central texas: Another Top 10 for Austin!
- 07/18/10 09:24 AM
Travel+Leisure has released its ranking of America's Best Cities for Singles, and Austin appears in third place, behind New Orleans and Miami. So what does our fair city have to offer? "... a legendary music scene, unbeatable Tex-Mex and barbecue restaurants, and locals who seem too good to be true." The summary also includes a very good list of Things To Do in the Austin area. From Barton Springs Pool and Zilker Park to the largest urban colony of Mexican free-tail bats in North America (what a sight at dusk during summer!) and the 6th Street entertainment district, the writers covered something … (1 comments)
central texas: An optimistic investment in Austin-area growth
- 07/07/10 10:56 AM
There was an important article in today's Austin American-Statesman: Developer buys 1,200 lots in Leander The developer featured in the article is Taylor Morrison Communities, who paid cash for 440 acres -- 1,200 lots -- in the Crystal Falls area in Leander. The sale closed on June 30. Clearly, this is a vote of confidence in the future of growth in the Austin area from this builder/developer, but I want to put it into a somewhat larger perspective. I have written over the past several months about this subject. I also commented just a couple of weeks ago about the contrast … (0 comments)
central texas: Austin Market Variability -- location, location, location
- 07/01/10 03:04 PM
In a previous post (Austin-area Market Variability - first in a series), I discussed variations in market behavior in the Austin metropolitan area, slicing the market only by home size. In this post I will discuss the importance of "location, location, location" as a vital factor in real estate.
Using "months of inventory" as a measure of market health, that earlier post showed a range from 4.4 months to 24.2 months. The "fastest" size ranges, and the ones with the most unit sales from March through June 2010, were below 2,500 square feet. I chose one of those for further … (0 comments)
central texas: Austin-area Market Variability - first in a series
- 07/01/10 02:55 PM
My clients, and those who follow my blog, know that I often describe the real estate business as "hyper-local." I didn't invent that term, but it applies spectacularly in this industry. Unlike cars and toasters, homes are products that can't be moved (in most cases). The value of a car isn't affected by the neighborhood where it is kept, assuming that it is maintained as well as a comparable vehicle in another neighborhood. If I can't find the bicycle I want in my own town, I can probably find it nearby, or on Craigslist or eBay. None of that is true … (0 comments)
central texas: Austin/Central Texas market vs. Case-Shiller index
- 06/29/10 05:04 AM
Two articles added to AustinMarketInfo.com this morning discuss changes and trends in the U.S. real estate industry (Housing Market In Stumble Mode and Home Prices in U.S. Cities Up 3.8% From Year Earlier). As I frequently do, I think it is important to provide an Austin/Central Texas perspective since our local and regional market has experienced the housing downturn and recession very differently than the five states where the worst impacts have been felt. Both focus on today's report on the Standard & Poor/Case-Shiller index of home values in April 2010 showed the best year-over-year improvement in more than 3 1/2 … (0 comments)
central texas: Another great ranking for Austin
- 06/25/10 10:07 AM
I find myself in disagreement with our city council's approach to the world more often than I would like, but Austin is home, and it is great to see "river city" keep coming up on national rankings for positive things. Here's the latest from Brookings Institute: America's most recession-proof cities I guess "Keep Austin Weird" means many things. On the surface, Austin's free-wheeling lifestyle and worldview don't mesh well with a thriving economy and the kind of stability that article discusses. On the other hand, we have had a strong entrepreneurial outlook for many years, and I believe that is an … (0 comments)
central texas: Austin still stronger than national picture
- 06/24/10 08:21 AM
As always, I study market conditions in Austin and Central Texas real estate, and I continue to see significant contrasts between our area and conditions elsewhere around the United States:
National: On Tuesday, the National Association of Realtors® reported that sales of existing homes were down 2.2% in May compared to April (May Shows a Continued Strong Pace for Existing-Home Sales). They indicated that sales last month would have been weaker without tax incentives for homebuyers.
