Austin Real Estate Market Trends, July 2012

Austin, Texas Real Estate News July 2012

From the viewpoints of real estate professionals and knowledgeable onlookers, the recent Austin Real Estate Market remains alive, well and active. However, statistics do indicate some changes in direction which suggest that consulting with a professional would be a wise move for most people looking to relocate in or to the area.

For one thing, trends as of July 2012 may serve as a signal that high end homes are becoming more difficult to resell.

Austin Real Estate Market Update

As is the case with several other areas in the Southwestern US, the market in Austin, Texas was never dealt the crippling blow that occurred in the East during the housing crisis that began in 2008. That crisis, however, changed the landscape regarding consumer preferences nationwide. As an indirect result of the Eastern foreclosure panic, fewer prospective homeowners view a residence as the ultimate safe haven for their money in the belief that prices will always increase. This seems to have led to the demise of the ‘greater fool’ theory, and caused buyers to become more pragmatic.

The Austin, Texas area is a nice place in which to live, and to its credit, the median home sale price here has increased by more that four percent from July 2011, while the median-priced home is taking nearly five percent less time to sell.

Once we eliminate the word ‘median,’ though, the picture shows a sharp division.

The latest data (June 2012) indicates less than four month’s available inventory of houses under $700,000 and almost a full year’s inventory of residences priced over that amount.

Placed in another perspective, if you are the seller of a home priced at $300k, start moving your furniture into storage. It will take less than three months to sell your home.

If, on the other hand, your property is valued ten times higher ($3M) it will take 33 times longer to sell. You might wait for eight years, according to the current figures.

Right now, lower end housing is definitely the seller’s market in Austin. It continues to go up in price and down in terms of time to sale date.

Another indicator tending to affirm this trend is the area lease data. Lease prices are up eleven percent from this time last year, while leases are down by nearly eight percent and the number of properties available to lease have increased by over nine percent. This trend suggests that younger people who are able to make the leap are seeking to upgrade to home ownership. If this were true, the trend would benefit lower end home sales first and foremost. The number of Austin homes for sale is already down substantially from a year ago, which will tend to push prices upward.

What does the future hold for the Austin Real Estate Market? Though the outlook is obviously bullish, the nuances can be tricky. While no one claims to have a crystal ball, the safest market strategy is to spend time with a real estate professional who knows the area.

For more information on the Austin Real Estate Market, please visit http://HippieHollowHomes.com

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