Austin Real Estate tumbled and touched the bottom-most point like any other real estate market of the United States. Property price was going down, and in the last two years this continuous drop in price caused many Austin realtors to panic. Many Austin homes were up for sale, but no buyers were looking at it, and home owners lost their hope. Hence, “Austin Homes for sale” placard was gathering dust, as no one cared about it anymore.

Then came February, and it brought the good news. Congress approved American Recovery and Reinvestment Act of 2009 sanctioned ,000 tax credit to the first-time home buyers. Thanks to this legislation, the buying sentiment returned to the market.

Since then, the Austin real estate market has recovered a great deal. And the news that Austin will be among two cities to recover earliest from recession is adding up to the positive market sentiment in Austin.

Real estate studies

According to a new nation forecast by IHS Global Insight, Austin and its Texan cousin San Antonio will be the two cities that will be quickest in beating the economic recession.

According to the study conducted by the Brookings Institute, Austin is among the Top 20 best performing metropolitan area in the second quarter of 2009, as said the report published in Austin Business Journal.

In the second quarter, Austin has also been found leading the pack on many of the 9 metrics tracked by MetroMonitor for100 U.S. cities. These metrics included things like metropolitan products, and percentage change in housing price, etc.

There are many reports that coming that shares the same sentiment, which compelled me that I should find some data to match the prediction. Hence, I am going to provide here some hard data as evidence to corroborate with these and several other studies.

Austin Real Estate marketing data The Austin home sale in July 2009 has torched the mark set in July 2008, as reported by Austin Board of REALTORS. In July ’09, 2,069 homes were sold, where as in July ’08, 2,068 homes were sold. The median home price was also just 2% at 1,500 below the median home price in the same month last year. This data might not have looked positive in the bullish market, but given the state of Austin real estate in this year, this can be seen as a good recuperation. 8,810,549 was the total value of single-family properties sold in July 2009. In August 09, total house sold: 1706; average listing: 5,966; median listing: 5,750; average sold: 6,372; median sold: 0,000. In September 09, total house sold: 1639, 0.61% rise since September 08 (1629); average listing: 7,361, 0.69% rise since September 08 (5,585); median listing: 4,900, 2.63% rise since September 08 (9,900); average sold: 6,185, 0.04% rise since September 08 (6,079); median sold: 8,500, 1.89% raise since September 08 (5,000). Most of the U.S. cities are still struggling, but 17% of total homes that had “Austin Home for Sale” placard have found the buyers. To put it plainly, Austin has seen a 17% decline in home inventory, and witnessed increase in sale. The Brookings Institute’s study found out that the Austin house price is up by 2.4% over the past year while the US house price is down by 6.3% over the same period. Conclusion

As it is evident from the data given above that the predictions and forecasting made by national as well as Austin realtors are proving to be true. The Austin real estate market is heating up as the market sentiment is back into the buying mode. The confidence in the home owners are back, and now, no “Austin Home for Sale” placard is gathering dust.

The community of Coronado is located on the central coast of San Diego County. This 13.5 square mile peninsula is accessible via the famous Coronado Bay Bridge, by water ferry from Downtown San Diego, or through Imperial Beach via highway 75.

The real estate and homes for sale in Coronado are some of the most expensive properties in San Diego County. The number of homes sold in a particular year is relatively low. For example, during the period from January through July 2006, approximately 64 single-family homes sold. Approximately 79 homes sold for the same period in 2005. The price of homes in Coronado varies widely from moderately priced small cottages to multi-million dollar estates.

One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.

The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.

The median price of homes in July 2006 was ,505,000, compared to ,481,250 in July 2005, which represents a 1.6% increase. The average price of homes in July 2006 was ,795,179, compared to ,603,214 in July 2005, which represents an 11.5% drop. Approximately 7 homes sold in July 2006 and 14 in July 2005. In summary, the data was mixed for July 2006, with the median price posting a small increase and the average price dropping 11.5%.

The median price of homes in June 2006 was ,775,000, compared to ,570,000 in June 2005, which represents a 13.1% increase. The average price of homes in June 2006 was ,998,860, compared to ,778,214 in June 2005, which represents a 12.4% increase. Approximately 15 homes sold in June 2006 and 21 in June 2005. In summary, the data provides evidence that there was an upward price trend in June 2006 compared to the same period last year.

The median price of homes in May 2006 was ,200,000, compared to ,390,000 in May 2005, which represents a 13.7% drop. The average price of homes in May 2006 was ,576,429, compared to ,615,692 in May 2005, which represents a 2.4% drop. Approximately 7 homes sold in May 2006 and 13 in May 2005. In summary, the data provides evidence that there was a downward price trend in May 2006 compared to the same period last year.

