The median sale price of a single family home in the Austin metropolitan area in June 2011 was $203,275. (That’s MLS data as of July 6, 2011. Final June data will be out in a couple of weeks.) That median is 3% higher than May, and only one month ever has been higher — July 2010, which was badly distorted by the end of the last homebuyer tax credit program.
Using that same MLS data, listing inventory today represents just 4.8 months’ supply — well below the 6.5 month “balanced” market conditions that I have written about many times. We’re getting into “seller’s market” territory” here, where there is less competition and buyers have fewer choices. Sellers’ market power becomes particularly noticeable at about 4 months’ supply, but in many neighborhoods it is apparent now.
So what do you get for your money near that median price? Here’s a look at closed sales in the past three months:
That chart includes the same market regions that I used for a recent post about the $1 million dollar price range (What do you get for $1,000,000 in Austin?). The results are sorted by Average Square Feet, and it’s not surprising that the price per square foot is lowest in the suburbs and highest near downtown and the University area and old West Austin. The magnitude of the difference may surprise some — $200,000 buys about 40% less home in Central Austin than it does in the North Suburbs.
In my earlier post about high-end homes, that market segment is carrying about 16 months of inventory, compared to 5.1 months’ supply in this $180,000 to $220,000 price range. Notice that there are significant deviations within this segment — from 2 months’ supply in Austin-Central and 3 months’ inventory in Austin-Southwest to a full year’s supply in Austin-West/Westlake (and 11 months’ in Austin-Southeast).
I won’t try to offer photos of a “representative” sample of these several hundred homes. Suffice it to say that these run the gamut — from 864 square feet to 4,752 square feet, built from 1910 to 2011, with and without pools, some with creek frontage or other surface water, some with great views, most on “standard” residential lots but several with from 1 to 12 acres. There is something in this mix for almost anyone shopping in this price range. And sellers, if you have considered putting your house on the market you owe it to yourself to get a market analysis and professional consultation soon.
Whether you’re buying or selling in the Greater Austin area, now is a great time to see if it’s your time. I’ll be happy to help.