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Supply (active listings) is down 28% compared to last year. At the same time, Demand (sales) is up 16%. Predictably, in that market environment, sales prices are rising — to a $220,000 median, up 10% from March 2013. Continue reading
Austin has continued to attract employers and employees over the past several years, and conservative home equity lending laws prevented much of the price run-up experienced in places like California. I’m pleased to call Austin home for many reasons, and our experience with this most recent recession is just one. Continue reading
The Austin-area real estate market has turned the corner. We’re clearly into a new growth phase. As evidence, here’s a quick summary of the past few years’ home sales: We have experience 22 consecutive months of year-over-year sale growth, and very significant growth in most of those months: Moreover, it’s worth noting that even filtering … Continue reading
All of the proportional sales growth in this market over the past 10 years has happened above $250,000, and the fastest growth was above $400,000 — even though the median price remained below $200,000 until last year. Pay attention to the difference between average price growth and actual value appreciation. Continue reading
Even in one of the hottest metropolitan market areas in the country, there are huge variations in market conditions. Don’t read one article or watch a video about the seller’s market in Austin and assume it describes your property, or a property you may want to buy. Real estate is still very much a hyperlocal business, and you deserve detailed, professional consultation about your specific situation. Continue reading
As of October 2012, we have seen 17 months of year-over-year growth. Even in Austin, the past few years have been challenging but there is every reason to believe that 2013 will be a solid year in Austin real estate. Not all homes in all neighborhoods will be affected the same way, so consult a real estate professional about your specific situation. Continue reading
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
There’s no way to put lipstick on this and improve the national picture. The housing industry is troubled and is likely to remain so for some time to come. But I encourage folks who already own homes in Austin, or plan to, to keep the faith. Our fair city’s performance remains much stronger than national news stories will lead you to believe. 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
Austin and Washington, DC continue to buck the trend, gaining value year-over-year. As I pointed out in my last post, the magnitude of the gain in Austin remains impressive, even compared to Washington, DC. Continue reading
Bill Morris on Austin Real Estate 