today vs last year

This time last year my industry was dormant - we Realtors should have just gone on a 3 month vacation. It was slow, quiet, brutally tough for an industry of people that like to keep moving/bouncing around. We had just come of the extended $8,000 tax credit. That tax credit absorbed many sales in future months. Additionally the rumors of it returning kept some people from buying. The take away feeling buyers had from the expiration of the tax credit was a surprise. Lets compare last year to right now.
Listings are lower - lower supply.
Solds in May are almost identical when comparing the '10 tax credit to '11 May (no tax credit) - 1,891 '11 vs. 2059 '10. Our current sales are similar to last year when a buyer would have a chance at $8,000!!
Median price is up nearly $8,000.
Average price is up nearly $25,000.
Simple economics 101; supply & demand.
Much of our demand is leasing. It was also in the 2nd Q last year when leasing became very popular. Newcomers are leasing and rates are rising $50 to $500 per month.
My stats are for the Austin area. Austin is one of the 117 or so 500 'major markets' which is doing well in comparison. Those that are buying now will appreciate what they did in the few short years ahead.
Buyers need to not shoot themselves in the foot when making an offer. I just had multiple offers on a home I have listed. They both started their bid at nearly 15% off list. Starting off there is not the problem, staying there is in this market. Be careful what you read and where it is based for your real estate data.