Hope that you had a wonderful Fourth! Below is a calendar of events happening around Austin this month! Hopefully you can manage to stay cool and enjoy something on the list!

Please email me if you would like an activity summary or a year to date update of a specific area/neighborhood in Austin.

The number of active listings are down 6.43% from last year.
The number of new listings are down this week 35.77% (compared to 5/25/08 - 5/31/08).
Pendings are up this week 9.43%.
Sold residential units are up 54.13% compared to the same week last year.

The Week in Review

Units for Sale:
May 24 - May 30, 2009 (compared to the same week in 2008)
New listings down this week 35.77%
Pendings are up 9.43%
Solds up 54.13%

As for Average Prices:
May 24 - May 30, 2009
The "New Listings" average list price is up 2.75% to 315,922.
Sold average sales prices increased 2.45% to $261,000.
In 2008 it was $254,750 for the same week

The Month In Review

May 2009
Units for Sale: (compared to May 2008)
New listings were down 30.65%.
Pendings were down 1.76%.
Solds decreased by 27.72%.

As for Average Prices:
The "New Listings" average list price is up 12.11% to 355,139. In May 2008 the average list price was $316,768.
Sold average sales prices decreased 3.35% to $250,014. For May 2008 it was $258,675.

Did you know?
That we had 12,249 active listings during the same week in 2008? Today there is 11,462 active listings! That is 6.43% decrease from last year.

I wanted to remind you that the deadline to protest your property tax is this weekend. If you are considering filing a protest, the bottom of this post has several links that I found extremely informative. Especially, this one. Below are suggestions to prepare for your protest before the Appraisal Review Board.

• Check the appraisal to make sure the property description and measurements of your property are correct.
• Check the appraisal to see if it accounts for hidden defects-for example, a cracked foundation or inadequate plumbing. Evidence of a hidden defect could be a photograph, or a statement from a builder or independent appraiser.
• Ask the district for the appraisal records on similar properties in the area-to learn if similar properties are treated equally.
• Consider using an independent appraisal by a real estate appraiser. Insurance records are often helpful.
• Get documents or sworn statements from any person providing any sales information.
• Use sales of properties that are similar to the subject property in size, age, location, and type of construction.
• Use sales that occurred closest to January 1.
• Weigh the cost of preparing a protest against the potential tax savings.
• Ask the appraisal district to see and inspect all information it used to set the value of your property. The appraisal district must give you the opportunity to inspect information, even if the information would normally be considered confidential.
• Ask to inspect and obtain a copy of the data, schedules, formulas, and any other information that the appraisal district plans to introduce at the hearing. The law requires the appraisal district to allow you the opportunity to inspect during the 14 days before the protest hearing.

April sales highest since September but down 18 percent from a year ago.

By Shonda Novak
AMERICAN-STATESMAN STAFF
Thursday, May 21, 2009

Austin-area home sales last month were the highest since September, and several agents said they're seeing signs the market is stabilizing.

The Austin Board of Realtors said Wednesday that 1,601 single-family homes sold last month, with a median price of $189,000.

Although sales were down 18 percent on a year-ago basis, board Chairman Jay Gohil said that was the smallest percentage decline this year.

"With each month, the gap in sales volume from 2008 to 2009 is closing," Gohil said.

The April percentage decline was half as big as the gap in January.

There were 1,919 sales in the pipeline for May, the most since July, although they were down 9 percent from a year earlier.

The median price was 1 percent higher than a year ago.

R. Michael Brown, owner/broker of Avalar Austin, said the market in general seems to be picking up but cautioned that there were wide differences based on neighborhoods and subdivisions.

"We're seeing a very nice ramp-up" in the market for homes priced between $300,000 and $600,000, where his company focuses, Brown said.

That includes buyers of second homes in areas such as Lakeway and Lake Travis.

"People are looking to park some money in a tangible asset that they can use and have some fun with," he said.

But he said that getting approved for a mortgage remains a challenge for some prospective buyers, estimating that about 35 percent of his company's potential buyers encounter financing issues.

The hitch is typically "the perceived stability of their job," Brown said, particularly if they work in a industry that's declining.

