September 2012 shows an Increased Volume in Lower Price Bands in Westwood Highs School District Housing Market

Northwest Area numbers looks like they are going against the trend of the Austin area in general.  According to a report release from the Austin Board of REALTORS® this week, Austin area at large showed “1,806 single-family homes were sold in the Austin in September 2012, which is 10 percent more than September 2011. During the same time period, the median price for Austin-area homes was $198,250, a five percent increase from the same month in 2011. In addition, the market featured 3.7 months of inventory in September 2012, which is 1.7 months less than September 2011 and the lowest inventory figure seen in Austin in the last decade.”

The Westwood High School community showed a different picture with Median  Sold Prices down 19.4% and Total Volume in US Dollars  down 5.2%.  At first glance it would seem that the area is struggling; however, upon closer investigation, the decreases are due to the larger volume of homes being sold in the lower price bands.  The average square footage of homes sold compared to September 2011 is down by 15.1% which is not much change from the sold price change of 19.4%.  The luxury home market is stagnant with only 1 home sold over $550,000 in September 2012.

This trend looks to continue into October with a strong 55 Pendings under $400,000 that should be set to close and become Solds.

With the strength of Westwood High and supporting schools and the convenient location to Austin amenities and jobs, many investors are looking to this area.  Are you thinking of buying an investment property?  Call me at 512-698-6929!  I know this area and will make sure your investment is safe and profitable.

Sales Volume and Prices Continue to Increase for Austin Area Homes in September – Most River North Numbers Stronger than Austin Area!

According to the MLS Report issued this week by the Austin Board of REALTORS®, September sales volume and median prices continue to climb for the Austin Area.  Sales volume has increased by 10% and median prices are up 5%.  Leonard Guerrero, Chairman of the Austin Board of REALTORS®, explained, “The Austin market hasn’t seen this many single-family home sales in September since 2006. That factor, combined with record-low housing inventory and mortgage rates, means sellers can expect strong demand for their homes and buyers should be prepared to encounter competition for properties.”

The Austin Area real estate market is one of the strongest in the country and the River North Area outperformed the Austin area in almost every category!  Compared to September 2011, the River North sale market was up 39.4% and the median prices are up 19.7%  Total sales volume in US Dollars is up 91.9%

Pendings as of September 30th show that the market strength should continue into October as shown in the graph below:

The luxury market is showing improved  strength over past months which is usually one of the last areas to improve during a recovery.

The one area that River North fell short compared to the Austin market at large was Average Days on Market.  In Austin, the average days on market decreased by 16 days compared to the year prior.  However, in the Vandegrift community, the average days on market increased from 31 days to 49 days.  This extra time on market is probably due to the luxury market starting to get stronger.  On average, higher priced home take longer to sell.

With such low inventory, there is a strong competition for homes.  Let me help you get your current home sold and moved into your new one before the Holidays!  Call me at 512-698-6929 and let’s get you settled before the Spring rush!