Statistics show strengthening of the Austin housing market. During the last three months sales have increased and are now almost double what they were in January. Inventory levels in propertes below $200,000 and those in the $200K to $300K range have dropped enough to classify both those price groups as now being a Seller's Market. They have not been this good since August 2008, immediately before the financial market collapse. This is good news. It is still too early to claim whether it is a permanent turn around in the market. The table below shows inventory levels for April of Austin homes in different price ranges.
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Inventory Levels Based on Home Price in the Austin Area for April 2009
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Home Prices
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Sales
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Listings
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Apr.Inventory
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Mar.Inventory
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100K-200K
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722
|
2898
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4.0 months
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4.2 months
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|
200K-300K
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405
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2215
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5.5 months
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7.2 months
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300K-500K
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247
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2213
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9.0 months
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9.5 months
|
|
500K-1M
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71
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1489
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21.0 months
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21.9 months
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Large fluctuations in price movements from "year-ago" prices in the Austin market continue. Some of this is likely due to the sudden increase in home sales of properties below $200,000 in value which have seen inventories from from 5.6 months in February to only 4.1 months in April. This decreases the average price value of the overall home supply, but is not necessarily an indication of home price drops. |
