC                                    8                                  0%
SE                                101                                  37%
SV                                    8                                125%
SW                                  75                                17%
W                                    27                               -10%

November isn't necessarily a month that is typical in the real estate business, but these are interesting statistics.  Areas 4, 5, and 1B are close to downtown Austin and prices jumped there.  Areas 9 and 11 are east of IH 35 and south of downtown and prices dropped there.  Area 5 is in the area of the old airport, which is being turned into all sorts of development.  The development obviously helped to increase prices.  Area 3E and BA are close to the new (really not so new anymore) airport.  A price increase is easy to figure here.  HD, HW and LS are the western areas in the Hill Country and the south Lake Travis (LS) area.  A price jump there is easy to figure - popularity and new construction that carries a higher cost.  SV appears to be an anomaly, but it will be interesting to see what develops there.