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Market News and Trends

Impressive sales performance for premium properties!


As expected, the homebuyer tax credits have affected sales over the past year chiefly near and below the median market price.  Not o nly were those properties the most likely targets for first-time home buyers, but an $8,000 “rebate” is worth twice as much,  percentage-wise, on a $160,000 purchase than it is on a $320,000 home.  It’s not too surprising then, that that’s where we have  seen the most dramatic decline in demand in recent weeks.  Here is a look at how the price distribution of home sales has changed in  the Austin/Central Texas area over the past year (click images to enlarge):

Austin Metro Price Distribution 082009-082010

Note the increase in sales in the last month, though, above $500,000.  It’s visible on the graph above, but this is a case where I think the actual data may have more impact:
Austin Metro Price Distribution (Table)

The $500,000-and-up went from 7% of the Austin/Central Texas single family market a year ago to 12% in the last month!

Clearly, July sales nationwide reflected the expiration of homebuyer tax credits, and the decline in demand seems to have surprised  some folks.  This performance in upper price range properties is truly impressive.  It’s still a great time to buy real estate, especially here in the Austin area.

About Bill Morris, Realtor

Many years of business experience (high tech, client service, business organization and start-up, including 18 years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs. Learn more about my background and experience, my commitment to my clients, my profession, and to the real estate industry at CentralTexasHomeSearch.com.

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