Austin Real Estate Market Update May 2008 – Sell NOW with Prices on the Rise!
published on June 2, 2008
While Austin residential real estate home prices continue to rise slowly, the number of homes selling in Austin is down substantially and it seems to be getting worse each month. So if you need to sell your home, NOW is a good time with prices still on the rise for Austin homes. With that said, it is a rough time for many Austin realtors who rely on high sales volume to make a steady living.
Regent Property Group reported last month that during the 1st Quarter of 2008 there was a 25% decline in Austin homes sold and 43% increase in Austin homes withdrawn from the Austin real estate market compared to the 1st Quarter of 2007. During May of this year there was a 37% decline in homes sold and a 39% increase in homes withdrawn from the Austin real estate market compared to May 2007. Specifically, 929 homes sold and 318 were withdrawn from the Austin Texas residential real estate market in May 2008.
However, Austin home prices have increased by 4% from May 2007 to May 2008 while the average time on the market has increased 27%. Specifically, the median price for homes sold in Austin during May 2007 was $125.59 per square foot ($227,000) with an average 40 days on the Austin real estate market. During the same period in 2008 the median Austin home prices have risen by 4% to $131.40 per square foot ($240,000) with an average of 55 days on the Austin real estate market. Although this increase in Austin home prices have improved from May of the previous year, the improvement falls well short of making up for the 37% decrease in the number of homes sold.
For some perspective, when comparing home sales during May of each year since 2000, May 2008 has the least number of homes sold over this 8 year period. May 2003 is runner up. Ouch!!!
If you need to buy Austin homes or sell an Austin home or if you need Austin office space and are not already working with an Austin realtor, give Brian Talley of Regent Property Group a call and he will be sure you are in the best position possible to get top value for your investment.
Information provided by the Austin Board of Realtors
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