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Archive for the ‘Market News’ Category

AUSTIN, Texas – December 20, 2012 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the volume of Austin-area home sales continues to rise as November became the 18th straight month of sales volume increases and the most home sales in November since 2007.

According to the report, 1,671 single-family homes were sold in the Austin area in November 2012, which is 23 percent more than November 2011, and the total dollar volume of single-family properties sold was $455,959,086, or 35 percent higher than the same month last year.

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AUSTIN (Marcus & Millichap) – Tuesday’s RECON included an article about pent-up demand in Austin’s apartment market.

That could change soon, says Marcus & Millichap in the firm’s second quarter 2012 Austin apartment market report.

According to the report, “tight conditions and rising rents have prompted a turnaround in Austin apartment development, with completions in 2012 expected to reach 3,000 units after slipping to a nearly 20-year low last year.”

Other findings from the report:

  • Rising job creation will support sufficient renter demand to offset this year’s spike in apartment completions. Overall, apartment vacancy in the Austin metro will decline 60 basis points in 2012 year to 4.3 percent.
  • Asking rents will rise 4.2 percent in 2012 to $925 per month, while effective rents climb 5.6 percent to $851 per month. By year end, asking and effective rents will exceed previous peak levels recorded in late-2008 by 6.3 percent and 8.3 percent, respectively.

“The combination of low vacancy and above-average rent growth will continue to attract apartment investors to Austin this year,” the report says.

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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;

 

http://www.statesman.com/business/real-estate/central-texas-home-sales-up-11-percent-in-2043882.html#.TvHv75XsPI4.email

 

 

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Circle C Ranch is expecting construction to start soon for a new “The University of St. Augustine” campus in September of 2012.

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