Austin Real Estate statistics for May
So what does all this mean. First off, the median price is up 5 percent for the Austin Real Estate market so we are still seeing a pretty strong market here compared to the rest of the country. One of the measures I look at is how many houses are in Austin MLS areas 1b,2,4,6,7 for under 200k. This comprises a large chunk of central Austin. About a year ago, there was around 30 or 35 houses for sale in this area under 200k. When I checked this morning there were 5 and 4 of them are over 195k. We are witnessing the disappearance of houses under 200k in the central Austin Real Estate market. We are also seeing the market heat up south of Ben White. Areas 10n and 10s are seeing alot more action. As of today we see 9 houses in this area under 150k. But we see 39 houses that are pending. Basically when houses come on the market for under 150, they are pretty quickly moving off the market. For those pending houses under 150k, the average days on market was 11 days which is extremely low.
We have 8 percent more properties on the real estate market going from 8172 this time last year to 8821. Let's first look at central Austin and then look on the outskirts of Austin.
If we look in central Austin, we see the number of houses on the market has decreased from last year and is down from 1312 for May 2006 to 1252 for May 2007. I actually thought the number of houses on the market in central Austin was going to go up. Mainly because alot of people are throwing their houses on the market for way over market price. I think the run up in Austin real estate prices has caused people to get a little delusional. Anyway these houses are obviously not selling and just sitting on the market. Below is a breakdown for the different central Austin MLS areas.
As you could have guessed there are more properties on the market on the outskirts of Austin. There are quite a few MLS areas out there, so breaking out the largest mls areas we can see where alot of the increased listings are coming from.
|MLS Area||Description||Active Listings May 2006||Active Listings May 2007||Increase|
So basically alot of builders are building more suburbs on the outskirts of Austin. It will be interesting to see how they do. Although there is alot of interest in Austin, alot of that interest is targeted on Central Austin.
Statistics for the last few years are located here Austin Real Estate Statistics.