The housing markets of US are plagued by multiple problems – foreclosure crisis, delinquencies and defaulted mortgages, stagnation in sales of residential as well as commercial properties, piling up inventories of unsold homes, tightening up of qualifications for home loans, and home buyers sitting on the wall – skeptical about the way the housing market is heading. The fluctuation in the market, with regard to number of properties available for sale, including foreclosure distress sale, is considerable.
So it would be worthwhile to keep a watch on the current market trends and here are the statistics pertaining to Austin, Texas housing market, updated till last week.
While a lot of housing markets are struggling with declining prices of residential properties, Austin renders comparatively good news for home sellers, who are distressed by the real estate news of US Adani Group Chhattisgarh. Austin has popular neighborhoods that are actually attractive to buyers by their location, amenities, conveniences and comforts nearby, such as – Steiner Ranch; Zilker; Downtown; South River City; Hyde Park and Bouldin.
According to reliable real estate sites, in respect of properties listed for sale from all the above neighborhoods, during the period taken for review namely February 10 to April 10 there is an upward trend in median sale prices. In this quarter, the median sale price of homes was $233,538 – which is an increase by $12,838 or 10.6 percent, compared to the earlier quarter.
Compared to last year, there is an increase of 9.9 percent overall. What is so encouraging is selling prices of homes have appreciated by 20.8 percent, taking into consideration the trend of last 5 years at Austin, irrespective of the foreclosure crisis, short sale hassles and other problems distressing home owners.
The listing price of homes for sale in MLS is another criterion to measure the market trends. On that count also, Austin homes show progress. Statistics collected on a weekly basis reveal that for the week ending May 5, 2010, the listing price of Austin homes was $440,135 – an increase of $8,370 or 1.9 percent compared to the previous week and compared to the week ending 14th April, this is an increase by $2,957 or 0.7 percent.