The median price of homes in April 2006 was ,250,000, compared to ,450,000 in April 2005, which represents a 55.2% increase. The average price of homes in April 2006 was ,667,200, compared to ,731,524 in April 2005, which represents a 54% increase. Approximately 10 homes sold in April 2006 and 7 in April 2005. In summary, the data provides evidence that there was a significant upward price trend in April 2006 compared to the same period last year.

The median price of homes in March 2006 was ,650,000, compared to ,780,000 in March 2005, which represents a 7.3% drop. The average price of homes in March 2006 was ,219,667, compared to ,774,667 in March 2005, which represents a 25.1% increase. Approximately 15 homes sold in March 2006 and 9 in March 2005. In summary, the data was mixed for March 2006, with a drop in median price and an increase in average price.

The median price of homes in February 2006 was ,185,000, compared to 5,000 in February 2005, which represents a 35.4% increase. The average price of homes in February 2006 was ,327,000, compared to ,011,667 in February 2005, which represents a 31.2% increase. Approximately 5 homes sold in February 2006 and 3 in February 2005. In summary, the data provides evidence that there was an upward price trend in February 2006 compared to the same period last year.

The median price of homes was ,700,000 in January 2006, compared to ,531,500 in January 2005, which represents an 11% increase. The average price of homes in January 2006 was ,599,000, compared to ,717,750 in January 2005, which represents a 6.9% drop. Approximately 5 homes sold in January 2006 and 12 in January 2005. In summary, the data was mixed for January 2006, with a jump in median price and a decline in average price.

So what does the above data tell us? Overall, there was a 19% decline in the number of homes sold during this period from 2006 to 2005. Besides that, the Coronado real estate market is very hard to characterize because of the limited number of homes that sell every month, and the wide variation in home prices. The median and average prices fluctuated substantially depending on whether or not very expensive homes sold that month or not. Prospective home buyers should seek the advise of an experienced real estate agent to help them understand the micro pricing trends of homes in their price range.

Austin has long been a home for friendly folk- friendly to each other, friendly to animals, and friendly to the environment. What used to be considered as only the concerns of hippies and the bohemian sect, environmentalism is now at the forefront of commercial and residential design, and “green” businesses are popping up nationwide. Austin, however, was the first city in the United States to establish a local green-building program, laying out environmentally friendly and sustainable guidelines for home builders and its interested citizens back in 1991.

Since the Austin real estate market is known nationwide as the leader of these green building methods, the National Association of Home Builders chose the city as its hub to launch an industry-wide effort to establish green-building guidelines in 2004. These guidelines now provide a practical nationally recognized framework for builders to follow to reduce a home’s environmental impact by making them more energy efficient, improving indoor environmental quality, and so on. Though Austin has already been using similar guidelines for over a decade, now the rest of the country is following suit.

The City of Austin and Austin Energy provide a great resource to owners of Austin homes, and new home builders, who are looking for ways to conserve energy, and build an environmentally friendly home. The city’s website offers a list of companies willing to do an energy analysis of a home that will determine possible options to help the house conserve more energy, with suggestions ranging from air conditioning repair to weather stripping doors. The city then will offer a 20 to 75% of that cost.

For those Austinites building a new house or commercial building, the city created the Austin Energy Green Building organization to promote the construction of high quality, more sustainable buildings, and has even zoned sections of the city’s real estate to require an Austin Energy Green Building rating. Four times a year, the organization also holds a one day “Green By Design” workshop open to the public. The workshop provides an overview of the green building process, and brings in design, building, engineering, landscaping, and Austin real estate professionals with many years of experience in homebuilding and remodeling, to help make sense of it all.

In March of this year, Austin was named as the city leading the country in “cleantech” by SustainLane, an online resource center that offers sustainability tips to state and local government. The term “cleantech” refers to venture capital-based startups based in green technology, with Austin as the front runner with seven such startups, ranging from internet-controlled irrigation to geothermal energy technologies. To keep Austin on the cutting edge of green technology, the Clean Energy Incubator program was set up to help young clean energy businesses succeed by commercializing their ideas. With citizens, government, and forward thinking businesses, Austin will likely be the city to follow in the environmental battle for years to come.

The real estate market tends to be cyclical with some periods favoring buyers and other periods favoring sellers. As with other free markets, the pricing and availability of real estate is directly related to the forces of supply and demand. While many real estate markets in the United States are experiencing a substantial slowdown, other markets remain robust, and some even continue to grow. What makes the situation even more complicated is that even within a particular city or county, there may be some areas that are hot and others that are cold.

