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.