Austin Home Sales Stats (05/08)

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

From this data, you can see the average and median home prices in Austin have risen over 5% this May as compared to May 2007. As with last month’s year to year comparison, inventory was up and fewer homes have sold this May as compared to May 2007.

On a positive note, 8.73% more homes were sold in May 2008 as compared to last month, with the total number of sales in Austin the highest it has been since August 2007.

Learn more about what’s going on in the Austin Real Estate market and search for Austin Homes for Sale at AustinHomeListings.com.

Austin Home Sales Stats (04/08)

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

From this data, you can see the average home price in Austin has dropped almost $8K this April as compared to last but the median home price has risen almost $3K. Inventory was up this April and fewer homes have sold as compared to April 2007.

April 2008 as compared to March 2008 saw an 8.13% increase in home sales, a 4.11% increase in active listings, a .65% increase in median home price, and a 2.07% increase in average sales price.

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

Bad Idea to Overprice a Home

Overpricing a Home Can Lead to Lower Results
by Kathleen Lynn, THE (HACKENSACK, N.J.) RECORD, Sunday, November 18, 2007

HACKENSACK, N.J. — Real estate agents often warn sellers about the danger of overpricing a house. Now, they have evidence to show skeptical clients: research by Jeffrey Otteau, a New Jersey appraiser.

He found that in a market where prices are declining, sellers who “test the market” with a high price usually end up with a lower price than those who price realistically.

“Houses that are priced right are selling,” Otteau said. “Overpricing extends days on the market and guarantees that you will sell your home for less in a declining market.”

Otteau, of Otteau Valuation Group Inc., studied about 4,500 home sales that took place in the first half of 2007, largely in northern and central New Jersey. Most of the houses were priced between $500,000 and $750,000.

He looked at houses that sold in less than a month and found that they had a median asking price of $599,900 and sold for almost full price; the median was $599,000. When he looked at houses that lingered on the market for more than a month, however, he found that they were priced higher — at a median of $634,900 — but sold for less than the lower-priced homes, a median of $585,000. The median is the point at which half the sale prices are above and half are below.

Otteau said that pricing a house below the competition stirs up interest and reassures buyers that they won’t kick themselves later for overpaying if home prices drift lower in 2008.

Austin MLS Info Just Launched!

Great Austin Properties is happy to announce that we just launched a new website, Austin-MLS-Info.com, a great place to find information about the Austin MLS. Have you ever wondered what MLS stands for, how the Austin MLS got started, or what regions and cities are covered by the system? Ever wondered if you could do an Austin MLS search online? We’ve got the answers for you at Austin-MLS-Info.com.

Just as Great Austin Properties created Austin Home Listings to empower your Austin Home Search, we created the Austin MLS Info site to help you learn more about the system that captures Austin homes for sale. We work to make your real estate transactions a fun and easy experience with our websites and the experience of our professional REALTOR® team. If you like our sites, we think you’ll love working with us. Call Great Austin Properties at 512.600.1800 today - one of our REALTORS® is ready to assist you!

Austin - Still hot!

AMD, Borland, Paypal, and others are setting up shop in Austin. The Wall Street Journal reported last Thursday that the reason is the relatively cheap Austin real estate and our highly educated work force. Those being the major drivers, we can’t help but point out the Austin scene has to be another big draw - the lifestyle Austin affords is hard to beat with abundant outdoor recreation opportunities, a great night life, new shopping, and unique neighborhoods.

Recreation includes in town hiking, biking and jogging around Town Lake (recently renamed Lady Bird Lake), swimming at Barton Springs, and soccer and disc golf at Zilker Park just to get started. The Veloway, Barton Creek Greenbelt, Hamilton Pool, and Lake Travis are additional draws for outdoor enthusiasts.

And night life? Restaurants like La Traviata, Uchi, Moonshine, Asti, and Jeffrey’s continue to impress. And an Austin stay without experiencing a little of Sixth Street, The Saxon Pub, Continental Club, or The Backyard would mean a missed opportunity to see why Austin has earned the moniker of Live Music Capital of the World. If you can, try to catch a show with The Mother Truckers, an Austin original.

And shopping? Trendy shops on South Congress and those near Lamar and 6^th keep Austin unique, and new shopping at The Domain and the upcoming Hill Country Galleria in Bee Cave bring upscale shopping to the area and prove that Austin is indeed a hot spot for growth.

And the neighborhoods? That’s what Austin Home Listings knows best. Be sure to read up on and see pictures of popular neighborhoods like Pemberton, Belterra, Hyde Park, and Lake Pointe in our Austin Neighborhoods Guide, or search for listings in 100+ neighborhoods using our neighborhood QuickSearch at the top right of this page.

We’ll admit to being a little biased, but we agree with people making the decision to move business and families here. It’s hard to beat the Austin lifestyle.

If you want to learn more about Austin Texas Real Estate, we would love to help! Contact Great Austin Properties - the Real Estate Brokerage that brings you AustinHomeListings.com - at 512.600.1800.

Imaginary real estate

In a recent Associated Press story, readers learned of a developer in Hawaii who is selling imaginary real estate. According to reporter Jaymes Song, two entrepreneurs in Honolulu are selling parcels of land that are currently 3,000 feet below the surface of the Pacific Ocean. In their lighthearted concept, Norm Nichols and Linda Kramer are offering deeds to property on an undersea volcano that, with the help of some molten lava, might someday surge to the surface. At around $40 a pop, these deeds might be a fun gift, but aren’t the kind of real estate that people come to Great Austin Properties to buy.

The Austin home market, however, does offer pretty much anything your imagination can conceive. Here in Central Texas, there are plenty of opportunities for people to buy homes that don’t yet exist, but at least the ones we deal with are on visible land and accompanied by certified drawings and locked-in development plans. If you’ve been imagining yourself in a downtown Austin loft or a new Bee Caves house, we can help you make that dream a reality. We love spending time with people, hearing about their dreams then connecting them with the people who can turn those dreams into great Austin homes.

We don’t know if an underground volcano will someday change the shape of the Austin landscape, but we do know what is available for you today. We can help you find the Austin home that fits you perfectly. Call us at 512.600.1800 if you’re ready to discuss turning your imagination into reality. Search Austin homes for sale at http://www.austinhomelistings.com.