North Austin Neighborhood Showing Signs Of Slowing Market
I have been actively listing and selling homes in the North Austin subdivision of Copperfield since 2003. As a result, I consider myself to be an expert in the subdivision. While reviewing the active and pending listings as of July 19, 2010 I have noticed a trend which indicates to me the market is slowing down quickly. (Click on the chart for a higher resolution image)
After a quick review I found that 33% of the active listing had taken a recent price reduction, the average days on market for these listings was 146 days, and 11% were distressed properties, meaning they were either bank-owned foreclosures or short sales. It seems clear that properties here are not moving at 146 days on market.
When reviewing the pending sales (of which there are 6) I found that 50% where distressed and of those, 4 were priced below or at $80 per square foot. The average days on market for these pending sales was 104 so they are selling faster. From this information, it seem that buyers are especially focused on value right now. As we all know, distressed property is priced to sell. This market is not for sellers looking to speculate with price.
If you are thinking of selling in Copperfield or North Austin call me, Jim Morelli, today at 512.918.1562. I can help you understand the market and price accordingly so you can meet your gaols.
Written by Jim MorelliREMAX Capital City | 13018 Research Blvd. | Austin TX 78750
Direct 512.918.1562 | Fax 512.331.7480
http://www.LivingNorthAustin.com
jim@livingnorthaustin.com
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