bstalley's Blog: All Categories

Austin homes experienced a 1.4% price increase for sold single-family homes between September and October of 2008 - these were homes within the Austin city limits.  This is opposed to the 3.2% price drop between July and August of 2008 and the 4.3% drop between August and September of 2008.  Overall Austin sold home prices for the year (January thru October 2008) are up by 1.3%, which is amazing considering the turmoil in the national economy!  Luxury Austin real estate prices have been hit the hardest in October 2008 with a 21% decline in sold prices over the previous month - my definition of Austin luxury homes are homes thast sold over $1M.  Austin homes between $500K and $1M were second in line in price drops with a 10.6% decline in Austin home…

The Ridge at Lantana neighborhood in southwest Austin is bucking the overal Austin trend of rising prices and reduced home sales.  This 3 year old neighborhood has seen prices decline by 3% during the first three quarters of 2008 while the number of homes sold is up 8%.  I've been told that the Ridge at Lantana is one of the best for homebuilders Newmark, Plantation, and Meritage who are seeing home sales declines for their new construction all over Austin.  The Ridge at Lantana currently has around 250 homes and will be complete with around 330 homes.  Those who purchased a new home in Lantana in the first few years of its infancy can most likely sell at a gain if they price their home right up front.  Those who overprice and reduce the price…

The Austin real estate market is still strong with an overall 1.5% price increase for single-family homes for the year (January 1 thru September 30, 2008), but the market has seen a 22% decrease in the number of homes sold proving that Austin is not immune from the current national market woes.  I'm seeing many homeowners opt to pull their home off the market rather than sell at a "below market" price, thereby preserving the sales prices thus far in Austin for single-family homes.  The only way I can see home prices plumetting would be if there were massive layoffs causing increased unemployment forcing homeowners to sell at whatever price they can get - possibly investor prices since demand may be low in this scenario.  While I understand that the global…