Austin Real Estate Gets National Attention

Everyone knows that we are going through hard economic times, but be thankful you live in Austin, Tx. The real estate market has definitely slowed but we are coming off of two previous record breaking years. The total volume of closed sales is down about 20%, but the average Days on the Market is a healthy 68 days, our median and average sales price are holding steady and homes remain affordable. On average, Sellers are getting about 95% of the original asking price and we have about 6 months of inventory, or a balanced market. (All these figures are Year to Date as of September 2008 from Austin Boad of Realtors MLS) There may be some good deals out there as well as areas that are still in high demand. Of course, sellers must present their homes in the best light and be realistic about pricing, while buyers must make sure they are preapproved with a reputable lender.

Our fair city has been getting lots of positive press:

Forbes Magazine Ranks Austin #1 Best Value in Real Estate
http://www.forbes.com/realestate/2008/10/10/cities-buck-economy-forbeslife-cx_ab_1010realestate.html

Forbes Magazine Ranks Austin 2nd in the "Best Cities to Buy a Home"
http://www.forbes.com/2008/07/14/housing-buyers-list-forbeslife-cx_md_0714bestbuy.html

Business Week Ranks Austin 2nd in the nation for fastest selling homes
http://www.businessweek.com/lifestyle/content/sep2008/bw2008094_213200.htm?campaign_id=rss_null