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Market News and Trends

Impressive sales performance for premium properties!


As expected, the homebuyer tax credits have affected sales over the past year chiefly near and below the median market price.  Not o nly were those properties the most likely targets for first-time home buyers, but an $8,000 “rebate” is worth twice as much,  percentage-wise, on a $160,000 purchase than it is on a $320,000 home.  It’s not too surprising then, that that’s where we have  seen the most dramatic decline in demand in recent weeks.  Here is a look at how the price distribution of home sales has changed in  the Austin/Central Texas area over the past year (click images to enlarge):

Austin Metro Price Distribution 082009-082010

Note the increase in sales in the last month, though, above $500,000.  It’s visible on the graph above, but this is a case where I think the actual data may have more impact:
Austin Metro Price Distribution (Table)

The $500,000-and-up went from 7% of the Austin/Central Texas single family market a year ago to 12% in the last month!

Clearly, July sales nationwide reflected the expiration of homebuyer tax credits, and the decline in demand seems to have surprised  some folks.  This performance in upper price range properties is truly impressive.  It’s still a great time to buy real estate, especially here in the Austin area.

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About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

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