S/SW Austin Real Estate Market Update: Zip 78739
Because of its proximity to downtown Austin, shopping, schools and major roads, Austin zip code 78739 is still a highly prized area in which to own a home. This blog highlights 2007-2008 real estate market stats in zip code 78739, and is intended to give current and potential homeowners some feel for how property values are faring. Subdivisions in zip 78739 include Circle C Ranch, Meridian at Circle C, Alta Mira, Muirfield, Hielscher/Circle C West, Vintage Place, and Park Place.
The table on the left compares numbers from 2007 and 2008 (through 10.8.08). A look at these numbers shows several things:
The average number of home sales per month to date in 2008 has slowed, but not as much as in some areas.
Before going under contract, homes are staying on the market an average of 25% longer (12 days). The table to the right shows that the DOM is changing even more in the current market. Homes for sale on 10.08.08 (either pending or active) had been on the market for an average of about 70 days.
The average price of homes sold so far in 2008 is 100.4% of what it was in 2007. This means that properties in the subdivisions in 78739 are holding their value well (but not appreciating), despite the slowdown in our national economy and declining home values elsewhere.
Based on the average number of homes sold per month this year, the inventory of homes for sale is about 4 months. In September 2008, however, only 19 homes changed hands. Based on that sales rate, there is currently about 6.7 months’ inventory.
The market in Austin TX zip code 78739 (through 10.8.08) was definitely slower than it was in 2007, but pretty stable. How property values will be affected by the current troubles in the national and world markets remains to be seen. Stay tuned.
All data are from the Austin Board of Realtors MLS and are considered to be accurate.
If you are interested in buying or selling a home in S/SW or another part of the Austin area, please give me a call at 512.913.1557 or drop me an email.
Jim Gilbert, REALTOR, Heart of Austin Homes
Licensed (#0536692) to sell Real Estate in the State of Texas