Local ATX Living!: March 2010

Austin, TX Market Statistics - An Overview of Residential Real Estate in February 2010

I reviewed the market statistics from the Austin Board of Realtors for February 2010 (we Realtors have access to a whole slew of market details).  The stats for March should be out in a few weeks, so I wanted to share the info from last month and some thoughts.  The chart belows gives a comprehensive comparison of multiple factors in the residential market including new listings, pending listings, solds, days on market and much more.  Take a look here:

It can be a little confusing to read at first.  These market statistics cover the entire Greater Austin area.  It includes both rural and urban areas from Georgetown to San Marcos and Hutto to Blanco/Burnet County.  With that in mind, the numbers start to show a positive outlook for what's happening in the market.  Active listings have increased over 13% from this year to last year in February.  This can be attributed to both the first time buyer and current home owner tax credits.  Also, home owners may be looking to list their homes to take an early advantage of the typically higher activity markets of the spring and summer.

The figure that really jumped out was pending sales.  It was a 40% increase!  This without a doubt is directly influence by the April 30 deadline for the tax credit.  Closed sales remained consistent with last year.  These are pendings from late December and January - a time when the market tends to be a bit slower.  It'll be very interesting to see what the numbers for pending and closed sales will be for March.

Median sales price and average sales price each took a minor dip from last year.  Again, this is an indicator of many first time buyers in the market who tend to purchase lower priced homes thus lowering the median and average sales price.  A very interesting figure for both buyers and sellers is the over 14% drop in average days on market.  With 6.5 months inventory, we're very much in a neutral or balanced market.  Some areas lean more toward a sellers market while others favor buyers.  As a whole, this shows that as more homes are coming on the market, there is a strong wave of buyers to absorb the increase.  Homes are being sold quicker on the whole, and the closer to list price. 

I'll be sure to post the results for March as soon as they are available.  A few things to take away are it is clear that the tax credits along with lower interest rates are having an impact in the market and there is a clear increase in activity from both buyers and sellers.  The market as a whole isn't leaning strong in one direction in favor of buyers or sellers.  Again, it comes down to the individual neighborhoods and areas.  I'll be paying close attention to see what impact following the tax credit deadlines.  The market statistics for the Austin, TX area give a postive outlook.  With cutoffs for government incentives looming, the activity should continue along the typical spring and summer activity levels.  Even a small drop off in activity following the deadlines shouldn't affect the overall outlook for the market.        

If you have questions regarding this information, or about buying/selling a home in the area, please feel free to email me.  I appreciate your comments and thoughts! 

What do you see when you dream of your home?

We all have our "dream" homes.  For some, it's nestled on the side of a snow caped mountain where you can open your back door and ski right onto the slopes.  Others imagine beach front living with a large deck to enjoy ocean breezes and breath taking sunsets.  I've got mine just like you got yours.  But that is not what I thought of when I started writing this.  My question really is... what do you see of when you dream of your home? 

We all know that the home buying process is detailed.  What I am saying is put aside all the internet searching, the open houses you're attending, and all the neighborhoods you keep driving through.  We all know price is an obvious factor, but let's place that to the side for the moment as well.  What do you really want? 

If you're buying for the first time, this can be your first real challenge.  Are you single and looking for at least one extra room so a roommate you can help offset some of your monthly mortgage?  Do you have a flexible work schedule that allows you to perform your job outside of an office?  If so, you may want a dedicated home office outside of your living areas and/or bedrooms.  Are you recently married and soon to be?  You'll want to consider whether your home should fit your immediate needs, or if you plan to start a family in the future.  You may love to entertain so a large living room and extra bedrooms will be needed for your pseudo bed and breakfast.  Or perhaps you're looking at all the empty space now your kids have finally moved out and wondering if all that vacuuming is really worth the trouble.

