The average sold price in July went from $238,589 to $279,134, a + 17.0% increase but once again, that’s mainly because we had a good bit of $1M+  homes sell and that’s driving the overall average price up. There are quite a bit of people wanting to purchase $1M + homes that have been waiting on the “sideline” to see what will happen to prices. Now that we are seeing price drops averaging 10% ($100,000 – on a $1M home) and rates at 4.00% to 4.125% those buyers are getting back into the market and making those purchases.

20 homes over $1M sold in the past 30 days and the average sold price compared to the original list price as 88.2%… on a $2.5M home that translates to a price reduction of almost $300k!

Pending Homes over $1M

$2,500,000 to $1,875,000 | ($625,000) :: 2618 Wooldridge Dr Austin TX 78703
$2,100,000 to $1,850,000 | ($250,000) :: 8210 Chalk Knoll Dr Austin TX 78735
$1,795,000 to $1,795,000 | $0 :: 2008 Robinhood Trl Austin TX 78703
$1,590,000 to $1,490,000 | ($100,000) :: 4225 Hidden Canyon Cv Austin TX 78746
$1,450,000 to $1,450,000 | $0 :: 3004 Sparkling Brook Ln Austin TX 78746
$1,240,000 to $1,240,000 | $0 :: 105 Shore Oaks Ct Austin TX 78738
$1,260,000 to $1,165,000 | ($95,000) :: 2511 Harris Blvd Austin TX 78703
$1,250,000 to $1,150,000 | ($100,000) :: 704 Garner Ave Austin TX 78704
$1,193,060 to $1,086,350 | ($106,710) :: 2700 Maravillas Cv Austin TX 78735
$1,097,000 to $1,047,000 | ($50,000) :: 8621 Navidad Dr Austin TX 78735
$1,550,000 to $1,550,000 | $0 :: 1101 Blackacre Trl West Lake Hills TX 78746



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Before working with a real estate broker, know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written – listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.

IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:

(1) shall treat all parties honestly;
(2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;
(3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and
(4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.

With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.

If you choose to have a broker represent you,
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.

There is no doubt that 2009 plagued the nation with significant economic challenges. Some markets have seen home prices decline more than 50 percent, while others were fortunate to maintain steady values of their homes. Central Texas home sales even saw declines of 22 to 36 percent during the first quarter of 2009 when compared to 2008. As the year progressed, however, Austin-area home sales continued to gain momentum, with third quarter reports indicating the first leveling-out in sales volumes since 2008. July marked the first month in 2009 where home sales reached 2008 levels. This trend continued into the fall, with November reporting a year-over-year increase of 58 percent—the largest increase recorded in more than 10 years.

Highs and Lows of Austin-area Homes Sales

As of November, year-to-dates sales in the Austin-area are down 7 percent in 2009 when compared to 2008. During the first 11 months of 2008, 19,016 homes were sold. Only 17,629 homes have been sold during the same period in 2009. The difference equates to 1,387 fewer homes having been sold.

Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University, notes that while the Austin real estate market has seen declines relative to the past few years, the local market has been able to sustain itself reasonably well. Overall, there was not a collapse in prices and values in Austin as we saw in the key markets nationally, Gaines continued.

Median home values for Austin Homes have remained steady in Austin, fluctuating between $175,500 and $199,900 throughout 2009. The summer selling months recorded the highest median prices, ranging from $193,000 to $199,000. As of November, year-to-date median prices for single-family homes are down only one percent when compared to 2008.

Looking Beyond the Lone Star State

Drastic increases in home prices and the subsequent declines seen during the recession have created instability in many markets outside of Texas. One extreme example is Monterey county in California where median prices of single-family homes experienced a 54.5 percent decrease from 2008 to 2009. As a whole, median home values across the U.S. have experienced declines that were not as drastic. The National Association of REALTORS® (NAR) reports median home prices were down 7.1 percent to $173,100 in October compared to the prior year.

On the sales front, recent figures from NAR indicate that nationwide, home sales are improving. NAR reported that existing-home sales were up 10.1 percent in October to 6.10 million units nationally. This is a seasonally adjusted annual rate. These figures are up from September, when 5.54 million units were sold. Additionally, these figures show a dramatic change from 2008, when only 4.94 millions units were sold, a 23.5 percent difference.

Despite sales gains, foreclosures remain a concern throughout the United States. According to data from RealtyTrac, Inc., foreclosure filings were up 18 percent in November 2009 compared to the previous year. Compared to the previous month, however, foreclosures across the nation decreased by almost eight percent in November.

