Austin Market Decline

I have tracked single family home sales in Austin Texas since 1997 when we purchased Capitol Area Realty.  The total closed sales profile, as graphed over time, is a bell curve.    2007 sales have fallen behind 2006 almost every month yet prices have increased an average of 9%.  Additionally tenants are payning 10 to 15 % higher rents.

Comparing September's totals to previous years, we are selling single family homes at a 2004 rate.  With the increased prices agents are making more per sale and incurring less expense.  Inventory is high enough that buyers have viable choices.  Sellers with well prepared and presented homes are getting multiple offers and closing within 90 days.

Incompetent agents and brokers are changing careers. 

In my opinion the sales decline has changed the Austin Texas market for the better.

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