Austin Real Estate Market – Another Favorable News Article

Here is another favorable news article regarding the Austin real estate market and expected homes sales activity in 2007.

AMERICAN-STATESMAN STAFF
Thursday, December 28, 2006

Austin home market expected to remain strong next year
Home prices up significantly in 2006 and expected to be higher in 2007.

Central Texas home builders have been offering plenty of year-end discounts and bonuses to boost sales, but that doesn’t mean that the Austin area housing market is cooling or that prices are falling.

Strong job growth, a steady influx of new residents and relatively affordable prices have kept the Austin housing market strong, even as markets on the East and West coasts faltered.

That isn’t likely to change in the coming year.

Angelou Economics predicts the Austin area will add about 20,000 jobs and 40,000 residents next year, about as many as were added in 2006. According to Texas Workforce Commission, Central Texas’ total work force reached a record 728,100 in 2006.

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Austin Real Estate Market – November 2006 Sales Stats Update

Austin Average Sales Prices for Nov 2006 are up 5.7% from Nov 2005, and up 9.7% year to date. The Austin market sold 10% more single-family homes so far this year than last, and the Day on Market are about the same as Nov last year but down 11% Year to date. The Austin real estate market continnues to move in a positive direction overall.

Out of 55 Austin MLS areas charted below, only 3 have year over year decreases in average sales prices. Of the 55 Austin MLS areas, 30 have double digit appreciation of average sales prices. Of those 30 MLS areas, 13 areas have appreciation of 15% or greater. Austin’s real estate market is very strong and will continue to do well in the coming years, in my opinion.

Austin Sales Stats November 2006
Previous Month and Year Comparison
All MLS Areas - Houses Only

 
October 2006
Nov 2006
Nov 2005
Yr % Change
# Sold
1899
1795
1759
2%
Avg List Price
$242,020
$247,402
$234,048
5.6%
Median List Price
$179,900
$179,900
$175,000
2.8%
Avg Sold Price
$236,053
$240,115
$227,203
5.7%
Med Sold Price
$177,000
$175,000
$171,400
2.1%
Avg Size SQFT
2089
2102
2096
0.2%
Median SQFT
1907
1898
1916
-0.9%
Avg $ per SQFT
$113
$114
$108
5.5%
Avg Days on Mkt
65
68
68
0
Median Days on Mkt
46
45
46
-2.1%

Below is the 2006 year to date totals compared to the same period of time (through November) of 2005.

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Austin Rental Market – Nov 2006 Update

The Austin Rental Market for single family homes continues to show modest gains over a year ago. As you can see on the graph below, 2006 looks like it will be the year when rent values in Austin finally took a turn upward after falling for 4 years in a row.

Austin Rental Market - Nov 2006 YTD

See below for more charts and the complete update. This month I’ve added a new column to the MLS Area breakout of YTD Leasing stats. More on that below.

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