In regions of the country in which the real estate market is slowing, there are some things homebuyers can do to increase their chance of getting the property that they want on terms that are favorable. Below are some strategies to consider:

1. Clarify What You Want. Be sure to understand what kind of property you want (e.g. bedrooms, bathrooms, size, yard, location, etc.). Identify items that you “must have” and items that you would be willing to forego if your other priorities were met.

2. Consult Experts. You’ve no doubt heard the saying that “all real estate is local,” so arm yourself with the best information available. Consult a local real estate expert who can guide you about what communities are hot and which ones are not. Obviously, you are more likely to find deals in communities that have excess supply and limited demand than vice versa.

3. Understand Market Data. Obtaining and evaluating data can be one of the most powerful tools in your arsenal. Identify communities that you find desirable and ask your real estate agent to provide you relevant sales statistics. For example, your agent can provide you:

a. A summary of how many properties are available in communities that you deem desirable.

b. How long properties are taking to sell this month, last month, last quarter, last year, etc.

c. How many properties have sold this month, last month, last quarter, last year, etc.

d. Changes in the median and average price of properties for a community this month, last month, last quarter, last year, etc.

e. Data on the sales price to list price ratio (SP: LP). This ratio provides information about how much, on average, sellers are reducing their price.

f. Detailed data on properties that are similar to the type of property you desire (often known as “comparables” or “comps”).

4. High Inventory Communities. Identify, or ask your agent to identify, communities that appear to be particularly slow, and that have an unusually large inventory of homes. You will have a broader variety of options in these communities, and you may increase the likelihood of finding a better deal.

5. Loan Pre-Approval. Be sure to consult with your bank or mortgage broker and obtain a loan pre-approval document. This not only let’s you know how much you can afford, but it also demonstrates to sellers that you are a serious buyer and that your offer is worthy of serious consideration.

6. Seller’s Motivation. While information about why a seller is selling is usually confidential, there are situations in which the seller will allow their agent to disclose important factors regarding their personal situation. Be sure to ask your agent to inquire about any information that the seller has disclosed to his/her agent that can be conveyed to your agent. This information may help you decide on making an offer on a property and the price you wish to offer.

7. Home Inspection. A home inspection conducted by a qualified inspector can provide you valuable information about the condition of a property. Moreover, if there are items that need repair or replacement, you can use this information to modify your offer price or terms.

8. Expand Search Scope. As mentioned above, even within a particular city or county, there may be some areas that are hot and others that are not. Be sure to provided detailed information about what you want to your agent, so that he/she can provide you a variety of community options.

9. Be Patient. Time is on your side when there is excess supply and insufficient demand. Try not to “fall in love” with a house so much that you cannot be objective. It may be that multiple offers and counter-offers occur before you either get the property you want or decide to walk way from a deal. You may also want to look at more properties than you normally would, so that you are exposed to a variety of options.

While the above is not an exhaustive list of strategies, it is a good starting point of issues to consider when buying real estate, particularly in a market that favors buyers. Obtain the services of a knowledgeable Real Estate agent who can provide you with additional strategies to help you reach your real estate objectives.

Central San Diego Real Estate Market – Mid Year Snapshot of Median Prices (2006) – Single Family Homes

As of this writing, the San Diego real estate markets appears to have shifted from one that favors sellers to one that favors buyers. However, this premise may not hold true for all communities within San Diego, as median prices for some communities continue to rise while others fall.

While there are many metrics to evaluate the real estate pricing trends of a community, one commonly used parameter is to evaluate the median price of homes from one point in time against a prior point of time. The median price reflects the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The median price metric provides one method to analyze the direction of home prices, but should not be used as the sole source of data from which to form conclusions.

The data below is a comparison of median prices for various communities in central San Diego County, comparing data from June 2005 against data for June 2006. This information is only one metric at a particular point in time, and other metrics or data from future months may support or dispute the pricing trends noted below. For some of the San Diego communities presented below, very few homes sold during June 2006, which diminishes the usefulness of the median price metric.

COMMUNITIES WITH INCREASES IN MEDIAN PRICE – SINGLE FAMILY HOMES – JUNE 2006

The data below pertains only to the sales of single-family homes, and does not include condominiums or townhomes. The data is organized by the magnitude of change in median price, with the highest change in median price presented first.

For the Coronado real estate market, the median price was ,775,000, which represents a 14.7% increase from the same time last year. Approximately 15 homes sold in June 2006 (21 homes sold in June 2005).

For the Point Loma real estate market, the median price was ,024,068, which represents an 11.4% increase from the same time last year. Approximately 20 homes sold in June 2006 (14 homes sold in June 2005).

