West Austin Update - Is this a good time?

If you are considering buying a home in the West Austin, now may be a very good time to jump in. The water is warm, and it is a buyer's market. Looking exclusively at the Eanes ISD area, south of the river, over to Capitol of Texas highway, and down to the Mo Pac, there are currently 275 homes available for sale. This part of the West Austin market in 2009 has the following sales profile as of Nov. 8, 2009:

• 275 homes available for sale currently
  
• 355 homes have sold this calendar year with a median days on market of 60 days
  
• 49 additional homes are currently under contract to sell
• Median home price for the year was $538,000
• The most expensive home sold: $5.5M
• Of homes sold over $1M:
• 127 homes are currently for sale from $1M - $4.75M
  
• 65 homes have sold this year (plus 10 homes currently under contract)
• Median days on market--only 93 days
  
• Median sold price: $1.36M
• Median homes size: 5359 sf, 5 Bedrooms, 4 Bath

So, although Sellers in Austin have seemingly never reached a level of desperation, (as we have witnessed in many of the nation's other markets), this does present itself as a time in which buyers and their Realtors are able to negotiation a considerable bargain on wonderful properties in one of Austin's premiere communities--especially on homes above $1M.

If you are looking for a home in the West Austin area, please do give me a call so that we can discuss your specific needs and time lines.

Tim Thornton, Realtor ®

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