Austin, Texas home sales were up about 7% area wide in 2011 vs. 2010. Some Austin neighborhoods saw even bigger sales increases. Austin condos had a 1% sales increase. Many price segments and neighborhoods saw prices higher vs. 2010, while some remained flat. The luxury market firmed again as higher priced homes in Central & West Austin, as well as Westlake, drew higher prices than the year before. Inventory has changed quite a bit in the last 12 months. The number of homes for sale continues to shrink as the number of homes for sale is 15% lower than a year ago. It would take about 4 months to sell all the homes currently on the market at the current pace city-wide--representing the lowest inventory-to-sales ratio in at least 3 years.
Price segment matters. The lowest priced properties (under 250k) have the lowest inventory vs. high sales rate, while the luxury segment has the highest number of homes for sale vs. sales rate, as is usually the case. In general, Austin properties priced under $450,000 show the greatest demand relative to inventory, and thus upward pressure on prices in some areas. I sold a couple of properties in 2011 for a higher price than they had last sold for about 2 years prior.
Downtown Austin condo inventory is lower now too. Active MLS listings downtown(which include some developer inventory), have declined by about 30%. Developer inventory is dropping as almost all units under 500k have been sold and no new projects are coming on-line for at least the next 3 years (none are under construction). Resales will dominate this market in 2012 and 2013 at least, and already we are seeing signs that prices for units under $450,000 are firming in the most favored buildings, especially if they have good views. The Austin luxury downtown condo market has excess supply in my opinion...but sales continue to occur there, and prices are fairly steady. There have been several multi-million dollar sales in the W, 555 Hilton and Austonian in the past few months. Jeff Harris
Realtor/ Mortgage Broker
True Austin Properties
In Austin and Texas, the Texas Forest Service says the severe drought has cost us 
I have written before about the new W Residence condos in Downtown Austin. Yesterday, The W hosted a select group of 80 Austin Realtors to tour the property and enjoy a reception by the resident pool. I really like this property! The finish out is impeccable and the views are spectacular. 10' ceilings, wide plank hardwood floors, Miele appliances, 
Having been through the marketing of Austin lots and home building sites a few times recently, it struck me how much information must be dispersed to potential buyers. Most people have never built a home from scratch before and simply don't realize all the things that can add up to make a home site ready to build on, and how those things should be considered when comparing the prices of various lots and land.
In a 3-2 vote, Travis County commissioners did the right thing today and retained the historic property tax exemption for 2011. Judge Biscoe and Commissioners Gomez and Huber gave a thumbs up to historic preservation tax incentives. City of Austin and AISD are still mulling over whether to change their policies. Let's hope our elected officials continue to see the value of preserving our past. 
Tomorrow, June 28, Travis County commissioners will decide whether to continue to offer property tax exemptions to historic properties. Right now, there is a proposal that will gut the exemption and offer a mere $350 annual property tax reduction for historic properties. This miniscule exemption will further work to discourage property owners from maintaining and restoring historic structures in Austin and Travis County. Already AISD has eliminated this and the city of Austin is still trying to decide what to do.
Not just for Austin luxury homes, but to see what's happening overall in the market, I pull my Austin MLS "hotsheet" quite often and review price changes, pending contracts, sales etc. A few luxury sales at full price caught my eye so here is the year to date Austin luxury home sales update. 
The leafy Deep Eddy neighborhood offers some of the most eclectic homes for sale in West Austin. In 1915, AJ Eilers bought land around a spring fed swimming hole in the Colorado river and built the state's first outdoor concrete pool. Now a public pool, it is still in use, not chlorinated, and still spring fed. It is a registered National Historic Landmark.
brought new construction of larger homes, and by 2000, much larger traditional homes were built along with a number of homes that celebrated the renewed interest in modern architecture. New homes are still being built around Deep Eddy today and many of the vintage bungalows and cottages have been renovated and expanded. Buyers like the lazy tree lined streets and gently rolling hills and awesome location near Downtown.
While all this physical built change is going on, the neighborhood retains its true Austin vibe. It's right in the city but still feels sleepy and original. I live in this area and love it for it's excellent central location 1 mile west of Downtown Austin and the quick access to Lady Bird Lakeand Mopac. Magnolia Cafe on Lake Austin Blvd. is open 24 hours with good food whenever you want it and one of my favorite margaritas (on the rocks with a splash of sangria) is at Maudie's Tex Mex right down the street.
Funky, eclectic Burnet Rd runs from W. 45th street in north central Austin to north of 183 and out past the Domain. The south end of Burnet Rd , up to 2222/Koenig Ln is evolving and changing to become a destination for N. Central Austin and beyond. Once a 50's and 60's era commercial mess, new businesses have opened up and are thriving. I enjoyed my breakfast tacos at Torchys this morning. It's in the 5100 block across from a futon store and tatto parlor. It struck me how much Burnet Rd has changed. Finally, the right mix of businesses is settling in along side long time thrift stores,plumbing supply stores and saloons. 
The neighborhoods of Rosedale, Brentwood, Shoalmont, Allandale and Crestview flank each side of the lower Burnet Rd. corridor. Vintage bungalows and ranchers, built mostly from the 1930's to 1960's, along with condos and new modern infill construction populate the area. Condos are abundant too. I like that prices range from the low $200's so most buyers can find something to satisfy their housing itch--even someone looking to spend $500,000 will be happy to see how far that goes in this part of town.
