Austin Area Real Estate Strong Q1 2010
The Austin Board of Realtors released the sales figures for the 1st quarter of 2010. The numbers show that housing in Austin is still stable but then why wouldn’t it be when Austin has one of the lowest unemployment percentages in the State of Texas.
March sales of single family homes increased by 27% over March of 2009 and condo sales increased by 129% over the same period. Even more important is that the median sales price in March 2010 was $180,000, which is the same median sales price from March 2009. Price stability is just as important as volume in determing the health of a particular real estate market. Also important to note is that the total days on the market was 16% less on average than that same period in 2009.
A large part of it could easily be the Tax Credit program. Even though condos are attractive to many first time homebuyers there were a large number of condos sold to empty nesters as well as to parents buying a second home as housing for their student attending one of the area universities. With the stable rental market in Austin seeing increased rental rates it makes economic sense for parents to buy a condo as opposed to rented an apartment.
Signs are still pointing to a Seller’s market in 2011 as demographers are predicting a housing shortage in Austin as more jobs are created and more people move to Austin. Pride of Austin Capital Partners stands ready to help alleviate the housing shortage by lending on rehab construction projects turning the homes in the city’s core to quality, energy efficient homes.
Investors take note: With this kind of activity on the horizon and based upon our healthy returns to investors in 2009 and Q1 2010 now is the time to invest in Pride of Austin High Yield Fund 1! Send an inquiry for details.
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