June Market Report is Here–Download it Now!

July 1, 2011 by · 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.

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