National news continues to be filled with doom and gloom regarding the direction of the economy, but what do you expect from the media? Although it hasn't been mentioned on the flat-screen hanging in my living room, a bright spot is the Central Texas real estate market. Comparing the last week of February 2010 to the same period a year ago, the Austin market has seen:
- Active Listings are DOWN 2.04%
- New Listings are UP 1.98%
- Pending Listings are UP 32.65%
- Residential Sold Units are UP 64.66%
- Avg Sold Prices DECREASED 7.78% ($232,426 from $252,043)
I'm not crazy enough to think that all of the trouble is behind us, but this is a true sign of vitality for the local economy. Reduced inventory, increased sales activity, and the resetting of prices are the fundamentals of economic stabilization which will lead to future growth.
Central Texas is a fabulous place to live. Especially when the Austin market is heating up!
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