How is the Austin Market Doing?
One way that real estate professionals determine whether an area or a city is a seller's market or a buyer's market is by calculating how quickly the homes on the market are selling by area, and then determining how many months' supply we have on the market now. For instance, in Austin in January the total sales of single family homes showed a ten percent decline over last year. This decline can sound scary, especially in light of the national news. On further inspection of the total numbers for the city, however, my calculations show that we have close to a five month supply of homes on the market. This tells us that we have a relatively stable market. (A buyer's market is when we have a seven month supply or higher, and a seller's market is when we have three or less.)
Take a look at one Austin realtor's similar read of the market: Http://www.escapesomewhere.com/austinblog/. This site has great stats taken directly from the Austin Board of Realtors, so it is very informative.
Also, check out this realtor's stance that this is not the right time to sell your home in Austin: http://www.crosslandteam.com/blog/.
Austin Job Market
Austin has been rated the second city in the nation for job growth in 2008 by Forbes.com. We have also been rated number one for income growth! Our top industries are technology, defense, and government. The major cities in Texas have all been ranked high in this Forbes study due to our relatively low cost of living and high median household income. So, while the national economy is cooling, Texas as a whole is remaining stable. www.forbes.com/2008/01/10/jobs-economy-growth-lead-careers-ex_mk_0110cities.html
What does all this mean to you? If you're looking to buy in Austin, this is a good solid time. If you're looking to sell, your home may sit a little longer than you'd like, depending on the area of town. But, it is still a decent time to sell.
If you'd like a consultation on the market for the neighborhood in which you're intersted, feel free to call or email us any time at 512-454-8955 or MarketWatch@AustinHBC.com.
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