October Update - Austin Real Estate

Austin continues to see improvements in the housing market.  Sold listings are up nearly 40% in volume over last year.  Year to year comparisons on all months see gains over prior year.   With interest rates in the low 3% it is an incredible time to make that first purchase or make that move up.

Home Sales Continue to Show Increases in Austin Area

July 2012 Multiple Listing Service Data:

Units for Sale: (compared to July 2011)
New listings are up 9.67%.
Pendings are up 18.66%.
Solds increased by 24.35%

As for Average Prices:
The "New Listings" average list price is up 2.65% to $304,219.  In July 2011 the average list price was $296,359.

Sold average sales prices increased 7.58% to $276,822.  For July 2011 it was $257,322.

Did you know...that we had 10,720 active listings during the same week in 2011?  Today we have 8,941 active listings!  That is a 16.60% decrease from 2011.

MLS Monthly Review - May 2012

Preliminary May 2012 Data:

Units for Sale: (compared to May 2011)
New listings are up 4.32%.
Pendings are up 18.85%.
Solds increased by 18.98%

As for Average Prices:

The "New Listings" average list price is up 1.14% to $330,674.  In May 2011 the average list price was $326,947.

Sold average sales prices increased 2.24% to $270,090.  For May 2011 it was $264,169.


Did you know...that we had 11,454 active listings during the same week in 2011?  Today there are 9,009 active listings!  That is a 21.35% decrease from 2011.


What does this mean?  Demand is slowing building.  For some areas of Austin, sellers are having the benefit multiple buyers submitted offers to buy their property.  This creates an auction effect, driving up the sales price of the home.  We are seeing this more and more in the Austin area.


Do you have a questions about listing your home for sale or how to purchase a property?  Please contact me.

Top Ways to Get Your Down Payment

The most common issue for a first time buyer usually seems to be…"How do I get the money needed for down payment on a home purchase":

1. Get A Gift – With FHA, the buyer can get a give from a relative for the down payment and closing costs. 
2. Down Payment Bridal Wedding Registry – Gives a couple an opportunity to received wedding “gifts” through a dedicated bank account to collect down payment funds for a new home
3. 401K Loan – You can borrow the money from yourself, in most cases this loan will not count against your qualifying debt to income rations and as a first time home buyer the most 401K programs will allow for this transaction,
4. Life Insurance – If you have whole life policy you can either borrow against it or cash it in.  
5. Secured Loan -  If you have an asset that is free and clear such as a vehicle you may be able to get a secured loan against the value of the asset.
6. DPA – Several government entities offer down payment assistance programs for first tie home buyers
7. Sale of Personal Property - With verification of value and bill of sale, the funds form the sale of personal property can be used for the down payment.
8. Human Resources – Some employers offer down payment assistance as a benefit to the employees.  These awards are eligible for down payment through FHA financing.
9. Tax Refund – A buyer can use this years tax refund to become a homeowner.  A copy of this years tax return and a copy of the refund check or bank statement showing the amount of the refund on the deposit is all that is required.
10. Second Job – Even though we may not be able to use this income to qualify the borrow if the borrower has not had the job for 2 years, the cash earned from the second nob can be used for the down payment.
11. Savings/Budgeting – Cutting back on extras along with anyone of the abve mentioned ideas will get you into a home faster.

There are some many reason why now is the best time to purchase your first home.  Please contact me to find out more.

Preliminary MLS Data - April 2012

Preliminary April 2012 Data: 
Units for Sale: (compared to April 2011)

• New listings are up 1.86%.
• Pendings are up 27.40%.
• Solds increased by 5.76%

 As for Average Prices:

• The "New Listings" average list price is up 4.74% to $336,915.  In April 2011 the average list price was $321,670. 
• Sold average sales prices increased less than 1% to $270,952.  For April 2011 it was $270,571.  

Did you know...that we had 11,315 active listings during the same week in 2011?  Today there is 8,756 active listings!  That is a 22.62% decrease from 2011.

HGTV's Property Brothers - Coming to Austin with New Show!

Update:  I get a lot of calls from this post.  Please note it is dated May 2012.  This particular event wrapped last year.   Also, I am a local Austin Realtor and not affiliated with the show.  If you would like more current Real Estate News, please follow this link to my new blog

HGTV is currently filming the premier season of "Buying and Selling" and, are in search of great couples and families in Austin who would be interested in getting a FREE RENO and being on TV!

This new show, called "Buying and Selling", is the Property Brothers' new project, and is all about people in the Austin area who are trying to sell their home. Each 1 hr episode will feature a different home/family, and follow the house selling and buying process from start to finish.

The Property Brothers will advise the couple/family on the small reno's/changes needed to increase the value and appeal of the property (and pay for them!), their team of professional designers and renovators will DO the actual reno's, and then the Property Brothers will assist in the actual SELLING of the house.  Once the sale is made, and during the renovation process, the “Brothers” will help to find the best NEW home on the market for the featured family.

HGTV are looking for people that have a great story - we want to find couples / families that have a strong reason for moving: closer commute to work, need more space for growing family, to be near better schools, extra room for home office etc. As well, families MUST be moving within the Austin area, and wanting to do so before August 2012.

