Monthly Archives: December 2012

Thinking about building? You’re not alone!

According to a recent U.S. Census Bureau report, new home sales hit a 2 year high in November making the highest rate of new-home sales since April 2010, when sales were inflated by a temporary $8,000 tax credit for home buyers.

New home sales are on the rise

New home sales are on the rise

This is good news for the housing market, which is starting to show signs of recovery. A combination of near record low mortgage rates, lower unemployment and a drop in foreclosures means there are more buyers interested in purchasing, and fewer available homes. That in turn has lifted home prices.

Wondering what’s in store for the housing market in 2013? Check out CNN’s 5 predictions for housing in 2013.

Strongest November housing market since the recession!

According to Leonard Guerrerro, Chairman of the Austin Board of REALTORS®, the typical Thanksgiving holiday lull didn’t slow down the Austin housing market this year. In fact, this year Austin has hit a five year high for November with home sales rising 23% from November 2011.

The Austin Board of REALTORS® reported that, in November 2012, the median price for Austin-area homes also increased to $200,000, which is seven percent more than the same month in 2011. In addition, the market featured 3.0 months of inventory in November 2012, which is 1.5 months less than November 2011 and the lowest inventory figure seen in Austin in the last decade and can be seen on the chart below.

statNov12

On average, homes spent 67 days on the market, which is a decrease of 16 days from one year prior.

Wondering what this means for you as a buyer or a seller? Low inventory,  and increasing average sales prices can be a real advantage for sellers, while record low interest rates make it a great time to buy as well!

Every situation is different, so if you’re thinking about buying or selling in the Austin area give us a call at 512-829-2062.

Austin: Top 5 healthiest housing market for 2013

According to a real estate tracking website, Austin was recently predicted to be the no. 5 Imagehealthiest housing markets in the country for 2013.  Among the top 10 markets, four were located in Texas. In additional to Austin, Ft Worth was listed at #9, San Antonio #4, and Houston took the top spot as the healthiest housing market for 2013.

All the markets have strong fundamentals, such as fast job growth, low vacancy rates and low foreclosure inventories, San Francisco-based Trulia said.

Looks like it’s a great time to buy in Texas!

Full article here: http://goo.gl/68CWt 

Austin Ranked #1 in Monthly Economic Rankings

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Image Credit: Austin Business Journal

This month Austin moves up on the On Numbers Economic Index due to its employment growth and its stable housing market. Austin has consistently been ranked #2 on this index for the last few months, but this month it pushed past Oklahoma City to earn the top spot.

According to the report:

  • The number of private-sector jobs in Austin has increased by 7.9 percent since late 2007, easily the fastest pace in America.
  • Unemployment rates are lower than 5.5 percent in only 12 metros. Austin’s rate is 5.3 percent.
  • The value of a typical Austin home has risen 4.2 percent in five years, the fourth-best increase in the nation.

Other Texas cities to rank in the top 20 are Houston (3) and Dallas-Ft Worth (14). For more information and the full article, visit http://goo.gl/U7j2L

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Central Texas Report on Jobs

Things are looking good for Austin & the surrounding areas, here are some highlights from the Austin Chamber of Commerce’s most recent report:

Job Growth

  • Austin ranks number three in the nation in job growth with a 3.5% change over the last 12 months resulting in 28,200 new jobs. Public and all private sectors added jobs.
  • Texas had a combined public/private sector job growth rate of 2.6%. Four out of the top 10 cities for job growth were in Texas with Houston the number one growth market in the US
  • US showed an overall job growth rate of 1.4%

 
Number of Jobs

  • Austin has now added 44,200 jobs from it’s peak employment on November 2008
  • Texas has added 248,800 jobs from its peak employment on November 2008
  • The US remains 4.3 million jobs short of peak employment set on November 2007 (60 months ago!)

 
Unemployment Rate

  • Austin has the second lowest rate of unemployment out of 50 largest metros at 5.3% vs 6.6% this time last year. (Houston by comparison dropped from 7.7% last year to 6.2% this year. Within the AUSTIN MSA, Travis and Hays counties have the lowest unemployment rate with 5.2%).
  • Texas’s unemployment rate is 6.3% compared to 7.6% last October.
  • The US October unemployment rate is 7.5% vs 8.5% last year.

 
Employment by Industry

  • Austin’s fastest growing segment over the last 12 months: Professional and Business Services – 10,700 jobs (or 9.1%)
  • Texas’s fastest growing segments over the last 12 months: Both Construction and Natural Resources grew by 7.1%. 

Link to article: http://www.austinchamber.com/do-business/data-research/economy-perspective.php?utm_source=Focus+eNews+-+November+27%2C+2012+&utm_campaign=FOCUS+-+November+27%2C+2012&utm_medium=email