The following is an overview of the Austin real estate market for the most recent week and the month of October 2008. If you would like to drill down into the statistics for a particular neighborhood, community or price range, please let me know.

October 26 to November 1 Austin real estate statistics:
The number of homes listed for sale on the Austin MLS is up 3.31%, from 11,346 to 11,721.
The number of new listings was down 34.67%,
The number of homes under contract was down 38.63%,
The number of homes sold was down 35.51%,
The average sales price decreased 1.69% to $259,376 compared to $255,076 for the same week in 2007.

October 2008 Austin Real estate statistics:

The number of new listings on the Austin MLS was down 22.55%,
The number of homes under contract was down 34.87%,
The number of homes sold in the Austin area was down 26.4%,
The average sales price decreased .35% to $241,447 compared to $240,606 for the month of October 2007.

We are finally starting to see home prices in Austin flatten out.  Although this data doesn’t show it, in some areas, home prices have actually dropped sharply as demand has declined.

If you are looking for a deal, now is a great time to buy. Please call me so I can point you in the right direction.

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