Inventory levels of higher priced homes have begun to improve. The average inventory level for homes in the $500K to $1M price range improved significantly from 12.2 months in November to only 9.9 months in December. This improvement was caused both by an increase in sales and a decrease in available properties. A similar trend occurred in homes in the $300K-$500K price range as that inventory dropped from 8.2 months to 6.5 months.
Oddly enough, the inventory levels in the lower priced properties increased although properties in the $100K-$300K price range in Austin are still doing very well and are classified as a Seller's Market. The inventory increase was due to a drop in sales in the lower price ranges.
The table below shows inventory levels for December of Austin homes in different price ranges.
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Inventory Levels Based on Home Price in the Austin Area for Dec 2009
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|
Home Prices
|
Sales
|
Listings
|
Dec Inventory
|
Nov Inventory
|
|
100K-200K
|
602 |
2954 |
4.9 months
|
3.8 months
|
|
200K-300K
|
305 |
1728 |
5.7 months
|
5.3 months
|
|
300K-500K
|
240 |
1548 |
6.5 months
|
8.2 months
|
|
500K-1M
|
88 |
875 |
9.9 months
|
12.2 months
|
|
