September 11 2009

Austin Real Estate Market Conditions August 2009

by brook

The fourth and final Texas city to be ranked in Forbes Most Affordable Places to Live List in 2009, Austin is more than popular; its status as a great city in which to plant one’s roots is now virtually renowned. As we alluded to in our update on market conditions Austin July 2009, this big-city-small-town has great opportunities in a variety of price ranges. And the stats for August reflect this as well.  

New Homes For Sale In Austin

The overall inventory of homes, properties in new home communities, and the Austin foreclosure market each contain their own specific price range. This makes for an exciting market for all types of buyers. For example, the combined inventory of homes for sale in Austin is 7,999, with a median price of $275,000. And, because this reflects no month-over-month change in the median, buyers can be assured that the Austin market is relatively stable. That equals peace of mind, particularly if you plan to apply for a loan a month or two down the road.

Next, the small inventory of new homes – around 100 near the close of August – share a median of $399,471. Again, there was no change in this from the previous month! For those looking for a brand new Austin property, that’s excellent news. Finally, the foreclosure market in Austin has some great deals as well. There were just over 1,000 foreclosed properties on the market in August, with a median of $144,500. However, this is one aspect of the market that is increasing, albeit slightly; the number climbed .6% month-over-month from July.

Austin is more than a buyer’s market; it’s a buyer’s paradise! For more information on Austin real estate, contact a local agent.   

 

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