A careful review of the absorption rate for the entire MLS, Austin only, and Northeast Austin show a very similar trend. That is, if you have been thinking of buying real estate in Austin now may be your best opportunity in years. As the chart below will demonstrate, in all three of the sampled areas inventory is extremely high. Northeast Austin currently has an 11.44 months’ of supply of homes. Keep in mind that a 6 month supply of homes is considered a balanced market.

What also interests me is the trend over the past year. Again, all three areas sampled show that the recent tax incentives for first-time buyers drove inventory down earlier in 2010 and then, since the expiration, caused inventory to increase. The most logical explanation is that demand for homes was brought forward due to buyers taking advantage of the huge tax incentives. What it all means now is if you want to buy real estate in North Austin, or anywhere in Austin for that matter, your timing couldn’t be better. Start today by searching the 18,714 homes available.

 I recently came across this bank owned foreclosure and handyman special in the Copperfield subdivision at 11929 Tobler Austin TX 78753. The property needs work but is priced well below market and the guess here is that it could be had for less than the asking price. The current tax appraisal on it is $101,583. If you are interested in viewing it call or hot line today at 512.744.4155.

Did you know that there are 13,497 homes on the market in Austin Texas? Compared to the 11,490 that were on the market last year at this time. That represents an increase of 17%! That coupled with the 20% decrease in pending sales and 26% decrease in sales for July 2010 it make s for  a great time to buy. With market conditions of  high inventory, reduced demand and historically low interest rates if you have any thoughts of buying a home in Austin the time is right.

To schedule a private tour of new homes, resale homes and foreclosure call Michaela today at 512.744.4155 or email at Michaela@LivingNorthAustin.com

 Capital Metro announced last week that they will begin bus service connecting the Red line commuter rail service to major North Austin Destinations this week. The new bus route will serve the Kramer rail station and connect passengers to major North Austin employers IBM and National Instruments as well as the UT J.J. Pickle Research Center. The new line will also serve The Domain shopping center.

Those of you who have been following our posts know we have been saying for a while that this is a great market to buy real estate in Austin. Inventory in many of the prime North Austin MLS areas has now risen above the magic 6 months of supply.  In our monthly North Austin Market reports we have been tracking absorption rates for some of the hottest North Austin subdivisions and as we reported this month some have remained below the “magic number.” However, when we zoom out and look at the areas as a whole, as illustrated in the chart below, some interesting numbers pop out. (As always, click the chart for a high resolution view).

The first area that grabs my attention is area NE, which is now running at 7.2 months of inventory, and the price range of $150k to $199k (which takes in most of the popular Pioneer Crossing subdivision) at 7.79 months, which is clearly a buyers market. In MLS area N, the $200k to $299k price range which encompases Scofield Farms, is at 7.45 months.

These numbers back up my assertion that this is a great time to buy. To schedule a tour of houses or neighborhoods, call or email Micheala today at 512.744.4155 or Michaela@LivingNorthAustin.com