ROSELIND HEJL'S AUSTIN REAL ESTATE GUIDE
Roselind Hejl, Realtor
Coldwell Banker United
roselind@weloveaustin.com
512-327-0385
Articles
Back to Market Trends: Article List Austin Neighborhoods: Market Data Austin Real Estate Market: 2009 - 1st Quarter Austin Real Estate Market: 2008 -3rd Quarter Many people are aware that a handful of big-city markets, like Manhattan and San Francisco, have largely resisted the real estate slide. It is less widely known that the same thing is true in scores of smaller markets.
“I would call them backcountry cities,” said Robert J. Shiller, an economist at Yale University and an expert on real estate markets. They are just going through normal growth, and they are out of the bubble picture.”
… Austin is a good example of a real estate market that was slow and steady for years and now appears to be taking off. Austin’s high-tech industries are attracting well-heeled buyers from cities where real estate is far more expensive.
Austin Real Estate Market Trends:
|
|
|---|---|
 |
|
Number of Residential Sales Slows. |
|
The graph below shows the number of residential sales in Austin during the past 5 years. About mid-2007, we experienced a drop in the volume of sales. This coincides with the abrupt decline in the supply of money for mortgages. The decline in sales numbers can be attributed to reduced investor buying, tighter loan qualification, and slower production of homes by builders. Real estate economist, Dr. Jim Gains (2008 Home Sales Outlook), points out that this slowdown brings our market back down to normality. Although Austin has been above normal in terms of number of sales during the past 3 years, fortunately we have not been that much above normal. The reduction is number of buyers has slowed construction of new homes by 25%, and an additional 25% is expected. This is a good thing. It has put a break on new home starts before we became too overloaded with inventory. Newspapers will be reporting that “sales are down.” But, keep in mind that they are down from a peak in 2206 to a more sustainable level. In general, prices have not fallen in Austin. Homes sales will be at 2003 levels in next few years |
|
 |
|
| Back to Market Trends | |
| USEFUL LINKS |
Copyright © 2002-2010 Roselind Hejl, et al. Roselind Hejl's Austin Real Estate Guide |