Austin: In the Austin metro area sales of existing homes were UP 1% last month, and the median sale price was up 2.5% from … (2 comments)
central texas: There is life after tax credits
- 06/08/10 05:20 AM
Last weekend I distributed my latest e-Newsletter (No more tax credits). I suggested that the recently expired tax credits had significant effect on new residential sale contracts in Austin and Central Texas over the past year: After last year's first-time homebuyer tax credit program ended November 30, 2009, home sales (i.e., closings) were down 33% in the next three months (December 2009 through February 2010). In three month period March through May 2010, during which all closed sales were eligible for the extended and expanded tax credit, sales increased 65% over the previous three months. I also suggested that this doesn't … (0 comments)
central texas: Working with multiple offers
- 06/06/10 12:01 PM
In Austin and Central Texas, we have not had a time in recent years when we stopped seeing multiple purchase offers. Sometimes it is simply built into the chosen sales process -- public auctions and online auctions (a la HUD), for example. Those are special cases, but even "typical" MLS-listed properties can and do attract multiple offers, even in "down" markets. Active, attentive buyers know a bargain when they see one, so aggressively priced homes sometimes attract more than one prospective buyer. As we enter the growth phase in our next market cycle, the number of properties attracting multiple offers is … (0 comments)
central texas: Home Sales Surge in March
- 05/05/10 04:45 AM
This article from the National Association of Realtors® appeared this morning in RISMedia, echoing data that has also been reported elsewhere in recent weeks: Pending Home Sales on an Upswing Of course this is good news! In addition to an increase in March in the number of homes sold and closed, the number of pending contracts is up, which should bode well for April and May. However, I'm not sure that I am ready to endorse the thesis at the beginning of the article: "Pending home sales increased again in March 2010, affirming that a surge of home sales is unfolding for the … (0 comments)
central texas: Best and Worst 25 Real Estate Markets
- 05/03/10 05:14 AM
I just posted a few articles on www.AustinMarketInfo.com from HousingPredictor.com: Best 25 Housing Market Forecasts in 2010 Worst 25 Housing Market Forecasts in 2010 Texas Certainly I am pleased to see Austin among the 25 best, but I am equally happy to see us near the bottom of that list ... for a number of reasons: Most of the metro areas above us on list suffered extreme losses of property value and equity, were the hubs of the worst kinds of subprime lending, and have experienced the largest proportions of defaults and foreclosures in the United States. I do not believe … (0 comments)
central texas: Lots to do around Austin!
- 05/03/10 05:07 AM
I wrote a couple of days ago about all the things that make Austin such an attractive place to live, and why we end up on so many Top 10 lists. Yesterday I received this from my favorite title company:
This is just the month of May! And it's really not an unusual monthly list. And it's only the major, organized activities, not all the "let's go to the lake" or soccer at Zilker Park or just hangin' out on South Congress stuff that happens all the time. If you enjoy an active, greatly varied place you'll love Austin and … (0 comments)
central texas: Austin recognized again
- 04/29/10 04:13 AM
Earlier this week I noted that Austin was ranked 3rd in the U.S. as a relocation destination, and I have written about numerous "Top 10" lists where the Austin area appeared over the past year. Today, another one appeared on Yahoo! Finance, courtesy of Forbes.com: The Best Places for Business and Careers On this list, Austin ranked 10th -- very acceptable! Overall rankings, though, were based on a number of subcategories, where Austin really excels: Great location, good climate, wonderful culture, great people (well, mostly!). I have been here since the early 1970s, and this town has changed a lot. When … (0 comments)
central texas: Travis County tax appraisals down
- 04/28/10 03:13 AM
I just posted this article from the Austin American-Statesman at www.AustinMarketInfo.com: Appraisal rarity: Travis home values drop Notices Of Appraised Value are being mailed this week to property owners throughout Texas. In Travis County, much like the rest of the Austin metropolitan area, the average value of a single family home is down in 2010 compared to 2009 -- by 2.8%. Also like the rest of the metro area, the total value of all properties is supported by new construction and gains in commercial real estate and remains with about 1% of last year's total. That is good news for taxing … (0 comments)
central texas: 2010 Central Texas Tax Appraisals
- 04/27/10 05:08 AM
I attended a meeting a couple of weeks ago where the Chief Appraiser for Williamson County told us that the average taxable value of homes there declined about 4.5% from 2009 to 2010. (See New properties stabilize Williamson County tax appraisal.)Of course, that is the average. There are neighborhoods where values fell farther, and others where values increased. The good news for Williamson County homeowners is that growth (i.e., new construction) added enough value to the tax rolls to more than offset the declines in existing homes, so there will be less pressure on taxing jurisdictions to increase property rates to … (0 comments)
central texas: Austin -- a great place to be!
