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Looking at all sales adds high and low price extremes that were not in the sample a few days ago of sales near $200,000. This data shows even more clearly the huge variations around the metro area — Sold Price/SF in today’s sample ranges from $13 to $992! Continue reading
I am often asked, “What’s the average price per square foot in Austin?” Here’s the REAL answer! Continue reading
Sales between $120,000 and $160,000 represented less than 10% of market activity in 2011 and 2012. At the same time, sales between $200,000 and $400,000 have become well-established contributors to our market over the past few years, representing 34% of sales in 2011 and 36% of sales so far in 2012! Continue reading
The strength of the Central Texas real estate market continues …. Listing inventory is down, representing just a 4-month supply — solidly in seller’s market territory. The monthly unit sales pace is still about 20% lower than the peak of the market cycle in June 2006, but is almost 24% higher than the same month last year. Continue reading
Our market absorption rate has dipped over the past couple of months, but this is the fiirst time since 2005 that we have seen this metric bouncing around the long-term average of 21% rather than a much lower level. With continuing uncertainties in the U.S. political and economic scene, and in the world economy, these Winter months may remain a little soft, but if history is an indication then we are poised to enter a new growth phase in the local real estate market. Continue reading
There is every reason to expect some seasonal softness in unit sales and prices in the coming months, but as I mentioned at the outset the Austin/Central Texas economy remains resilient. Economic strength continues to attract employers and employees to move here, that trend is filling available rental space and pushing rents upward, and as those new Austinites either sell homes elsewhere or just gain confidence in their futures they become Austin-area homeowners. Continue reading
General economic uncertainty aside, I believe that buyers who stay on the sidelines over the next six to twelve months — especially in the Austin area — will find that they missed the best opportunity to become homeowners we have seen in many years.
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Even as chaotic market conditions still dominate press reports about real estate nationally, the Austin/Central Texas residential market continues to demonstrate fundamental strength. Sales volume is up for five consecutive months, and average and median home values have appreciated all year. Local and regional economic results and expectations are promising. Continue reading
Near the median sale price, we’re getting into “seller’s market” territory in many neighborhoods, but there is still a lot to choose from. Here’s an overview. Continue reading
I wrote yesterday about some million dollar homes that have sold recently in the Austin area. Here are a few that are still available. Continue reading
Bill Morris on Austin Real Estate 