Although national real estate headlines and statistics may not look so good, the Austin,Texas area has weathered the recession fairly well.
Through June 2010, MLS statistics show the total number of property sales in greater Austin, Texas is up by 15% compared to same period 2009. The median price of properties sold this year in Austin overall is barely changed from 3 years ago and up slightly from a year ago.
Compared to 5 years ago, the median price is up about 15% in Austin, Texas. That is an outstanding performance compared to many U.S. cities that have seen price declines of 30% or more in the past 5 years. And many U.S. cities have properties selling at less than half of what they sold for 4 or 5 years ago.
The number of Austin properties for sale has increased by 16% year over year. As Austin sellers sat on the sidelines last year due to weak demand, they now see homes selling in their neighborhoods at a quicker pace than last year--on average 10 days quicker. So more Austin homes have gone up for sale, but the increase in buyers has almost kept pace.
This broad brush doesn't paint the whole Austin real estate picture however. Different price ranges and locations have fared differently. The upper end of the market has seen a noticeable resurgence in sales after faltering last year. Some of the more affordably priced neighborhoods NW and NE have seen sales declines or stayed flat.
What about the number of buyers in all Central Austin neighborhoods year to date?
Area 2- North of 2222-unchanged
Area 4- 38th to 2222-up 7%
Area UT-up 6%
Area 1b-west of Lamar to 2222-up 50%
Area 1A-west of Mopac, N of 2222-up 30%
Area 5-east of I35-up 48%
Area 6 & 7- 78704 south of the river to Ben White-up 40%
Area DT- Downtown- up 98%
Interest rates? Wow. All time lows. 30 year fixed at 4.375%, 15 years at 3.875% depending on property type, credit score and down payment/equity.
Low rates, plentiful inventory, stable prices. Now is a great time to buy or sell in Austin, Texas.
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Contact me to buy or sell Austin, Texas homes and real estate.
Jeff Harris
Realtor/ Mortgage Broker
True Austin Properties
Jeff- It looks like Austin is still a good place to be. Good luck.