This week market conditions in the central Texas area remain relatively unchanged fropm the prior week. Most properties are located in a pretty heavy sided buyers market, while downtown and first ring neighborhoods in particular continue to improve for sellers. Thus far, the fact is that the Austin real estate market has fared as well or better than the rest of the world.
As the summer grows hotter and nearer August, normal seasonal sales fluxuations will include a slow down of overall volume. It happens every year.
Keep in mind that the properties which are phenomenal deals, or located in area’s that have a high demand and low inventory will go fast and in some cases even bid over list price. Seasonal fluxuations just won’t have much affect on this type of transaction.
The bright spot for owners is the continued improvement of the rental market…so it is rents in Austin are as high as they’ve ever been. I hear that is happening in other locations around the country as well. Kind of an abberation caused by the tightening of mortgage standards, and many potential owners lack of continuity in recent job history and various credit issues, as well as the younger folks graduating from college that are obtaining new jobs and need to establish a work history.