In Austin, Jay Carter, an agent with LivingInAustin.com, said it seems to be a buyer's market for homes priced $350,000 and higher.

In that price range, mainly in Central and West Austin, Carter said, "we're noticing homes sitting on the market a bit longer and where some asking prices are being dropped deeply and frequently."

He said many potential buyers are "becoming convinced those prices have still further to drop. And I can't say I disagree with them."

On the other hand, for houses under $250,000, "the market is incredibly intense and competitive," Carter said.

He said the best homes in that category are attracting multiple bids after just a day or so on the market.

"If you have a nice home within the city limits to sell for under $200,000, you're still finding lots of buyers at your doorstep," Carter said. "They're taking advantage of 4.75 percent interest rates and the $8,000 first-time buyer tax credit."

Gohil noted that there is a 6.4-month supply of homes for sale, considered a balanced market between supply and demand.

Brown said it's a good time to buy, with ample inventory to choose from and some sellers reducing prices, though he emphasized that buyers aren't likely to find fire sales.

If your home is older then 10 years of age, you will want to understand the new city of Austin ordinance which is effective June 1, 2009.  After that date,when you wish to sell your current home, the city of Austin will require you to have an energy audit performed and to provide this information to the buyers. Obviously this could also affect the property you purchase.  This link is directly from Austin Energy and can answer some questions which you may have, as well as this website.

I am attending discussion forums to be able to best represent and inform you, and to minimize possible problems which could arise.  Any time the City has a major requirement of home owners and the details are not clear, I learn everything I can!  The concern for you as a seller is that it is potentially another repair to be negotiated during a buyer's option period and another expense in preparing your home to sell.  The inspector must have a license from the city to perform these inspections and currently there is an inadequate number of inspectors for the number of houses listed which will require this report. These obstacles will be resolved. The positive side is the reduction of energy consumption and that the repairs are not currently mandatory. 

Let me know if there are any questions that I can answer at this time. Hopefully this will yield long term results as we as a community strive to make Austin Green. Please remember that I am here to answer any real estate questions and to help you and the friends you send to me!

My disclaimer is that this message has nothing to do with real estate!  But as I am sometimes caught unaware, I wanted to mention you that on Monday, May 11 postage will increase 2 cents and you might wish to purchase the Forever Stamps prior to that day for a lesser amount. For more details on the new prices see this link  from the United States Post Office.

Statistics tell us so much about what is going on in todays market.  Below is a chart of the Monthly Residential Closed Units Year to Date for you to review!

The Month in Review April 2009

Units for Sale: (compared to April 2008)
New listings were down 22.84%.

Pendings were down 6.12%.

Solds decreased by 23.45%.

As for Average Prices:

The "New Listings" average list price is up 11.10% to 369,308. In April 2008 the average list price was $332,403.

Sold average sales prices decreased 6.22% to $228,272. For April 2008 it was $243,410.

I have received several calls from clients whose appraisals increased significantly which they thought seemed contrary to the daily news.  This always seems to be a topic of conversation when I am around so I thought you might like to see this information.  Please remember it is only 3 months and I do have all of last year if you are interested.  I also have the statistics on all areas so if yours is omitted, please call me and I shall send it to you.

Everywhere I go people ask me what is really happening with the Austin housing market. Central Texas had record braking years in 2005-2007 but the economic housing slowdown hit us in 2008. But as Austin ranks 10^th in the nation for job creation, we should be on the leading edge of the economic turnaround. Austin Realtor magazine reports that there was a two percent increase in home prices for 2008 which is in sharp contrast with what is being reported nationally. Eldon Rude of MetroStudy discussed that the majority of the country is attempting to unload a 12 month supply of homes while Austin has a healthy 5 month supply. We are seeing fewer closing in 2009 and consequently there may be negative appreciation in some local areas.

Real Estate may suffer as much from low consumer confidence due to a tightening of credit and the overall national economy as to any local factors. But with interest rates at levels not seen since World War ll, a return to sensible lending practices, and people moving to our city and wanting a home, I feel that that a healthy housing market is ahead! Remember that Austin is in the top 10 cities for job creation as reported by the US Bureau of Labor Statistics. More jobs, larger population and the result is a greater demand for housing.