Ideal selling price is roughly $150,000 - $400,000, and sized anywhere from 1,400 – 2,300 sq ft.  We're looking for those homes that need just an extra bit of "lipstick make-over" before they can be listed, and that will show nicely for the big "REVEAL".

Contact me if you or someone you know wants to be a apart of the show.

Preliminary MLS Data - March 2012

Units for Sale: (compared to March 2011)
New listings are down 7.90%.
Pendings are up 19.39%.
Solds increased by 16.46%

As for Average Prices:
The "New Listings" average list price is up 3.66% to $342,713.  In March 2011 the average list price was $330,627.

Sold average sales prices increased 6.14% to $258,863.  For March 2011 it was $243,878.

What does this mean?  We are seeing a steady number of buyers coming to the market, but listings are not coming on the market at the same pace as last year.  The homes that are ready to sell and price right are selling quick.

February 2012 - MLS Update

Austin continues to see an promising trend on home sales.

Units for Sale: (compared to February 2011)

New listings are up 9.15%.

Pendings are up 28.61%.

Solds increased by 11.98%

As for Average Prices:

The "New Listings" average list price is up 5.84% to $326,993.  In February 2011 the average list price was $308,936. 

Sold average sales prices increased 4.26% to $251,134.  For February 2011 it was $240,864.  

Real Estate: Week Review - Austin MLS

Units for Sale:
For March 4, 2012 - March 10, 2012 (compared to the same week in 2011)

New listings are down this week 1.35%.
Pendings are up this week 18.79%
Solds are up 39.53%

Average Prices  
For March 4, 2012 - March 10, 2012 (compared to the same week in 2011) 

Sold average sales prices increased 15.41% to $270,637.  In 2011 it was $234,508 for the same week.

Have We Found the Bottom to the Housing Market?

Home sales across the board, comparing 3Q2010 and 3Q2011, have increase, activity increased 1.7%, latest patterns offers signs of a finding a bottom to the housing bust.

Next year, the market will continue to work through the shadow inventory of foreclosures. Banks will not flood the market with foreclosures, that would further weakening the housing market, but we will continue to see a steady stream. In Texas is below 30% foreclosure and we fair better than other states in foreclosure because we did not see the appreciation in home values other states achieved in their market.

What does this mean in the Austin market? For buyers there are still deals to be found. However in the Austin market, we have 100% saturation in apartment rentals, and rents all over Austin are increasing we will see more and more qualified buyers move off the fence. Sellers are still holding tight. We are experiencing a low number of listings but ever increasing sales. The best homes that are price competitively are going fast.

Austin No. 3 for Most Jobs Gained Since Recession

According to the Austin Business Journal, Austin is among 13 of the nation’s 100 biggest labor markets to have regained all of the jobs that were lost during the recession.

The Capital City is ranked the third most prosperous metro during that five-year span adding 37,900 private-sector jobs, according to the Business Journals’ On Numbers, which used preliminary data from the U.S. Bureau of Labor Statistics  data to compare 2011 private-sector employment levels against officials figures for 2006, the last full year before the recession’s onset.

For the Austin market, year-to-date from 2010 to 2011, is stronger. Closed home sales are up 5.2 percent, Pending sales are up 8.6 percent, and inventory of homes available is down 12.6 percent, which means fewer homes and more buyers.

With employment numbers like this and a lack of listings currently on the market, buyer are have to engage in multiple offer situations.

December MLS Statistics - Austin Area Homes Sales Outpace Prior Year for 7 Straight Months

According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, single-family home sales in December 2011 outpaced the same month of the prior year for the seventh straight month, and year-end figures show momentum in Austin real estate heading into 2012.

In December 2011, a total of 1,581 single-family homes were sold in Austin, which is 11 percent more than December 2010. During the same time period, the median price for Austin homes was $187,940, which is one percent less than the same month of the prior year.

In December 2011, the inventory of Austin-area homes decreased to 4.1 months, which is 1.4 months less than December 2010 and the lowest figure reported since the organization began tracking the statistic in January 2009.

2011 Year-End Totals

19,220 – Single-family homes sold, seven percent more than 2010.

$193,000 – Median price for single-family homes, unchanged from 2010.

84 – Average number of days that single-family homes spent on the market, seven days more than 2010.

30,668 – New single-family home listings on the market, 12 percent less than 2010.

8,609 – Active single-family home listings on the market, 15 percent less than 2010.

21,002 – Pending sales for single-family homes, seven percent more than 2010.

$4,931,910,843 – Total dollar volume of single-family properties sold, nine percent more than 2010.

2012 Forecast - Austin Area Continues to Stabilize

Data released by Clear Capital Monday shows year-over-year, national home prices were down 2.1 percent in 2011. The company says movement in home prices began to stabilize somewhat during the latter half of the year and REO sales as a percentage of total home sales began to decline, which helped to moderate depreciation for the year overall.

Clear Capital expects 2012 to play out much like the last half of 2011, with only a very subtle price change at the national level. A minimal decline in the beginning of the year is expected to turn into a meager gain by year’s end, the company explained.

