Southwest Austin – market update

The Southwest area of Austin includes popular locations such as Circle C, and is traditionally a very strong market. I took a look at home sales in the last 6 months (first half of 2010) and the current market to ascertain how things were going.

In the last 6 months, 154 homes have sold, with 29 under contract mid-month. So there’s an absorption rate of between 26 and 29 homes per month on average (ignoring seasonal adjustments).

With 95 homes active, this means that supply is a little over 3.5 months, which is a fairly balanced market. The average days on market is 69 for the active homes (those not selling) and 44 for the sold homes.

Median sales price to list price is around 98.1%, so these indicators would imply that the market is still strong in areas like Legend Oaks, Villages at Western Oaks and Circle C in Austin.

Austin Housing Market Data Q1 2010

The Austin residential real estate market has four distinct quarters, and in a series of articles you can see commentary on each. Single family homes are split into under and over $300,000 and the two markets vary widely as you can see in this report on the Austin housing market. The lower end of the market is fierce, with slow activity in the upper side.

The Austin condo market show a similar story with over 60% less sales in the market over $300,000 compared to 2 years ago.