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The February Market Analysis for Greater Austin revealed the following:

1. The median and average home prices were still on the rise overall despite higher inventory and fewer sales than in 2007.
2. Most properties were sold in under 75 days and at 96-97% of the List Price on average.
3. Inventory and sales are solid for homes priced below $250,000, selling in less than 3 months.
4. Homes and condominiums priced above $400,000 sat on the market for about 225 days. There are simply fewer buyers available in those price ranges.

If you're in a high-inventory area or your home is priced above $400,000, your agent should perform a market analysis every 21-30 days to help you reposition your home, offer new buyer incentives, or adjust your asking price. If you're a buyer looking for a home below $250,000 in Austin in a nice area, expect to compete.

WANT TO KNOW MORE ABOUT THE AUSTIN MARKET? VISIT THESE LINKS...

• Up-and-Coming Real Estate District: Austin's Southtown.
• Austin Real Estate Update January 2008.
• Spotlight on East Riverside Drive Austin.
• Cure for the Home that Won't Sell: Seller Feedback and Buyer Incentives.
• Boomerang Buyers Dominate Central Austin Home Trends.
• Housing Predictor's Top U.S. Real Estate Markets.
• Housing Predictor's Bottom U.S. Real Estate Markets.