September is here, the weather is finally starting to cool down, and as usual the housing market is cooling down with it. After three months of super-hot days and a super-hot real estate market, a break from the heat is welcomed around here!

I just completed my monthly analysis of the Austin real estate market comparing August 2011 with August 2010. Now that the impact of the home buyer tax credits is fully behind us, it’s encouraging to see three consecutive months of year-over-year growth in sales volume.

Austin Real Estate Market Snapshot

August 2010 vs August 2011

• $516,797,994 – Total dollar volume of single-family properties sold, 31% more than August 2010,
• $200,000 – Median price for single-family homes, unchanged from August 2010,
• 1,978 – Single-family homes sold, 33% more than August 2010,
• 215 – Condos and town homes sold, 16% more than August 2010,
• 79 – Average Days on market, 2 days longer than August 2010,
• 2,386 – New single-family home listings on the market, 9% less than August 2010,
• 8,705 – Active single-family home listings on the market, 22% less than August 2010,
• 1,789 – Pending sales for single-family homes, 19% more than August 2010.

If you’re in the market to buy, the inventory of homes is extremely low, so you’ll need to get pre-qualified and be ready to act the moment the right home hits market. The best deals are gone in a couple of days, with multiple offers, so send me your search criteria and I will get you setup on a personalized MLS search that will send you email alerts the moment new listings hit the market.

If you’re in the market to sell, we have 22% fewer homes on the market than this time last year, which means less competition. However, the market varies widely across the greater Austin area, so send me the details on your home and I will get busy preparing a comprehensive analysis of your home’s value in today’s market.

Thank you for taking the time to read my newsletter! I’m always here to help, so please contact me if you have any questions or are getting ready to buy or sell. And remember I always appreciate your referrals.

Sincerely,
Maggie Falvey