Austin Real Estate Market Report for June 2008

May housing statistics are out for Austin and there are no huge surprises unless you’ve had your head too far into national news.  Here in Austin, the housing market remains healthy and numbers are closely relating to those we saw in 2005 — a healthy year in Austin.  Keep in mind that 2006 and most of 2007 was a boom period for Austin, especially in dense areas like downtown and central Austin (Hyde Park, Brentwood, Allandale, Crestview, Rosedale, etc).  Although we currently have 5.7 months of inventory, this is not a sign of a crashing market, only a buyer’s market.

Those who will see the most benefit from our current market conditions are those relocating to Austin.  These buyers can find a great deal in Austin that is likely to appreciate well.

Another group that can do well in today’s market is the move-up buyer group.  If you are moving from a lower-valued home into a higher-valued one, you can reap the benefits of this rare buyer’s market in Austin.  Just be sure to take into consideration the amount of time and effort that will go into selling the home that you are moving out of.  It may take longer than expected to sell your home so be sure that you can afford both mortgages before you buy your new home.  And if you expect to bring in top-dollar, realize that in many areas of Austin, especially suburbs like Round Rock, there is a large amount of inventory.  That means more competition for your listing.  You’ve seen it on shows like HGTV’s “Designed to Sell,” homes that are prepared for sale get much more attention.  I recommend hiring help if doing it yourself is overwhelming.

Overall, there is no reason to panic over what the media is feeding you.  It is rare that Austin sees a buyer’s market, so take advantage if you are considering an investment in Austin’s real estate or even a second home as deals on new condo developments become easier to find.

As always, these statistics can be found in more detail at http://liveaustinrealestate.com/statistics

These statistics are from the Texas A&M Real Estate Center and include more comprehensive data than the Austin Board of Realtors MLS system.  If you have any questions, call or email!