What will $1M get you in Austin?

Austin, Texas is known for its real estate affordability as compared to other idyllic places to live. While one million dollars in a city in California just might get you a fixer-upper, in this Texas town that’s far from the case. For example, check out this newly listed home in one of Austin’s most sought after communities, Spanish Oaks. For $1M on the nose you could live at 11919 La Barzola Bend:

We highlight this home not only because it’s our newest listing, but also because we think it’s one of the finest homes at this price point we’ve seen. And we’ve seen a lot of homes. Besides the great location in Bee Cave with easy access to Highway 71, 290, Southwest Parkway, and FM 2244 (Bee Cave Road) and across the street from the new Hill Country Galleria, 11919 La Barzola sits on a hill behind the 24/7 guard gated entrance in Spanish Oaks. The attention to detail is what sets the home apart as you can see from the photos on the 11919 La Barzola Bend virtual tour website. 

If you are interested in this home or other Austin homes for sale, or if you just want to learn more about Austin real estate, please contact Michael Reilly at 512.600.1800. Or start your Austin home search using the great search tools at AustinHomeListings.com. 

Austin Home Sales Stats (03/08)

The Austin Board of REALTORS® (ABOR) compiles monthly home sales statistics. Here is a snapshot from ABOR showing sales data for March 2007 as compared to March 2008.

From this data, you can see the average home price in Austin has dropped slightly this March as compared to last, with inventory up and fewer homes sold. However, the median home price has risen. Considering the difficult housing market nationwide, these numbers are a good sign for the Austin housing market. 

Recession-Proof Austin

According to Forbes.com, Austin is one of the top 10 recession-proof cities in the United States. With one of the lowest employment rates in the country (3.6%) and median home prices under $200K, Austin appears to be doing quite well. 

The Austin Board of REALTORS reported the median price for single family homes was $186,680 this March, which puts Austin in the top 5 of the 10 recession-proof cities as far as affordable housing goes.

Ready to put recession woes behind you? Austin may be just the place to call home. Start your search for Austin homes for sale with a great search tool and loads of neighborhood information at AustinHomeListings.com.

Reference: America’s Recession-Proof Cities by Joshua Zumbrun, Forbes.com, April 29, 2008

The Housing Crisis is Over

Many economists don’t expect the housing market to turn around nationwide until next year, but we’re hoping the optimism of the Wall Street Journal’s Cyril Moulle-Berteaux is more on target. In his opinion column today, he states “It is very likely that April 2008 will mark the bottom of the U.S. housing market.”  From the 1990s to the early 2000s the housing market boomed, making affordable housing out of reach for many buyers. Mr. Moulle-Berteaux predicts “the market will turn because normal people can afford homes again.” And as normal people start buying, home prices typically stop falling – or at least home price declines start ebbing.

In Austin, we’ve been somewhat sheltered from the housing slow down. While nationwide the housing inventory is 11 months (the highest it’s been in 25 years), Austin is currently at about 5 months supply which signals a healthy market.   

So if Mr. Moulle-Berteaux is right that the nationwide housing market is trending up, that’s good news for the country, and great news for Austin.

Start your Austin real estate search now.

Reference: The Housing Crisis Is Over by Cyril Moulle-Berteaux, The Wall Street Journal, May 06, 2008