Austin Market Review – Jan 08
The Austin market is healthy. Contrary to national headlines and other markets around the country, the Austin market is solid. Our economy and our real estate market rank as one of the healthiest in the country. Yes, we have slowed down a bit but we’ve been on such a real estate sugar high over the past 5-8 years that it seems like more of a shift than it really is (see Austin Sugar High post). A few stats to back this up:
• Avg sales price in Austin went up 8% in 2007
• Volume is slower but prices are holding
• Homes under $400k are statistically either a neutral or a sellers market in most areas of town
• The Austin population is expected to double over the next 20 years
• We are rated one of the top undervalued markets in the country (Austin and TX) (see post on 12/26/07 Statesman article)
• 01/08 entreprenuer.com listed Austin at the top of the “Best Places to Buy”
• Forbes best housing markets #9 08/07
• Google is coming to town and bringing 100-150 jobs to the middle of downtown
• Expected to add 91,000 in the next 5 years
• Low unemployment
• Low foreclosure rate
• See posts on Greater Austin Chamber of Commerce economic review
The Austin market is healthy.
© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.