June Market Report is Here–Download it Now!
July 1, 2011 by Katy Duggan · Leave a Comment
Why is the Austin market so strong compared to the rest of the country? Simply stated:
• Home prices over the last three years have not drop substantially compared to other markets. For homes under $700,000, 95% of our market, prices have stabilized or are starting to increase in value.
• Fewer Austin home owners have home loans exceeding their homes’ value (underwater). Austin foreclosures are at 40% of the national average.
• Unemployment, forcing people to sell, is 30% below the national average.
• Inventory is at a four year low, dropping 3% in the last month.
• Pending sale numbers are at a four year high.
• The strength of the market is widespread, with 10 out of 14 areas being “Normal Sellers Markets” having less than 6 months of inventory, with major shifts in the market in Dripping Springs, East Austin, Central Austin and Georgetown
• Three zip codes: 78703, 78739 and 78749 in west and southwest Austin have less than 3 months of inventory and are defined as “Extreme Seller’s Market”.
• Expect June sales to be strong.