For the Austin market, year-to-date from 2010 to 2011, is stronger. Closed home sales are up 5.2 percent, Pending sales are up 8.6 percent, and inventory of homes available is down 12.6 percent, which means fewer homes and more buyers.

These numbers are possible indicators that the real estate market here in Austin is improving. With the low inventory of homes currently on the market, compare it to the number of new jobs being created, apartment rentals at capacity, then the market should continue to see improvements for next year.

Lord British - Video Gaming Mogul, Selling Britannia Manor II, in NW Austin

Video game mogul and noted space tourist Richard Garriott is selling his Hill Country home in northwest Austin.   You too can own his home, aka Britannia Manor II, in Northwest Austin for a mere $4.1M.

Along with his extensive career in the gaming industry, Garriott is one of a handful of people wealthy enough to participate in the space tourism industry. In October 2008, he traveled to the International Space Station.

MLS Statistics - September 2011

The Austin area housing market continues to see improvements.   The latest MLS (Multiple Listing Service)statistics for September 2011 show that for all areas of ACTRIS (Austin Board of Realtors), the number of listings sold is up 19.9% from this time last year, total volume is up by 22.3%.    The average sales price, $241,609 is up by 2.0%, when comparing September 2011 to 2010.  That is great news for home owners and should be a wake up for home buyers sitting on the sideline waiting for things to bottom out.  

These statistics will change depending on the area you live in.  Area CLS (78613- Cedar Park) is experiencing median sales price increase of 7.3% ($227,567), however volume is basically the same when comparing 2011 to 2010.

The takeaway.  With the continuation of job growth in Texas, we are see that growth impact the real estate market by increasing volume and sales.  New residents are consistently moving to the area.  With record low mortgage rates, it may be a great time to make that move up to your next home or purchasing your first.

Monthly Review of Texas Economy-September 2011

Texas continues to outperform the United States in job creation. Texas gained 271,400 nonfarm jobs from August 2010 to August 2011, an annual growth rate of 2.6% compared with 1% for the United States. The state’s private sector added 284,200 jobs, an annual growth rate of 3.3% compared with 1.6% for the nation’s private sector.

Texas jobs created from August 2010 to August 2011 accounted for 21.1% of total nonfarm jobs created in the U.S.  Texas’ seasonally adjusted unemployment rate increased to 8.5% in August 2011 from 8.2 in August 2010.

The nation’s rate decreased from 9.6 to 9.1%.  All Texas industries except the information industry and the state’s government sector had more jobs in August 2011 than in August 2010.

The Austin-Round Rock-San Marcos metro area’s annual employment growth rate from August 2010 to August 2011 was 2%, ranking it 11th in Texas.   

Source: Real Estate Center @ Texas A&M University; http://recenter.tamu.edu/pdf/1862.pdf

MLS Stat's - Austin & Cedar Park TX

Austin and the surrounding areas continue to see steady progress in home sales in the month of August. Comparing all areas feeding in to the Austin Board of REALTORS & (ACTRIS), there is no change in median price range from August 2010 to August 2011, but a slight increase in price sold (.3%). But compared to volume of listing sold from this year to last is up 21.8% & sales volume is up to 19.5%.

When compared to area CLS, which is basically 78613, or Cedar Park. The median list price is up by 2.1% to 214,250 and sold list is up 3.8% $207,500. Comparing the volume of listing sold from this year to last is up 17.3% & sales volume is up to 11.2%. We are seeing increase in sold & listing pricing in Cedar Park, even with 1 and 456 homes in Cedar Park had a foreclosure notice served.

Williamson County is one of the fasting growing counties in Texas. More people are moving in than leaving, which is great for our community. If you have any questions about the MLS statistics or about real estate in general, please feel free to contact me.

$1M Grant will Improve Auditorium Shores

Auditorium Shores is a popular outdoor venue used in SXSW, Fun Fun Fun and many other events. Its great news that the city lands $1 million grant for its improvements. Unfortunately the hike and bike will be moved back away from the shoreline, but it will gain additional parking, bathrooms, landscaping and more. The project is projected to start in the next 12-16 months. Improving out park systems only enhances Austin's appeal. I look forward to seeing the changes.

You Can Save Those Bees --- And Not Exterminate Them!

Walter Schumacher announced a new non-profit for free bee removal from your property. He hopes to publicize his non-profits efforts to eliminate the extermination of bees and keep them pollinating important plants. Property owners in the Austin area can call 311 and have the bees removed from their property. This is a true win - win. Property owners can get what is seen as potential heal concern and in turn help the environment by having more bees to pollinate our flowers, fruits and vegetables.

Preston Oaks - Opportunity is Knocking!

Buyers in the market are looking for two things. A great house & a great deal. This listing hits both of the marks. The owner has taking incredible care of this home in Preston Oaks and it shows great.

Homeowners in the area can take advantage of getting their errands done quickly by having access to local grocery stores and retail shopping minutes away. There is also easy access to the Domain and major employers such as AMD, Dell, Seton & St David. Also easy access to Palmer, MoPac, 183 & 45.

If you would like to set up a showing please contact me.