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Market News and Trends

Austin-area home sales in May 2011


Final data for May 2011 is available this morning so I will be updating my Austin Market Dashboard this week.  For now I just want to offer a quick summary.

First, home sales (units) in Austin and Central Texas are still down year-over-year, about 10% from May 2010 to May 2011, but the gap was narrower last month, and the year-to-date trend is encouraging (data courtesy of the Real Estate Center at Texas A&M University):

Monthly Home Sales 2009-2011

Of course, monthly sales growth this time of year is normal, but “normal” seasonality has been a little less predictible in recent years than before 2007.

It is also worth noting that both average and median sale prices in May 2011 were the highest they have been since July 2010.  (As I have commented before, July 2010 was distorted by the end of homebuyer tax incentives in June 2010.  That left very few entry-level buyers still in the market in July, so the average price was dominated by move-up purchases in higher price ranges than usual.)

At first glance, this is an encouraging report for last month.  I’ll post more thorough analysis over the next few days.

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About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

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