Although the
Austin real estate market has experienced a lot
of appreciation over the last few years, Austin
is still ranked
as one of the most undervalued real
estate
markets
in the United States today.
$200,000
|
 $250,000
|
$300,000
|
$350,000 |
$450,000
|
$500,000 |
$750,000 |
1 Million |
2.5 Million |
AUSTIN AREA MARKET STILL STRONG
The Central Texas housing market
is on track to end the year with more record sales. Sales
of existing homes in Central Texas rose more than 8 percent
in October from the same month a year ago, according
to the Austin Board of Realtors report released Wednesday.
Last month, a record 2,073 single family homes were sold,
up from 1,913 sold in October of last year. This, combined
with a higher median price, relatively quick sales, and
a
higher number of pending sales, is good news, says Charles
Heimsath, president of Austin based real estate consulting
firm Capitol Market Research. "All those taken together
says to me it's a very strong market that shows little
signs of weakening," Heimsath said.
Home sales in the $200,000 to $249,000 price range are
up 18%. Among the Central Texas
submarkets, the South Austin area known as Area 10 posted
the highest "hotness" factor, which is calculated by the number of
pending sales versus active listings, Rosshirt said. In that area, which includes
neighborhoods such as Cherry Creek and Tanglewood Forest, active listings took
about 18 days to sell, the report found.
The Central Texas region has posted
a strong pace of home sales this year, signaling that the
region continues to buck national trends of a cooling housing
market.
Last month, the area's median home price was up almost
9% to $175,000 and homes are staying on the market for 66 days on average, which
makes it a seller's market. Pending sales were up 19 percent to 2,417. Sales
of condominiums and townhomes are also posting gains, up 25% from October of
last year. "That's
a trend we want to watch going forward," Heimsath said. The median price
of these properties is up 28% to $168,250, inching closer to home prices. And
that could signal a shift in more baby boomers downsizing to condos or townhomes,
combined with younger, first-time buyers, Heimsath said.
The strong trends are expected to continue if favorable
mortgage rates and the region's healthy job growth remain
intact, said John Rosshirt, chairman of the
Austin Board of Realtors. By contrast, national home sales fell in 38 states
during the summer months. "Most parts of the country would love to have
our stats," Rosshirt said. "The mortgage and job growth rates will
lead to a strong real estate market. So far this year, the Central Texas region
is posting a 10 percent increase in sales compared with the same period a year
earlier. The median price during this same period is up 7 percent to $174,000. |
