It has been said that real estate markets are very local. This is clear to us as we work throughout Austin. On one day we may find ourselves dealing with multiple offers, or see clients lose their favorite choice because they did not act quickly enough. And, on another day in another part of town, we pull up a long list of homes with multiple price reductions to show a client. Even just within the Austin region, painting with a broad brush can hide the nuances in the marketplace.
So we looked at the market section by section. We checked the median price for each section and counted the number of foreclosures for sale. And, we computed the number of months of inventory for sale. The time needed to sell current inventory – at the sales rate of the previous 12 months – reveals the state of the underlying market. The results are posted here: Austin Market: 2009-1st Quarter
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