It is very interesting to see that we currently have a little over 11,300 homes on the market in the Austin area. That is 10% less that this same time last year, which is a good sign for the Austin market. (And, that includes Round Rock, Cedar Park, and even down south like Dripping Springs and Wimberley.) There are still some good deals out there, depending on your price range. Homes in the $300,000-$600,000 seem like they are sitting a little bit longer. Many also seem to be adjusting their pricing for condition.
For instance, in Central Austin (Tarrytown, Brykerwoods, and Hyde Park) homes are averaging today (8/31/09) at:
104 days on the market for homes that are for sale (not under contract)
88-99 days for pendings
61 days for solds
However, if you are looking either in North or South Austin, about 15 minutes from downtown, in the $100,000-$200,000 price range... it is more of a seller's market, with the average days on market in North Austin, Areas 2N and N (if you are familiar with the MLS map) being just:
69 days for actives
46 days for pendings
20 days for pending taking backups
42 days on market for solds
In South Austin (Areas 10N and 10S), average days on market are:
49 for actives
26-29 days for 96 (wow) pendings/pendings taking backups
49 days for the solds
With all of the people working to take advantage of the $8000 first time home buyer's credit, those homes (that are in great shape for the most part and are priced right) are being gobbled up rather quickly in both South and North Austin. So, be prepared to jump on those homes, if they look like a good option for you. I am eager to review the August numbers. Remember that you have to close and fund on the house by December 1st, 2009, to take advantage of the first time homebuyer's tax credit.
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