- 04/26/10 06:20 AM
Austin, Texas has appeared in many Top 10 lists over the years, and I have written about several here. Last week we were honored with another. (If you're like a lot of Austinites who think the city is already big enough, this may not be good news!) Here's the quick mention that appeared in the Austin Business Journal: Austin 3rd best city to relocate to - Austin Business Journal We were rated 3rd in the U.S. as a relocation destination, following Huntsville, AL and Washington, D.C. The article also noted that we ranked 2nd among the "Top 10 Places To Live … (0 comments)
central texas: New Home Sales in Austin and the U.S.
- 04/26/10 06:16 AM
Last week the U.S. Commerce Dept. announced that new home sales were up 27% in March 2010 compared to February. The surge was described as the strongest (in units) since July 2009, and the largest percentage month-to-month increase in 47 years. That is good news. One month does not make a trend, but a record increase coming off of a record low in February is something to celebrate. Speculation is that much of that increase is fueled by the homebuyer tax credits that expire this month. Time will tell how much demand that would have driven a strong summer selling season was … (0 comments)
central texas: Avoiding foreclosure through HAFA
- 04/23/10 07:33 AM
Much has been said over the past couple of years about the rate of mortgage default and residential foreclosure around the country. As I have pointed out many times -- and it's no surprise to those most affected -- the worst of this entire crisis has focused on five states -- Florida, California, Arizona, and Nevada, plus Michigan, where the housing downturn began long before the national "mortgage meltdown." Nonetheless, no major market has completely dodged this bullet -- even Austin, Texas, which has been noted as the first to enter recovery and possibly the strongest throughout the downturn. I have … (0 comments)
central texas: Update -- Austin market trends
- 04/23/10 07:10 AM
Some of you follow this information on my website. Others may just come to know about it today. Either way, I have updated www.AustinMarketDashboard.com with final data from March 2010. We saw a significant jump in residential sales from February to March -- 57%! (Also up 32% compared to March 2009.) Listing inventory also increased some, but typically for this time of year. It's surprising that we don't see more strength in property values. Average sale prices in March were down (1.2%) from February. They are still up about 2% compared to March of last year, but with the exception of … (2 comments)
central texas: RE/MAX on top among power brokers
- 04/22/10 05:51 AM
I just received the news below via email from RE/MAX of Texas. I have shared similar information one-on-one with clients for years, but it’s always great to see it widely publicized: RE/MAX topped competitors in the 2010 RISMedia Power Broker Report that ranks top real estate offices in the U.S. RE/MAX had 69 brokerages on the list, compared with Keller Williams (47), Coldwell Banker (36), Prudential (30) and Century 21 (23). And RE/MAX agents averaged 15.1 transactions, a third more than our closest competitor - Keller Williams and Prudential agents averaged 5.9 transactions per agent. Bottom line, RE/MAX agents are truly … (1 comments)
Travel+Leisure has released its ranking of America's Best Cities for Singles, and Austin appears in third place, behind New Orleans and Miami. 
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