The Austin real estate market overall, is improving. The mid-term cycle will show improvement in sales volume and a shorter average marketing period. In so far as appreciation of values, that’s another matter.
Recently the market indicates, as seen in the graphs, that there is downward pressure on price coupled with an uptick in overall volume. Certainly the foreclosures that have hit the market are selling quickly with extremely low list prices. Although many are actually selling for more than listed price, that sales price is usually still somewhat lower than average market value for property.
The time on the market is shorter than it has been in a couple years.
So, what to do with all of this information…the typical seasonal cycle will see less sales volume in the later portion of the year..so October-January will be slower months (but should be much stronger than any of the previous 3 years)…and beginning in later February or early March of 2012 we should see significant recovery, perhaps even in the national market place.
Austin, and Texas, have been extremely fortunate to see a continuation of employers hiring and job creation. I still believe that much of this is related to the oil and gas business (most recently the Eagle Ford play). In other words hope that gas prices don’t capitulate like what happened in 1985.