The Austin Real Estate Market remains healthy despite the slow-down caused by nervous would-be buyers and investors. The gloom and doom in the news spilling over from other markets does seem to have made for more cautious real estate consumers, but obviously some do understand that real estate markets are local and that the ill symptoms of markets elsewhere were caused by super-booms that Austin did not see.
Austin continues to top investor’s charts as a place to buy because as weird as Austin may be, its real estate market has always remained consistent. Many areas are seeing homes sit on the market longer, but prices continue to rise. The caution caused by the media has surprisingly done something wonderful for Austin: it has slowed or even halted the boom of 2006, which in the long run can prevent any potential crash.
Markets within Austin are localized as well. While area 4 in central Austin remains a hot spot, but all of it’s neighbors are so lucky. Such as been the fate of area 6 in south Austin. Area 6 has a huge inventory compared to this time last year but sales have fallen drastically. Some of this is last year’s boom settling, but the surge of investors and flippers last year has changed this area. Although central Austin saw a similar flock of interest, low-priced properties were already hard to come by.
So when you are ready to buy or sell, check with the experts in your area of Austin. For a monthly analysis of 8 of Austin’s most sought-after areas, request a copy of my eNewsletter. I love numbers because of their extremely logical approach and I watch them closely.
Take care and happy house-hunting!
Today’s Area Spotlight: 1B in North-Central Austin
Keep in mind that the area boundaries have changed for this area! Last September, there were 80 new listings and listings were sitting an average of 51 days on the market. 70 listings sold this time last year at an average price of $437,187. This year, 78 new listings were available in September and 23 sold at an average price of $616,781 with homes sitting on the market an average of 83 days. Area 1B is a perfect example of Austin’s changing market with prices on the rise and sales taking longer.
