During the Spring and early Summer it is normal to see the number of homes for sale, houses under contract and homes sold increase each month. This trend continues until mid summer. This year the trend continues with some very specific differences.
- Number of homes for sale are at seven year record lows. This month there are 23% fewer homes for sale than last year and 34% fewer than 2010!
- Demand for homes is rising. More homes have sold in Austin during the first three months of the year compared to 2011 and 2010 and 2009. And Pendings, homes under contract are at a seven year high.
- In one month, Month’s of Inventory has decreased 33%, from 6.14 Months of Inventory to 4.12 Months of Inventory. This is one of the most significant declines for March in the last seven years.
- In one month, the Austin market has moved from a “Balanced Market” to a “Normal Sellers Market.”
To view the 13 page Report, go to the Market Report tab above or click here:
http://westaustin.com/wp-content/uploads/2010/09/April-2012-Market-Report4.pdf
Sunday is Kite Day in Austin. For over 80 years, people of all ages have been flocking to Zilker Park with kites in hand to test their kite flying skills. The Zilker Kite Festival, always held the first Sunday in March, is the true herald of Spring and one of my favorite festivals in Austin. It’s a perfect way to enjoy the people, the music and the weather here.
When I was 6, my dad and I built my first kite from tissue paper, sticks and string bought at the Five and Dime across from Casis School. Together, we drew a pattern on multiple pieces of card board, the kind that came from the cleaners and stuffed inside Daddy’s white starched shirts. Then, we carefully cut the thick green tissue paper and attached it to the frame we had made from the sticks and string. To decorate my kite, I cut a gold piece of paper in the shape of the Girl Scout seal and glued it carefully to the middle of my kite. We were ready for the big day. I could hardly wait to take my kite to Zilker Park the next Sunday after church. We arrived early and tied the string to the intersecting strings at the middle of the kite. I held the kite and Daddy held the large spool of string. In minutes, the kite took flight and I was exhilarated to see my kite soar higher and higher each time I let the string out on the spool. What a thrill! It was almost like the thrill I had when I first road my first bicycle without falling and when I drove my car to Austin High for the first time by myself. Sheer power and freedom.
Sunday, some lucky kid will win “Highest Flying Kite” and feel the same thrill I felt when I got the ribbon so many years ago with my home made kite. Get there early and enjoy a perfect day as thousands lift their kites and their spirits into the wind.
To view the 11 page February Market Report, click on the chart above.
For the last four months the number of homes for sale in the Austin area
has been at a 7 year low. 6414 homes are currently for sale, 20% fewer
than last year and 26% fewer than two years ago.
The number of homes sold in January has remained about the same for
the last four years. The rental occupancy rate in Austin is nearing 97%.
With very few homes for sale and demand remaining steady, prices
should have pressure to move upward. However, our experience is that
increased loan requirements, more stringent appraisal requirements,
higher down payment requirements and the buyers perception that values
have declined are keeping prices steady. However there exists wide
variation in the Austin market. To view the entire 11 page report go to the
Market Report tab on our website.
Austinites who love MODERN will delight in seeing the 16 homes on this Saturday’s Modern Home Tour. Chosen for their unique style of architecture, clean design, minimalist and neutral with a touch of industrial qualities, the tour touts their sustainability and functionality as well as their unique designs. A wide variety of locations are represented in the tour with featured homes in East, Central, South and West Austin.
The tour founded in 2008 features architects Elizabeth Alford, David Webber, Travis Young, Scott Specht, Nick Mehl, James Harkrider, Jay Hargrave and Eric Brown. The tour hours are 11:00am to 6:00pm on Saturday, February 4th with an After Party and Architect Panel at the Treehouse, 4477 S. Lamar after the tour from 6:30 to 8:30. Tickets include admission to both and can be purchased in advance for $20 and the day of the event for $25.
For more information, Modern Home Tour
Filed under Austin Living, Community Events, Neighborhoods · Tagged with Austin, David Webber, Elizabeth Alford, Eric Brown, Homes, James Harkrider, Jay Hargrave, Laura Duggan, modern home, modern home tour, Nick Mehl, Scott Specht, tour, Travis Young
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