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Create A BlogAnnual Market Update: Austin Real Estate Winners and Losers 2007 |
Austin real estate was poised for a Super Bowl-style win in 2007, but the year proved to be humbling after the mortgage market fumble last summer.
SEE THE 8-YEAR AUSTIN REAL ESTATE MARKET PLAY-BY-PLAY (From 1999 to 2007)
- Austin homes sales during the first few quarters in 2007 were selling in under 30-60 days. Buyer confidence was high.
- The Texas mortgage market tanked in June. The result: many buyers and investors who wanted loans simply could not get them.
- Loans for new construction, land, stated-income, sub-prime borrowers and low-down payments were at a stand-still for a few months Fall '07.
WINNERS AND LOSERS IN THE 2007 AUSTIN REAL ESTATE MARKET
WINNERS: "Regular" Home Buyers. The mortgage market downturn slowed speculative zero-down investing and solid buyers were ready, willing and able to get better deals on homes.
LOSER: Number of Units Sold. The latter part of 2004 to 1st half of 2007 were record-breaking years for Austin real estate. The mortgage market downturn hurt real estate sales and unit sold ended close to levels seen in 2003.
WINNER: Average Days on Market. Days on Market flor 2007 matched 2006 at 64 on average. This factor constitutes a big reason why I've been so enthusiastic about 2008. When a market has "busted", days on market increase to 6 months or longer, signaling a buyer's market.
WINNER: North and South Central Austin. MLS Areas N, NW, SW, 10S, and SWW were sold in under 30 days this past December and were solid performers throughout 2007.
AUSTIN MARKET THOUGHTS...ARE WE STILL OVER-CONFIDENT?
Some readers felt that I've been over-confident in the Austin market. I respect their opinions and input. 
The difference may be that my outlook is based on my real estate investment practice. Like other investor specialists, my job is to follow growth and demographics so we can sell for profit in under 6 months.
BEST BET: Read all of the information, contact a neighborhood specialist, and make your own judgment on whether now is a good time to buy or sell in your area.
AUSTIN REAL ESTATE RELATED LINKS
- Think you have talent? Be a Market Conditions Reporter.
- Read all of our Texas real estate market updates.
- Previous Post: Quick 2006 Market Summary for Austin.
- Texas mortgage market update by Mary Stephens.
- Top 10 Cities Ready for a Boom in 2008.
All rights reserved, copyright© Dee Copeland 2008
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