A Market Summary for Area 1B
The overall Austin average home sales price has seen approximately a 4.5% decrease over the past couple years. Austin is made up of many sub-markets and each has had varying degrees of market correction. Generally, the higher price brackets (over $500k) saw more of a correction. Area 1B dropped 11% from 2008 to ytd 2010. If you look at a 5-year trend, the area appreciated 5% through 2009 but is flat through May 2010. Volume is down considerably since 2006. This is typical for this price range around town.
There is evidence that Austin, overall, hit bottom last fall as we have seen 8 straight months of increased sales activity (every month the past 8 months we have seen more home sales than the same month the previous year). As we decrease the inventory of available homes, we will begin to see prices creep back up. This price recovery will happen first in the average price bracket.
As sobering as the statistics can be, we remind ourselves every day of the overall stability of the Austin, TX economy and are thankful. Austin has been and continues to be one of the highest ranking and healthiest economies in the country. You can contact The Nelson Project at Keller Williams Realty in Austin via our website at www.thenelsonproject.com.
Austin Area 1B MLS Summary Statistics
|2006||2007||2008||2009||ytd 2010||% Diff|
|Avg $ SQFT||$253||$284||$298||$256||$256||1.2%|
Data source: 5.17.10 Austin MLS; information is believed to be accurate but not guaranteed.
© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.
Entry filed under: Austin.