The local real estate market turned from the bottom over a year and a half ago. But it was a slow turn, only lately has it begun to showing stronger levels of interest primarily in resale’s. Other portions of the local real estate market ( commercial on almost all channels) have also begun to show strength. Is it back to 05 /06 numbers? No, but stronger showing than the last 3 years.
Is it time to buy? Absolutely! Those that have been shopping will tell you that below $500K the market is very tight in Travis County. The home (that’s priced correctly) you look at today, will not be there tomorrow.
Surrounding county markets ( particularly where production homebuilding was strong 04 through 06 continue to see resistance due to foreclosure values). On a larger scale, there has been over 2500 potential developed lots being negotiated or sold over the last 30 days. A strong indicator of the vitality and interest in this market.
What will 2012 bring? With unemployment continuing to drop locally as well as regionally, rental housing continuing to tighten, for sale residential as well as commercial markets tightening it should be a better year. I hope that history will show that 2011/12 mirror when the local market turned after the last major recession in 92/93.
What has held Austin back has been the national housing market.
Austin, San Antonio and Houston have made the turn regionally. D/FW continues to struggle so we are not ‘out of the woods’ yet.
Link to today’s Austin American Statesman article;
