Austin’s Market Still a Seller’s One

Recently I have been coming across many hot market articles mentioning our market and even a spot on the Today Show concerning South Austin and its SoCo hot spot. You can see it here (the comments regarding are on about the 2:41 sec mark) Also articles on Forbes.com here and an email from Forbes.com I received below About the market in general.

Top 10 Best Performing Housing Markets
As anybody who has ever sold real estate knows, there are no national markets, only local markets. That adage holds true when you look at the condition of the real estate business nationwide. Business may be tough in many places, but it’s not tough all over.

In Salt Lake City, Charlotte, N.C., and San Jose, Calif., prices have climbed relentlessly. In the Northeast, the biggest gainers are the gritty cities of Buffalo, N.Y., Pittsburgh, Pa., and Philadelphia.

In the West, business is brisk in Northern California and the Pacific Northwest.

Here are the top 10 best performing housing markets, according to Forbes magazine, their third quarter median home sale prices, and the percentage that prices have risen compared to third quarter 2006.

• Salt Lake City — median home sales price: $246,700; Percent change: 14.1 percent
• Charlotte, N.C. — $220,000, 11 percent
• San Jose, Calif. — $852,500, 9.4 percent
• San Francisco — $825,400, 8.6 percent
• Raleigh, N.C. — $229,500, 7.5 percent
• Austin — $188,200, 7.2 percent
• Pittsburgh — $127,700, 6.1 percent
• Seattle — $394,700, 6 percent
• San Antonio — $154,700, 5.7 percent
• Portland, Ore. — $299,700, 5.2 percent

Source: Forbes, Matt Woolsey (11/21/07)

Staying below 10% is a very good thing. It is a good moderate pace.

Now, if we look at the numbers, yes things have slowed down recently. The numbers are down for last year in terms of solds, pending sales, more inventory and a little more time on market at 69 days. But compared to what? 2006 and 2005 were record breaking years for Austin Real Estate. Single family home sales in October 2004 totaled 1,653. That month, there were 9,255 active listings and 1,076 pending sales. This month we have 1772 sold, 9431 active and 1953 pending. Austin is still doing well.

With 69 days average inventory (some neighborhoods more, some neighborhoods less) Austin is still in a seller’s market. A buyer’s market begins at 6 months traditionally but the sway in momentum begins to benefit a buyer as it transitions past 4 months. Perhaps then a good time for those looking for a softer market.

For more detailed information, feel free to contact me

Christopher

New SoCo Condo Choice

The latest in apartment conversions brings the popular condo zip code 78704 another affordable choice near Travis Heights, Creekside Terrace.

This project is for those of you who are looking to live near the popular South Austin hot spot but want to get a little more square footage without having to work 3 jobs to live there.

A small community of only 48 units offers only 2 floor plans, a 700ft2 one bedroom/one bath and a 1100 ft2 two bedroom/two bath. Many of the units will be renovated with concrete or bamboo flooring. Inside the design continues with mosaic tile in the kitchen area with stainless appliances and redone bathrooms.

All condos have a view of the courtyard where the pool is located although no hot tub exists, bummer. The pool and the grounds are scaped with large rectangular limestone steps and fine dark gray rocks. The exterior has been repainted and the parking area has been repaved. There is a complimentary laundry area as the one bedrooms are not equipped with washer or dryer connections in the units, although the two bedroom models are.

Now the important part. The HOA in the community will run $150 for the one bedroom and $200 for the two bedroom. Pricing will be $155,000 for the one and $189,000 for the two. That comes out to about $1200 a month total for the one bedroom.

Thats not bad considering on the MLS, one bedroom one baths average start price is at $179,000.

The drive to downtown is 5 minutes at most and is blocks away from the SoCo district. Convenient to shopping, parks, grocery stores, greenbelts and entertainment, this is a prime location for condo seekers.

These units will be available for sale 30 -45 days from now, but you can preview them with me before hand. Simply contact me and I can fill in more details and set up an appointment with you to go check them out.

Christopher

South Austin Condo Buying is Blistering Hot

 

While you’re sleeping on it, someone will be sleeping in it.

 

My client and I spent weeks looking around at various condos in various areas in South Austin. In the very beginning I explained that the market is quick in the south and I advised him that if he saw something that he should act on it.

Sometimes though clients do not really see or understand that Austin condos perform a David Copperfield from the marketplace until they miss out on 1, 2, or 3 condos.

For example, pulling information from our MLS since the beginning of the year in area 6/ 7, (or 78704 zip code) out of 30 condos listed near the popular SoCo area, 11 condos have sold within an average days on market of 17 days, and 9 condos have gone Pending averaging 12 days on market. So if my math is correct, 2 out of 3 condos under $200k in that area have sold or have accepted an offer within an average of 15 days on market. Whew! Zip code 78745, just a little more south, is not much different.

According to the latest stats from the Austin Board of Realtors, Days On Market dropped significantly from 149 days in January 2006 to 34 days in January 2007 for those areas. Also sold to list ratio rose from 97% in January 2006 to 99% in January 2007. This means that condos are selling at near list price. These numbers are for the entire price spectrum for these areas however yet still a good indication of conditions for a competitive South Austin market.

Christopher