Austin Market Stats from Alamo Title
From Alamo Title Co. in Austin:
The number of active listings are up 3.99% over last year.
The number of new listings are down this week 6.84% (compared to the same week last year). Pendings are down as well, where as solds are up this week.
How are we doing on sales prices? To get the full picture, check out the our web site for latest sold data.
The Week in Review
Units for Sale:
Nov. 16 - Nov. 22, 2008
(compared to the same week in 2007)
New listings down this week 6.84%
Pendings down 6.73%
Solds down 28.29%
As for Average Prices:
Nov. 16 - Nov. 22, 2008
Sold average sales prices increased 0.82% to $239,782. In 2007 it was $237,832 for the same week.
The Month In Review
October 2008
Units for Sale: (compared to October 2007)
New listings were down 22.55%.
Pendings were down 34.87%.
Solds decreased by 26.24%.
As for Average Prices:
The "New Listings" average list price is up 6.30% to 328,479. In October 2007 the average list price was $309,024.
Sold average sales prices increased 0.35% to $241,447. For October 2007 it was $240,606.
Did you know that we had 11,087 active listings during the same week in 2007? Today there is 11,529 active listings! That is a 3.99% increase from last year.
My comments: So what does this tell us? It tells us that the market is slow, but prices are holding up much better than many other parts of the country. The number of Active listings is almost the same as last year at this time. I suspect that there would be more, but people have probably pulled properties off the market. There are two reasons to do that. One is simply because there are fewer buyers out there from now until March. The other reason is to reset the days on market (DOM) count. After having been off for 90 days, the DOM clock starts over. So if people pull homes off the market now and put them back on March 1, the listings look fresh. Of course March is when things get green around Austin as well and curb appeal improves.