Monday, January 19, 2009

NORTHWEST AUSTIN HOMES: Market Outlook Area 1N and Area NW

NORTHWEST AUSTIN HOMES: It is important to look at how the market is doing. National media as well as local media reporting national news definitely makes an impression on buyers and sellers of real estate in Austin. You cant always believe what you read in the newspaper. I like to know what is actually going on with Northwest Austin Real Estate. I speak with people all the time that want to know what is going on with the market. I work with buyers and sellers to give them an outlook of the market that is very specific to their needs. This is just meant to be a general outlook of two areas in Northwest Austin and the statistics are taken from the Austin Board of Realtors MLS including all homes in the specific area with no regard to square footage, age, lot size, condition or price. The sales numbers only include the last 30 days. (12/19/08 - 01/19/09)
Area 1N
Average Sales Price
(12/20/08-01/19/09): $340,864
(12/20/07-01/19/08): $295,175
(12/20/06-01/19/07): $278,971

Median Sales Price
(12/20/08-01/19/09): $341,000
(12/20/07-01/19/08): $271,000
(12/20/06-01/19/07): $200,000

Average DOM (Days on Market)
(12/20/08-01/19/09): 77 days
(12/20/07-01/19/08): 77 days
(12/20/06-01/19/07): 77 days

Area NW

Average Sales Price
(12/20/08-01/19/09): $230,190
(12/20/07-01/19/08): $250,760
(12/20/06-01/19/07): $229,094

Median Sales Price
(12/20/08-01/19/09): $214,000
(12/20/07-01/19/08): $199,500
(12/20/06-01/19/07): $203,500

Average DOM (Days on Market)
(12/20/08-01/19/09): 84 days
(12/20/07-01/19/08): 82 days
(12/20/06-01/19/07): 80 days

What does this mean? Well, it basically means that Northwest Austin Homes have been going up in value while the media is trying to persuade home owners to think differently. Are there good deals on homes in Austin? Definitely. Most people react to news in a very emotional, fearful way. That results in lower prices. Lower prices along with historically low interest rates spells great buying opportunities. Does that mean that it is not a good time to sell? No....As you can see in the data above, home prices are continuing to go higher and they have been taking a similar amount of time to sell. In both areas there is about a 4 month inventory of homes.

If you would like to see how the facts could effect your specific situation, contact me and I will provide you with the raw data from the MLS with no obligation.

You can also check out Northwest Austin Homes priced between $150,000 and $300,000 here.

This post was written by Brian W Martin REALTOR for The Pinnacle Group of Keller Williams. Brian works with his clients to help them make the right move when buying or selling their Northwest Austin Homes.

These statistics are based on information found in the Austin MLS. Information deemed Reliable but not Guaranteed.

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