REAL ESTATE UPDATE January 2008
The Austin-Central Texas area real estate market was not as strong in 2007 as in 2006, particularly in the latter part of the year. Recall however, that 2006 was an exceptionally strong year. Looking at the current market, sales are down and inventory is up. Still, both median price and average price of homes sold continue to be higher in 2007 when compared to the same time period in the previous year. Despite slowing sales and growing inventory our local market has not seen the demise of the real estate market experienced recently in many other areas. Austin continues to grow in population, and new construction, both residential and commercial, remains quite active. Texas in general, is faring far better than much of the country.
Statistical data for November 2007 is the most recent available. A comparison of November 2007 with November 2006, Single Family Residences only, reflects the following:
I hope you find the information provided to be useful. I plan a more detailed report once the end of year statistical data is available. If you have questions I might address, please call anytime. And please remember, if you know of someone who might be interested in buying or selling.....your referrals are always appreciated.
Very best wishes for success and happiness in 2008!.
Don Gross, GRI Broker (512) 892-7788 (ofc) (512) 892-7789 (fax) (512) 627-6677 (cell) don@dongrossrealty.com
Data provided in this report has been obtained from the Austin Board of REALTORS / Austin-Central Texas Realty Information Service statistical reports.
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