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Summer is here. So what does that mean for Austin real estate? Both the number of homes sold in the Austin area and the supply of homes for sale are down as compared to this time last year. There are 3,934 single-family homes actively for sale within the city limits of Austin, Texas as of 6/4/09.

Some good news is that the Austin unemployment rate has continued to decline.  The overall unemployment rate for the Austin area was 6.2% in April 2009 and has gone down to 5.8% over the past month. The Austin unemployment rate remains lower than both the State of Texas and the national unemployment rate, which serves as a comforting indicator of economic strength for Austin.

For a more detailed market update with average cost per square foot, numbers of homes…

A pattern of Austin area seasonal home sale increases has held true, as the number of home sales have gradually been increasing since January of 2009. While Austin has seen 28% fewer homes sold in April 2009 than April 2008, the local unemployment rate has improved slightly since February of this year. The overall Austin unemployment rate remains lower than Texas' overall numbers, indicating strength in the Austin economy. Despite this indication of a strong Austin economy, average sold prices are down 3.4% in April 2009, as compared to April 2008, making this a great time to think about purchasing real estate in Austin.

Now, homebuyers and investors can search specifically for foreclosures in the Austin area with Regent Property Group's new search tool.…

According to the most recent market statistics released from the Austin Board of REALTORS®, Austin appears to be weathering the national recession well. The Austin real estate market continues to outperform many other US cities. While the overall number of homes sold in March of 2009 was lower than homes sold in March of 2008, prices have fallen only moderately over the last two quarters. The number of single-family homes has actually risen by 25% since February of this year. In addition, sold prices are up 2% per square foot which indicates a relatively strong housing market in comparison to other cities around the country. 

Austin and the surrounding areas are excellent places to consider purchasing a home - With superior schools and affordable home…

Overall, the median selling prices for homes in the Austin area are down 3.2% for February 2009, as compared to the median selling prices for February 2008. In addition, the number of homes sold in February 2009 has decreased by 41%, as compared to homes sold during February 2008. Bank rates for a 30 year fixed mortgage remain very low at 5.25% as of 3/1/09 according to bankrate.com.  

So, what does all this mean? For one thing, this is an excellent time to consider purchasing a home in Austin due to low interest rates and the first-time homebuyer tax credit. First-time homebuyers have a golden opportunity to make use of low interest rates and put their $8,000 tax credit to use.  For more advice relevant to the current market situation, click here to…

The 2008 Austin real estate market was tumultuous, but it wasn't devastating as one has seen in other parts of the country.  While the number of homes sold was down 23%, prices for single-family homes were actually up by $.82 per square foot for the year.  So what does this mean?  Low unemployment in Austin has kept a large number of residents from being forced to sell their home.  As a result, many homeowners have chosen not to sell rather than take less than what they want to earn from the sale of their property.  If unemployment can stay relatively low during 2009 then I believe that prices will most likely be flat or reduce just slightly with the number of homes sold staying flat or increasing slightly, but only time will tell.  For a much more…

Austin real estate remains one of the strongest markets in the country with an overall median sold price increase for the year for Austin homes.  While Austin has experienced an overall median price increase of 1.1% for the year, the number of homes sold is down 23%.  Clearly the national economy is the culprit for causing the sale volume to slow here at the end of the year.  To review my detailed Austin real estate market update for November 2008 click on this link.

Austin homes experienced a 1.4% price increase for sold single-family homes between September and October of 2008 - these were homes within the Austin city limits.  This is opposed to the 3.2% price drop between July and August of 2008 and the 4.3% drop between August and September of 2008.  Overall Austin sold home prices for the year (January thru October 2008) are up by 1.3%, which is amazing considering the turmoil in the national economy!  Luxury Austin real estate prices have been hit the hardest in October 2008 with a 21% decline in sold prices over the previous month - my definition of Austin luxury homes are homes thast sold over $1M.  Austin homes between $500K and $1M were second in line in price drops with a 10.6% decline in Austin home…

The Ridge at Lantana neighborhood in southwest Austin is bucking the overal Austin trend of rising prices and reduced home sales.  This 3 year old neighborhood has seen prices decline by 3% during the first three quarters of 2008 while the number of homes sold is up 8%.  I've been told that the Ridge at Lantana is one of the best for homebuilders Newmark, Plantation, and Meritage who are seeing home sales declines for their new construction all over Austin.  The Ridge at Lantana currently has around 250 homes and will be complete with around 330 homes.  Those who purchased a new home in Lantana in the first few years of its infancy can most likely sell at a gain if they price their home right up front.  Those who overprice and reduce the price…