Here is Austin, TX - like many metropolitan areas - there are a diverse number of communities and with a seemingly limitless array of home styles to choose.  We've got high rise condos in the heart of downtown, funky bungalow homes built nearly 100 years ago, ranch homes in the ‘burbs, and luxury homes with breath-taking views of the hill country and lakes.  The style that fits your personality exists.  It's requires patience when searchingfor your dream, but you know what you want - so what's the hurry?!?

What you may start to find is what you're looking for may change as you look for that first/next home.  If you find that to be the case, you're mostly certainly on the right track.  You'll even be surprised when your "must haves" change or simply get struck from the list (and how quickly too)!  What I tell anyone looking for a home is - don't sacrifice what you really want.  Yes, you need to have realistic expectations.  There's no such thing as wasting time when it comes to your dream.   So prepare yourself for what you want and be willing to wait for it if necessary.  It's not your Realtor's home or your lenders or your best friend's.  It's your home. 

Open House in Brushy Creek North - 2505 Hilltop - Round Rock, TX - Sunday March 25

I'm hostng an open house this Sunday at one of our great listings in Brushy Creek North.  It is a unique house in this sought after community.  The house is perfect for a buyer who is eager to roll up their sleeves, and put in some sweat equity.  With the work the owner has already done and a bit of updating, this home will be top notch!  It's over 2300 square feet with multiple living spaces, master suite, and formal dining room!  It's also currently the low priced home in the Brushy Creek North.

It's got a really cool enclosed courtyard and large back deck.  A corner lot with over 1/2 an acre in Brushy Creek North is not easy to come by.  The home backs up to a greenspace/park with a trail and playground for the kids.  The owners have lived in the home for a long time and absolutely love the community.  Check out these photos to get a glimpse of what this home has to offer:

Here's the courtyard as you walk into the front of the home.  It's got saltillo tile and a cool tree that provides great shade in the spring and summer.  A great place to relax outside and stay out of the heat.

Beautiful laminate wood floors in the living room with exposed beams.  It's a great area for the family to spend time or just relax.

The house has beautiful stone countertops and built in oven.  The kitchen is open to the breakfast area and living area.  You can look out the window over the huge back yard and greenspace that backs up to the property!

This is a shot of the HUGE back yard.  It backs up to greenspace with a running trail.  The house has both covered and uncovered decks! 

If you're in the neighborhood, I encourage you stop by this fantastic Brushy Creek North home.  At the attractive price of $244,500, it's a great opporunity to get in a family-oriented community.  The Round Rock ISD schools are highly desired.  It's got easy access to 1431, so you can get around town very easy.  If you have questions about this home or the area in gerenal, just let me know!  You can also learn more at the Brushy Creek North community website.  Also, visit our website to see more information on this great home!

Spring Forward - Day Light Savings Reminder!

I just wanted to send a quick reminder to everyone to set your clocks an hour forward this evening.  I personally love Day Light Savings.  My overall outlook on life soars to an even higher level!  Nothing better than long sunny days to welcome the coming of Spring.  It's also great for us Realtors because we now hav more time to show great homes to our great clients.  Have a great day!

Quick Market Stats - Tarrytown & Clarksville Neighborhoods - Central Austin, TX 78703

February 2, 2010 - March 5, 2010 - 30 Day Analysis

Here is a quick look at the market activity for two popular central Austin neighborhoods - Tarrytown and Clarksville.  Homes in these areas range in a wide variety of age and styles.  It is not uncommon to see historic homes next door to modern and contemporary designs.  Tarrytown and Clarksville are two of the original Austin neighborhoods.  They each offer lot of charm with great access to downtown Austin, Lake Austin, and the Hill Country.  I'm often asked about these areas, so I wanted to share some quick market stats.  This shows an overview from the last 30 days or so. 

While the number of active listings remains somewhat high for the area, there are a healthy number of pending and sold properties within the last month.  The existing home buyer tax credit has certainly added incentive to many home owners to move up or down depending upon their needs. 

If you have any questions about this information, or would like a more in depth look at these areas in central Austin, please send me an email with the subject "Tarrytown/Clarksville Market Stats".  I'd be happy to send you that information.  Have a great day!