Foreclosures are a prominent issue in four states— California, Florida, Illinois and Michigan. In both October and November, these states were responsible for more than half of the total number of foreclosures. Nationally, 306,627 properties received foreclosure notices in November, which equates to one in every 417 housing units. Texas accounted for 12,095 of the foreclosure filings for the month which represents approximately four percent of the national total. Even so, Texas foreclosures have increased 54.21 percent compared to November 2008. In Austin, foreclosures are also rising despite the fact that Austin holds fewer subprime loans than the typical market. Data from Foreclosure Listing Service Inc. indicates that Austin area foreclosures are up 57 percent in 2009 compared to a year ago.

Jobs, Jobs, Jobs

Job growth and the sustainability of jobs influence both the economy and the housing market. Eldon Rude, director of Austin market of Metrostudy, links the eventual recovery in the local housing market with the continuation of positive job growth.

The relative stability of Texas home prices and unemployment figures which fall below the national average have also helped Texas markets remain steady. According to monthly statistical reports from the Texas Workforce Commission, the Texas unemployment rate increased from 8.2 percent in September to 8.3 percent in October. While unemployment continues to rise, Texas is fairing better than the U.S. as a whole, which reported an unemployment rate of 10.2 percent in October.

Gaines is hopeful that job losses in Texas will end in 2010. He notes that once there is greater stability in the job market, individuals are likely to have more to spend on goods and services, which will bode well for the economy as a whole. Job security will help lead to more confident purchasing decisions by consumers, and job growth can help attract new residents, leading to a greater demand for housing.

Population Expectations

According to a presentation by Gaines at ABoR’s Realty Round Up in October, some experts predict that the population in Texas will increase substantially from 2007 to 2040. With a population of 23.8 million in 2007, an anticipated increase of 88.7 percent translates to a total population of 44.9 million in Texas in 2040. Locally, the Austin-area is expected to increase in population 150 percent by 2040, with projections of four million people.

New Residential Construction Rebounding

According to the U.S. Department of Commerce, permits for new residential construction were down four percent in October, as well as housing starts which declined by 10.6 percent. Some experts note that slower construction may help to maintain a tight supply and stabilize home prices in some areas.

Housing starts are expected to improve across the nation in 2010. In November, national housing market research firm Metrostudy released projected numbers for housing starts with 558,000 starts expected for 2009. Metrostudy forecasts this number to increase to 719,000 starts in 2010.

Positive Reinforcement from the Government

The first-time homebuyer tax credit, which launched in February 2009, was extended in November for first time buyers and expanded to include current homeowners through April 2010. The extension came after much support from the REALTOR® community. In the Economists’ Commentary from December 7, NAR’s chief economist, Lawrence Yun, notes that “4.4 million Americans look to take advantage of the home buyer tax credit before it expires by the middle of next year.”

The tax credits have impacted the market across the board. Gaines estimates a 10 to 15 percent difference in sales volume because of the credit that otherwise would not have happened. He continued that the expansion of the credit for current homeowners represents a “once in a lifetime opportunity” to buy.

Looking Ahead to 2010

In November, Forbes released a report featuring America’s Fastest-Recovering Cities, where four Texas cities were included in the top 10. The cities that made the list have diversified their industries, remained relatively stable in their housing markets and are well-equipped to make it through the current recession. Cities were judged on five categories: unemployment, the size of the economy, foreclosures, home prices and sales rates. San Antonio ranked second on the list, followed by Austin in third, Dallas in sixth and Houston in eighth.

While no one can predict the future, most can agree that the forecast for 2010 is hopeful. Rude expects Austin and Texas to lead the economic recovery over the new few years. Additionally, Gaines predicts that the market will have its normal swings up and down, but does not foresee anything too unpredictable in 2010. At best, Gaines says the market will be flat, as nothing currently indicates that Central Texas will experience an exceptionally active or inactive housing market.

With positive prospects for 2010, REALTORS® and consumers can expect increased stability in the economy and housing market in the coming year. Meanwhile, the optimism for the job market and potential stabilizing of home prices appear to be positive signs for the real estate community.

From: The Austin REALTOR®. The Austin REALTOR® is published monthly by the Austin Board of REALTORS®. https://www.abor.com/news_media/austin_realtor_print_archives/2010/JanFeb10.pdf

Thank you for visiting Economic Trends in 2009, Predictions for 2010 | Austin Home Search. If you have any questions please let us know.

