Team Price > MLS Search > Market Statistics > March 2011

Published April 16, 2011 / Team Price Real Estate

This month's numbers are stuck in the shadow of the spring 2010 incentive market. A number of factors hinder a full-scale housing recovery, yet there are positives that suggest improving consumer confidence. Slowing unemployment claims, strong corporate balance sheets and 13 months of private job growth are cause for long-dormant optimism. Let's see if our local glass is half empty or half full.

New Listings in the Austin region decreased 18.1 percent from last March to 3,831 new homes. Pending Sales decreased 7.7 percent to land at 2,241 contracts written. As a result, inventory levels decreased 11.1 percent from last year to reach 9,999 active listings.

The price situation improved – the March Median Sales Price of $184,500 increased 3.7 percent. Negotiations moved toward buyers as Percent of Original List Price Received at Sale decreased 2.3 percent to 92.2 percent. The market moved toward balance as Months Supply of Inventory decreased to 6.0 months.

March 2011 Detailed Market Report

The national interest rate is 5.11 percent on a 30-year fixed; the national unemployment rate dropped to 8.8 percent in March. Several important changes to the mortgage industry are on the horizon. Ensuring access to adequate mortgage capital for qualified buyers is key to housing recovery. This will require substantial reforms to Fannie and Freddie.

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