Some of you follow this information on my website. Others may just come to know about it today. Either way, I have updated www.AustinMarketDashboard.com with final data from March 2010. We saw a significant jump in residential sales from February to March — 57%! (Also up 32% compared to March 2009.)
Listing inventory also increased some, but typically for this time of year.
It’s surprising that we don’t see more strength in property values. Average sale prices in March were down (1.2%) from February. They are still up about 2% compared to March of last year, but with the exception of a very unusual price spike in December, average sale prices have been trending downward since May 2009.
The good news is that the “odds of selling” rebounded nicely last month. One month does not make a trend, but unless tax incentives have accelerated too much of what would have been Summer demand, we should see solid sales performance in the Austin/Central Texas real estate market in the next few months with modest increases in sales values.
Charts and detailed discussion are available at www.AustinMarketDashboard.com.