North Austin Real Estate Market Report July 2010
As reported in our June Market Report home sales in the Austin area continue to decline. The chart below shows that home sales in June 2010 officially came in below 2009 and the numbers for July will reveal volume normally seen in the non peak winter months. Look for the July chart later this month. As always, click on any of our charts for a high-res view.
With the sharp drop off in demand some areas are seeing an increase in inventory. Of the four major North Austin subdivisions Pioneer Crossing, Avery Ranch, Steiner Ranch and Scofield Farms only Steiner Ranch showed a decrease in inventory measured by months of supply in July. The others all saw inventory increase as homes are taking longer to sell. Pioneer Crossing due to it’s appeal to first time buyers and decline in sales saw inventory increase by 25%!
Price per square foot was down in 3 of the six subdivisions sampled as high inventory began to put pressure on price. Of the six sampled Steiner Ranch was the only one to show an increase. While one month doesn’t necessarily establish a trend it bears watching. If inventory continues to rise prices will need to come down.
If you are planning on buying real estate in Austin this is a wonderful time. If you are planning to sell and move to another home in Austin don’t loose sight of what you loose on the sale of your home can easily be recouped on the purchase and historically low interest rates!
If you are thinking of buying or selling call our hotline today at 512.918.1562.
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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