Here are some great stats for Austin and the surrounding area.
The Week of Aug. 10-25, 2012 in Review:
Units for Sale: (compared to the same week in 2011)
New listings up 5.42%.
Pending sales up 21.15%
Solds up 4.70%
As for Average Prices: (compared to the same week in 2011)
Sold average sales price increased 12.60% from $250,342 in 2011 to $281,882 today!
Current pending sales are up 28.54% compared to 2011. As of today, we have 3,756 pendings with an average list price of $259,071. Last year we had 2,922 pendings with and average list price of $244,651.
Current active listings are down 16.87% compared to 2011. As of today, we have 8,836. Last year we had 10,629.
The Month of July 2012 in Review:
Preliminary July 2012 Data:
Units for Sale: (compared to July 2011)
New listings up 9.67%.
Pending sales up 18.66%.
Solds up 24.35%
As for Average Prices:
The "New Listings" average list price is up 2.65% to $304,219. In July 2011 the average list price was $296,359.
Sold average sales prices increased 7.58% to $276,822. For July 2011 it was $257,322.
Available Inventory of Homes
We had 10,629 active listings during the same week in 2011. Today we have only 8,836 -- a 16.87% decrease from a year ago (when inventories were down from the year before).... more
Good day to you. I want to compliment my colleagues below on their answers. Good information and certainly promising. It is no big secret that Austin offers a great quality of life, has not experienced the slow down near to the same degree as other markets and thus will rebound sooner than later. The market is undervalued. That is a fact. That means great opportunity for you as an investor.
I can write the same paragraph for Raleigh. Raleigh has also consistently been positioned historically as one of the 10 best Cities/Areas to call home. The demographic characteristics of Raleigh and Austin are quite similar though each in different environments. Both communities offer high qualities of life, both are locations for nationally ranked universities, both have similar growth patterns, both are vibrant, modern cities where people want to live, both offer good job opportunity with above average pay scales, both cities have above average levels of higher educated people, both will continue to grow over time, etc. etc. Simply put, both are modern diversified communities where people want to and will continue to want to live.
SO WHY NOT DIVERSIFY. As an investor one of the first rules of thumb that we are taught is to "leverage" your position. Granted the price points are not exactly the same but the economics are similar enough to create opportunities for great returns in both marketplaces over time without holding all your eggs in one basket. Spread your investment wealth so as to hedge your future position. Thus your investment dollars have less exposure to economic uncertainty. Target the "meat" of the markets with your investment dollars. Find the price points where the activity for growth, rental income streams and ROI is the maximized. Make your money work hard for you. You earned it!
Happy investing and good luck.
Stephen B. McClain, Broker Owner
Cornerstone New Home Solutions