Austin Business Journal – May 20th, 2010
Austin home sales continued to rise last month, increasing 31 percent compared with April 2009, according to Austin Board of Realtors statistics released Thursday.
Home sales for the month totaled $486 million with 2,043 single-family homes sold, according to the Multiple Listing Service report. When compared to April 2009, the median price of real estate was unchanged in Austin at $190,700. Most promising, pending sales increased 47 percent to 2,813.
Home sales also increased month to month compared with the March $422 million sales total, or 1,784 single-family homes sold. The median price also rose by $10,700 from March to April this year.
“The considerable increase in sales and pending sales indicates increased activity among buyers trying to beat the April 30 tax credit deadline,” Austin Board of Realtors Chairman John Horton.
“Although the tax credit has expired, we are entering a growing economic, real estate and seasonal cycle which we hope will continue to provide momentum to carry our market upward.”
Condo and townhouse were also strong in April, increasing 63 percent to 213 sold compared with the same month 2009. Also during the same period, pending sales for condos and townhouses increased 70 percent to 338.
“The significant increase seen in the condo and townhouse market can most likely be attributed to the first-time homebuyer tax credit,” Horton said. “The median price for condos and townhouses is approximately $30,000 less than the median price for a single-family home; and therefore, these properties can be a more affordable alternative for first-time buyers.”
Realtors are still holding their breath to see if sales drop this month with the tax credit ending, but Horton remains optimistic because the month’s supply of inventory in April was approximately 6.5 months, which represents a balanced market.
“There are a lot of buyers who have been waiting to purchase until they were confident in the economy,” Horton said. “Now that we are seeing recovery in the economy and real estate market, in combination with historically low interest rates, those potential buyers who have been on the fence are now taking the leap and entering the housing market.”
By Alan Zibel, AP Real Estate Writer – USA Today
WASHINGTON — Sales of new homes surged 27% last month, bouncing off the previous month’s record low and blowing past expectations as better weather and government incentives boosted sales.The Commerce Department said Friday that new-home sales rose in March to a seasonally adjusted annual sales pace of 411,000. It was the strongest month since last July and the biggest monthly increase in 47 years.
Economists surveyed by Thomson Reuters had expected a sales pace of 330,000. February’s results were revised upward to 324,000, but remained an all-time low. Sales had been especially weak over the winter, partly due to bad weather in much of the country.
The median sales price was $214,000, up more than 4% from a year earlier but down more than 3% from February.
The new-home sales report reflects signed contracts to purchase homes rather than completed sales and thus gives economists a feel for how many buyers were out shopping for new homes in a given month.
It is likely capturing consumers who are trying to qualify for federal tax credits that will expire at the end of this month. The government is offering an $8,000 credit for first-time buyers and $6,500 for current homeowners who buy and move into another property.
To qualify, buyers must have a signed contract complete by the end of next week and must complete the transaction by the end of June. Nearly 1.8 million households have used the credit at a cost of $12.6 billion, according to the Internal Revenue Service.
The rise in new-home sales was seen nationwide. Sales grew a whopping 44% in the South and 36% in the Northeast. They also rose about 6% in the West and 3% in the Midwest.
The number of new homes up for sale in March fell 2% to 228,000. At the current sales pace, it would take nearly 7 months to exhaust that supply.
by Francesca Levy
Friday, March 5, 2010 provided by Forbes
In these metro areas, jobs are projected to grow and the housing crisis is stabilizing.
In recent weeks business in Washington, D.C. ground to a halt as record snowfalls pummeled the area and a sparring match over national health care reform hijacked the political conversation. But the nation’s capital is getting something right: It is emerging from the recession better than any other major city in the country, according to research by Forbes.
| More from Forbes.com:• America’s 20 Most Miserable Cities• Lessons From 10 Recession Start-Ups• In Depth: 15 Cheap Countries to See in the Recession
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Jobs in Washington are growing quickly, and in 2008 the city produced more in goods and services than almost anywhere in the country.
At BartonPlace we are seeing a very interesting trend where most of our buyers seem to be downsizing. Most of our buyer are coming from larger homes in the suburbs and are looking to move closer to downtown. These buyers are telling us that they want to be downtown but are not necessarily ready to live in a 30 or 40 story high rise building with all the noise, traffic and congestion that comes along with it. BartonPlace is a great fit for people who want to live downtown but not in it; here they get the best of both worlds!
This trend is not only apparent at BartonPlace, Americans all over the country are looking to decrease their square footage. They are embracing the idea of less maintenance and upkeep, lower utility bills, and a more convenient “lock and leave” lifestyle. Last year, 2009 was the first year in thirty decades that the average new home purchase decreased! The average new home decreased from 2,277 to 2,215 square feet according the data from the U.S. Census Bureau.
Although there are some very apparent benefits from downsizing it is something that most Americans need some getting used to. Downsizing your new home also means simplifying the rest of your life too! Since smaller closets, more efficient space and less storage is part of the package there is quite a bit of spring cleaning required for the move. It requires cleaning out the closets and getting rid of the clutter that most homeowners tend to collect in homes. People need to rethink their furniture layout and design. They are spending more time coming up with more efficient and creative use of furniture. Once they come to terms with downsizing they are quickly realize that the small sacrifices are greatly mitigated with all the conveniences, experiences and lifestyle benefits of downtown living.
After a long anticipated wait, the parking for Austin Java and Uncle Billy’s is only 5 days away from completion. The curbs are in, the blacktop is down and landscaping is going in! Bring your appetites, friends and thirst to join us for Austins best food, beer and coffee!
We are excited to bring you the new BartonPlace website that is now up and running. What a better time with the completion just around the corner for our first two buildings 5 and 6. We are excited to have you explore the new site and visit all the different interactive links available. Check out the new amenities map that shows you all of the amazing Austin amenities within walking distance to BartonPlace. Check back in shortly for up to date blogs and articles about Austin and about living in the heart beat of this great city.
Recovery is still in the works, but the overall economic picture isn’t quite so bad in Austin as it is elsewhere.
According to a new ranking from BusinessWeek, Austin is the second strongest city in the nation right now, right behind No. 1 San Antonio.
BusinessWeek used research from the Brookings Institution that looked at a number of factors across the 100 largest U.S. metro areas, including job growth, gross metro product, unemployment change and home prices.
Source: Austin Business Journal
The Austin area added 6,200 private-sector jobs in the 12-month period between November 2007 and November 2008—the 10th biggest gain in metro employment in the country—according to figures released Tuesday by the U.S. Bureau of Labor Statistics.
Texas is showing considerable resilience amid a crippled national economy. The two largest markets in the state—Houston and Dallas-Fort Worth—registered the nation’s biggest private-sector employment gains.
Source: Austin Business Journal
