We are in the middle of an unprecedented heat wave in Austin, with more days over 100 degrees than I am willing to acknowledge. But despite the fact that no one wants to venture outside, I have been showing property with amazing frequency.
Anyone with their house listed will agree that this is great news. And any buyer willing to brave this heat and spend hours looking for a house must be serious. Unfortunately our luxury marketplace is still slow, most of the activity is under $800,000. But just a few months ago we were seeing little or no activity over $500,000 so things are looking up.
That said, here's some news put together by Real Estate Center Online News (TAMU):
FORECLOSURES FALL ACROSS STATE AUSTIN (
Austin American-Statesman) – Residential foreclosures are at a five-month low in Central Texas, reflecting a trend in other parts of Texas, according to Foreclosure Listing Service (FLS) data.
"The tide may have changed," said FLS President George Roddy Sr., adding that the figures offer hope that foreclosure postings may have peaked.
Travis, Williamson, Hays and Bastrop counties posted a combined 1,072 properties for foreclosure in the August auction, down 27 percent from July.
The Dallas area saw foreclosures fall below 5,000 for the first time since March. In Bexar County, postings fell to their lowest level since March, according to Real Estate Foreclosures Inc.
AUSTIN HOUSING MARKET SHOWS SIGNS OF LIFE AUSTIN (Austin Board of Realtors) – Just over 2,100 single-family homes were sold last month, according to the June 2009 Multiple Listing Service report by the Austin Board of Realtors. That’s 4 percent less than a year ago. Meanwhile, the median price was $199,900, unchanged from last year.
"We've seen the year-over-year gap in sales volume close steadily throughout 2009, and that momentum continues this month," said Jay Gohil, chairman of the Austin Board of Realtors.
Home prices in the Austin area have continued gaining momentum since the beginning of the year. Over the first two quarters of 2009, the average sale price for a single-family home has increased $20,824, while median sales price has increased $24,400.
Also, since January 2009, sales volume is up 61 percent, and active listings are up 14 percent.
AUSTIN GROWS DESPITE DOWNTURN AUSTIN (
Austin American-Statesman) – After moving past Columbus, Ohio, to become the 15th-largest city in the nation, Austin continues to grow despite the economic downturn.
Austin city demographer Ryan Robinson expects Travis County to add more than 30,000 people this year, including births. New residents keep the local economy going by renting apartments, buying homes and cars and starting new businesses. Of the country's largest metropolitan regions, Austin–Round Rock boasts the fourth-largest rate of self-employment, according to Brian Kelsey, director of community and economic development for the Capital Area Council of Governments.
Twenty-two percent of the area's workforce meets that qualification, serving as either an asset or a liability, depending on the state of the economy.
