How do the national real estate trends affect Austin?
The first quarter of 2013 has come to an end and has established a few trends in the national market that extend into regional and local markets and could point to broader movement throughout the rest of the year. While nothing is guaranteed, here are some of the top trends in the industry:
- Foreclosures are down – Last month, foreclosures fell by 25% from February 2012. This drop is one of the largest yearly drops in the past five years. Now from January to February this year, foreclosures actually increased by 2%, but overall, they are lower now than they have been recently.
- Prices are up– After five years of continually-falling prices, home values are starting to pick up in many parts of the country. In Austin alone, we had a 32% increase in home sales price from last February.
- Inventory is down –In February, sales increased by 0.8%. This represents an annual rate of 4.98 million units sold, which is the highest volume of homes sold since November, 2009. In Austin, the months’ of inventory is at 2.6. To put this number in perspective, for a market to be considered a ‘sellers market’, the months of inventory should be at 6.
- Construction is on the rise – Housing starts for new homes rose by 0.8% to 917,000 units constructed (annualized). That is good news, since new home starts are such a powerful stimulus for the economy and have more of an economic impact than selling existing homes. In Austin, building permits have increased almost 24% since March 2012.
How Do These Real Estate Trends Affect Austin Home Owners?
What do these national trends tell us? With less inventory, construction companies are starting to build homes again, which is great news for the overall economy. Reduced inventory coupled with the fact that foreclosures are decreasing have lead to home values are going up.
The Austin, Texas, real estate market is trending even better than the national market and should continue to improve.
However, just because the economy is good in Austin does not mean it’s good for everyone.
There are still homeowners who want to sell their Austin house fast but cannot do so due to a variety of reasons, ranging from no equity to poor condition to moving, etc… Whatever the reasons, we can help.
At Hippie Hollow Homes, we utilize a dozen different real estate strategies to buy and sell houses. We’ve participated in more than 1,200 real estate transactions since 2004 in Central Texas alone. There’s no situation that we haven’t seen and we can assist.
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