Austin Real Estate Market: Buyers or Sellers Market?

Are we really in a buyers market here in Austin? I have seen many scenarios of multiple offers this past summer and I am often explaining to buyers that there isn't a "fire sale" in Austin Real Estate.

The answer is that when looking at the entire Austin real estate market, we have roughly 7.4 months of inventory, which yes, is technically a buyers market. This means that there is enough homes currently for sale to last 7.4 months at the current rate of sales. Generally, anything more than 6 months is considered a buyers market.

However, when you focus in on specific neighborhoods and areas, you see a different picture.

The hottest selling Austin neighborhoods/Austin MLS areas:

1. Area 10S - 2.24 months of inventory
(north of Slaughter, west of I-35, east of Mopac, south of William Cannon)
2. Area 2N - 3.8 months of inventory
(north of 183, west of I-35, east of Mopac, south of Parmer Lane) Includes popular Quail Creek neighborhood.

3. 10N - 4.95 months of inventory
(north of William Cannon, west of I-35, east of Mopac, south of Ben White Blvd) Includes popular Cherry Creek neighborhood.

Average sales price range in these 3 areas is $125,000 - $175,000. (First time home buyer range...we can thank the tax credit I think.)

The slower moving Austin neighborhoods / Austin MLS areas?

1. Downtown - 24 months of inventory
(north of Colorado River/Town Lake, west of I-35, east of Lamar, south of MLK)

2. 1B - 15.6 months of inventory
(south of 2222, west of Mopac until 35th St, west of Lamar until Colorado River / Town Lake, east of Lake Austin) Includes Tarrytown, Clarksville, Highland Park West, and Pemberton Heights neighborhoods.
3. 8W - 11.82 months of inventory
(south of Colorado River, west of Mopac, east of 360, includes zip code 78738) Includes Rollingwood, West Lake Hills, and Lost Creek neighborhoods.

Average sales price in these 3 areas is $350,000 (downtown) - $650,000.

Here's a map of the Austin MLS areas.

Find out before you are buying or selling the market statistics for the area you are buying or selling in.

Austin Real Estate July 2009 Statistics

The counts are in for July 2009 and ABOR has posted the MLS results for Austin Real Estate sales.

July 2009 Statistics

$508,810,549 was the dollar volume of single-family properties sold

$191,500 was the median price, a two percent decrease from one year ago

$245,921 was the average sales price, a 4 percent decrease from one year ago

2,069 was the number of homes sold, unchanged from July 2008

According to Jay Gohil, chairman of ABOR: “The sales volume momentum in Austin continues, now reaching 2008 levels. That’s good news, but I think it’s even better news that we’ve achieved that increase while maintaining a steady median home price. Throughout 2009, the median price has fluctuated only slightly compared to 2008. Looking back further, prices have remained above 2007 levels, one of the most lucrative years of the last decade in Austin real estate. That long-term price stability, particularly in the face of market fluctuations, bodes well for Austin’s future.”

Personally, I think the the surge in home sales this past month that finally puts us equal to 2008 (we have been dramatically behind until now) is the result of the first time home buyer credit. First time home buyers only have 2 months to find their houses in order to meet the December 1st closing deadline.


My Husband's First Yoga Class - Yoga Vida Downtown Austin

Last night was "date night" and we started out at Yoga Vida downtown Austin where my husband attended his first ever yoga class... and it was awesome. Yoga Vida teaches vinyasa hatha flow (something-or-other-i-am-not-a-yoga-expert) style yoga classes and they heat the room to just under 90 degrees... but on a hot day like yesterday, it was probably even hotter than that.

I planned in advance and brought towels for my novice yogi hubs... but I had forgotten just how much he sweats when he exercises (yes, it's rather gross). The dainty hand towel I had brought him did little to mop up the large beads of sweat continuously pouring onto his mat. In spite of his sliding all over his mat (unable to get traction because of the pools of sweat), he dug in, persevered, and embraced the class. He twisted. He reached. He held the pose (bent knees and all). I must admit, I was impressed. A lesser man would have crumbled into child's pose and called it a day. Most impressive was that after the class... he even said he felt "terrific".

If you haven't tried the new downtown Austin yoga studio at Yoga Vida (located at 7th and West, ample parking in back) -- you should. It's one of my new favorite things in downtown. It's a very serene, beautiful environment (feels and looks like a spa) and the instructors are all good (although some are definitely better than others). I love the 60 minute noon classes... it's a great break in the middle of your day. They also have a shower equipped with yummy Aveda shower gel so that you can rinse off before you head back to work.
My husband and I followed up the yoga class with dinner at the Clay Pit where, oddly enough, we sat at the table next to Kinky Friedman and his lady friend. ... which is the 2nd time I have dined next to Kinky Friedman in the past 2 months. (weird. no?)