Welcome to the Spyglass Realty November Newsletter. The latest numbers from the Austin Board of Realtors are out for October. The median sold price in Austin is $237,500, up 10.6% from last year at this time. The average days on market were up from last year, increasing from 46 to 47 days on market. I was certainly expecting a larger number there based on the slowdown we’ve been seeing and the days on market that are higher in the areas where the price ranges are above $400,000 (mainly central Austin). So what this tells me is that even in this last quarter, the under $400,000 price is still very appealing.
In our office we’re seeing an uptick in online registration for people that are looking to buy in the next 120 days. I see this as a sign that the market will pick up in January. What’s the take-away? For buyers, its that the last 3 months are absolutely the best time to buy property and if you’re looking to sell a home, its time to start getting ready because we normally see a pop occur the second week in January.
30 year rates dropped below 4% for the first time since last summer as worrisome economic news affected US markets. Currently, Freddie Mac reports the following figures: 30 year fixed rate 3.97%, 15 year rate 3.18%, 5/1 adjustable rate 2.92%
So what’s the new year going to look like? The economic indicators in Austin haven’t shown any signs of slowing down and the fact that the usual uptick in website activity is picking up for this time of year tells me that things are going to start ramping up again in January. I don’t think that we are going to see quite as much appreciation in 2015 as we did in 2013 and 2014 as buyers are starting to use caution when approaching overpriced listings.
I’d encourage you to read Jan’s reporting at Austin Economic Forecast from the Austin Business Journal below. It paints a really nice picture for Austin, especially compared to the rest of the country. I think this is why we saw what is normally a fourth quarter slowdown, occur in the middle of the third quarter. The rest of the country isn’t doing nearly as well as we are and its hard to realize that if you are caught up in what the local economy is doing.
A buyer’s delight! Oh the joy of the holidays….I know you are busy and so is everyone else. That’s precisely why, if you are looking for housing, this is the perfect time to do so. The demand is down and its a great time to catch sellers off-guard. Some of the best deals I have ever seen occur have been in the month of December.
The October Real Estate Stats are out: http://www.spyglassrealty.com/austin-real-estate-market-statistics-october-2014/
In The Headlines –
Austin’s Economic Outlook is still the brightest in the nation – Reports the Austin Business Journal – http://www.bizjournals.com/austin/news/2014/09/25/austin-still-ranks-among-fast-growing-u-s-cities.html
Formula One’s Economic Impact on Austin – http://www.myfoxaustin.com/story/27054527/formula-one-race-could-add-fuel-to-austin-economy
Image, courtesy of rmommaerts