Four Points Market Update Austin

Bullet Points

Four Points

September’s RN Real Estate Market Report

RN = River North: FM2222 to Volente to Lake Austin to Hwy 360, back to FM2222

·  September was the 13^th straight decline in inventory(year over year) and the 35^th of 37^th months!  That is 3 years of an obvious change in our market. 

·  On the flip side, we had a decrease in sales in September of 29% from last year.  This is not surprising as this year has either been up or down depending on what the stock market is doing….as our area real estate market follows the stock market quite closely; and, confidence is either up or down consequently. (e.g. August was up 33%, July down 33%, June up 49%....)

·  Click HERE for September's complete River North Area market report.

·  No sales above $1 million last month.  This market follows the stock market hand in hand.

·  Only 2 sales in Greenshores this year to date; 13 last year (though many of those were discounted heavily)

·   Historically, the next three months we see a combination of decreased inventory and increased closings from the previous two months.  The peak is usually in December, with a drop in sales in January.

·  With the uncertainty in the government atmosphere and corresponding market atmosphere, I do not see this up and down sales fluctuations to stop in the near future.

·   Until the market see an increase in confidence in our national government, national or local confidence in the stock and real estate markets will likely not rise.  Austin should tend to be continually be substantially more stable than the rest of the country.

·   Lease market in the area will likely remain strong for, at least, another year, as many who have had short sales in the past will then be allowed, by law, by the government to attain financing after the 2-4 year probation period. (2 years for 20% down payment; 4 years for 10% down payment). The same will be for foreclosures with bankruptcies at the 4 year mark. Pretty good odds the purchase market will be positively affected after next year….because of this. 

·   Portfolio lenders are on the increase in the jumbo market.  Anticipate this trend to continue to offset the government regulation put on those with short sales, foreclosures, and those needing lower down payments.

·   LISTING SHOWINGS WERE UP THIS PAST WEEKEND FROM THE PREVIOUS 6 WEEKENDS.