The seasonal slow-down in sales begins in September and runs through the holidays. You can see this in our Sold Units chart. What is of interest is not the seasonal slow-down, but the year-over-year numbers. They show some continuing weakness in the Austin metro market. Sales of single-family,
re-sale homes were down 36.4% from last October. Year-to-date, home sales are down 3.4%.
For most of 2010 sales were running well ahead of sales from a year ago. However, the last few months we seen a significant slow down in part to the tax credit expiring and the seasonal slow down.
Another interesting statistic to gauge the market is Days on Market (DOM).
The first 10 months of last year our Days On Market was 75 compared to the first 10 months of this year being 71. A slight improvement.
So what do we see coming in 2011 is what everyone is asking. I predict a slow start to 2011 with sales slowly recovering around the 2 quarter, finishing 2011 with stronger sales than 09 and 10.
It’s still a great time to sell, remember, you make your money on the buy, not on the sale! Have a great weekend and let me know if I can get you data on your neighborhood.