Just released Austin March MLS stats show March was another good month for Austin home sales. March sales were up 24% compared to March '09 to almost 1900 sales. For the entire first quarter, sales increased 13% vs. 2009. Median and average prices were flat to down 1%.
Pending sales, a measure of what is under contract but not yet closed, surged to the highest March level since 2007 at 2724 units...a 46% increase in pending sales vs. last year...portending a good closing month in April for Austin MLS sales.
New listings in March increased 27% vs. last March as more folks put their home on the market to meet the increased buyer interest. Year to date sales have increased 13%, with new listings increasing 16%, keeping a lid on prices.
On average, homes spent about 2 weeks less on the market in March vs. last year according to Austin MLS.
The big picture looks fairly positive. Some locations, property types, neighborhoods and price ranges are faring differently than others. In general, the market for single family homes under $400,000 shows a 7 to 8 month supply which is balanced for buyers and sellers. Homes priced between $400k and $750k have 10 months inventory and homes over $750k show inventory levels double that. Again, location matters.
In Central Austin and Westlake/Eanes, homes in upper price ranges are indeed selling..sometimes very quickly. First quarter sales over $750k in those areas were at 36 vs. 23 last year, with 21 of those sales over $1 million vs. 14 last year. There are multiple offers occurring on some homes in the $300k to $400k price ranges in Central Austin.
Every property is different and it takes real estate experience to understand the value of different features and locations--especially in Central neighborhoods.
Contact me to find out what's happening in your neighborhood.
Jeff Harris
Realtor/ Mortgage Broker
True Austin Properties