Allandale Homes for Sale | All Listings as of Dec 07 2009

$199,000.00 | 8206 Millway Dr Austin, TX 78757
$219,890.00 | 2108 Kenbridge Dr Austin, TX 78757
$223,000.00 | 1805 Belford Dr Austin, TX 78757
$224,900.00 | 1707 Wooten DR Austin, TX 78757
$230,000.00 | 1700 Wooten Dr Austin, TX 78757
$242,000.00 | 1905 Pompton Dr Austin, TX 78757
$248,000.00 | 8002 Camden DR Austin, TX 78757
$249,500.00 | 2104 Wooten Dr Austin, TX 78757
$249,900.00 | 1908 Pompton Dr Austin, TX 78757
$249,990.00 | 3207 Foster Ln Austin, TX 78757
$265,000.00 | 8007 Mullen DR Austin, TX 78757
$269,000.00 | 5806 Shoalwood Ave Austin, TX 78756
$269,900.00 | 3310 Stardust Dr Austin, TX 78757
$269,900.00 | 8107 Parkdale Dr Austin, TX 78757
$279,900.00 | 2205 Kenbridge DR Austin, TX 78757
$280,000.00 | 8119 Ripplewood Dr Austin, TX 78757
$320,000.00 | 6607 Jamaica Ct Austin, TX 78757
$339,000.00 | 6205 Treadwell BLVD Austin, TX 78757
$341,500.00 | 3003 Mcelroy Dr Austin, TX 78757
$344,000.00 | 5700 Bullard Dr Austin, TX 78757
$354,900.00 | 6004 Cary Dr Austin, TX 78757
$399,000.00 | 2901 Pinecrest Dr Austin, TX 78757
$429,000.00 | 6001 Nasco Dr Austin, TX 78757
$575,000.00 | 5805 Nasco Dr Austin, TX 78756
$309,000.00 | 6805 Lexington Rd Austin, TX 78757
$335,000.00 | 3304 Greenlawn PKWY Austin, TX 78757

Austin MLS Search information from the Austin Board of REALTORS® (alternatively, from ACTRIS). Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided ‘AS IS’ and with all faults. This is a complete list of properties regardless of who the listing agent is. Team Price Real Estate and/or Dan Price (Broker) takes no credit for the above listings. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.

Austin Homes for Sale | Listings posted on Dec 07 2009

$106,500.00 | 4600 Magin Meadow Austin, TX 78744
$113,500.00 | 4415 Magin Meadow Austin, TX 78744
$119,700.00 | 7421 Aspen Brook Dr Austin, TX 78744
$125,000.00 | 4409 Dove Dr Austin, TX 78744
$143,000.00 | 8107 Verbank Villa Dr Austin, TX 78747
$149,900.00 | 663 Mairo St Austin, TX 78748
$159,900.00 | 7804 Wykeham Dr Austin, TX 78749
$161,000.00 | 11207 Hidden Bluff DR Austin, TX 78754
$164,000.00 | 9021 Anna St Austin, TX 78748
$167,035.00 | 12124 Broten ST Austin, TX 78748
$169,900.00 | 11713 DUNBLANE WAY Austin, TX 78754
$169,950.00 | 9210 Pioneer Forest Dr Austin, TX 78744
$172,056.00 | 11732 Timber Heights Austin, TX 78754
$185,214.00 | 11917 Timber Heights Austin, TX 78754
$187,618.00 | 2216 Buffalo Tundra Austin, TX 78754
$189,830.00 | 2317 Christoff LOOP Austin, TX 78748
$190,995.00 | 9612 Beechnut Austin, TX 78748
$192,000.00 | 12123 Cabana Ln Austin, TX 78727
$196,000.00 | 11931 Meadowfire Dr Austin, TX 78758
$235,000.00 | 4720 Hoffman Dr Austin, TX 78749
$235,897.00 | 2104 Beaver Pelt CV Austin, TX 78754
$300,000.00 | 332 Angel Oak St Austin, TX 78748
$329,000.00 | 1306 Mckinley Ave Austin, TX 78702
$379,900.00 | 6501 Orchard Hill Dr Austin, TX 78739
$384,500.00 | 2631 W 45th St Austin, TX 78731
$402,614.00 | 7924 Via Verde Austin, TX 78739
$460,000.00 | 5902 Front Royal Dr Austin, TX 78746
$750,000.00 | 117 Black Wolf Run Austin, TX 78738

Austin MLS Search information from the Austin Board of REALTORS® (alternatively, from ACTRIS). Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided ‘AS IS’ and with all faults. This is a complete list of properties regardless of who the listing agent is. Team Price Real Estate and/or Dan Price (Broker) takes no credit for the above listings. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.