For the University City (UTC) real estate market, the median price was 0,000, which represents a 10.6% increase from the same time last year. Approximately 5 homes sold in June 2006 (19 homes sold in June 2005).

For the La Jolla real estate market, the median price was ,692,500, which represents a 10.3% increase from the same time last year. Approximately 28 homes sold in June 2006 (38 homes sold in June 2005).

For the Logan Heights real estate market, the median price was 5,000, which represents a 7.6% increase from the same time last year. Approximately 13 homes sold in June 2006 (14 homes sold in June 2005).

For the Paradise Hills real estate market, the median price was 7,500, which represents a 5.7% increase from the same time last year. Approximately 8 homes sold in June 2006 (16 homes sold in June 2005).

For the Mission Hills real estate market, the median price was 7,500, which represents a 3.1% increase from the same time last year. Approximately 11 homes sold in June 2006 (12 homes sold in June 2005).

For the Scripps Ranch (Scripps Miramar) real estate market, the median price was 9,250, which represents a 2.8% increase from the same time last year. Approximately 34 homes sold this month (43 homes sold in June 2005).

For the San Carlos real estate market, the median price was 3,000, which represents a 2.4% increase from the same time last year. Approximately 12 homes sold in June 2006 (16 homes sold in June 2005).

For the Del Cerro real estate market, the median price was 7,500, which represents a 2.1% increase from the same time last year. Approximately 13 homes sold in June 2006 (30 homes sold in June 2005).

For the Normal Heights real estate market, the median price was 6,250, which represents a 1.7% increase from the same time last year. Approximately 20 homes sold in June 2006 (19 homes sold in June 2005).

COMMUNITIES WITH DECREASES IN MEDIAN PRICE – SINGLE FAMILY HOMES – JUNE 2006

The data below pertains only to the sales of single-family homes, and does not include condominiums or townhomes. The data is organized by the magnitude of change in median price, with the highest change in median price presented first.

For the Old Town real estate market, the median price was 0,000, which was a 19.1% decline from the same time last year. Approximately 5 homes sold in June 2006 (14 homes sold in June 2005).

For the Golden Hill real estate market, the median price was 1,000, which was a 16.4% decline from the same time last year. Approximately 10 homes sold in June 2006 (13 homes sold in June 2005).

For the Pacific Beach real estate market, the median price was 1,960, which represents a 14.8% decline from the same time last year. Approximately 15 homes sold in June 2006 (19 homes sold in June 2005).

For the Tierrasanta real estate market, the median price was 0,000, which represents a 12.6% decline from the same time last year. Approximately 9 homes sold in June 2006 (17 homes sold in June 2005).

For the North Park real estate market, the median price was 0,000, which represents a 9.7% decline from the same time last year. Approximately 31 homes sold in June 2006 (16 homes sold in June 2005).

For the College Grove real estate market, the median price was 5,000, which represents a 5.9% decline from the same time last year. Approximately 38 homes sold in June 2006 (40 homes sold in June 2005).

For the City Heights real estate market, the median price was 0,00, which represents a 5.3% decline from the same time last year. Approximately 17 homes sold in June 2006 (30 homes sold in June 2005).

For the Mira Mesa real estate market, the median price was 0,000, which represents a 4.7% decline from the same time last year. Approximately 45 homes sold in June 2006 (47 homes sold in June 2005).

For the Linda Vista real estate market, the median price was 0,000, which represents a 4.2% decline from the same time last year. Approximately 16 homes sold in June 2006 (17 homes sold in June 2005).

For the Mission Valley real estate market, the median price was 0,000, which represents a 3.8% decline from the same time last year. Approximately 7 homes sold in June 2006 (18 homes sold in June 2005).

For the Encanto real estate market, the median price was 5,000, which represents a 3.3% decline from the same time last year. Approximately 36 homes sold in June 2006 (47 homes sold in June 2005).

For the Clairemont real estate market, the median price was 5,000, which represents a 2.6% decline from the same time last year. Approximately 30 homes sold in June 2006 (34 homes sold in June 2005).

For the Sorrento Valley real estate market, the median price was 1,000, which represents a 1% decline from the same time last year. Approximately 6 homes sold in June 2006 (5 homes sold in June 2005).

ADVISORY

Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time, and is not conclusive of the pricing trends for any community. For some communities presented above, very few homes were sold during June 2006, which makes the use of the median price metric of limited value. The data must be evaluated over a longer duration, and involve multiple metrics to fully understand enduring market trends. Contact your Realtor to obtain information about enduring market trends for any given community.