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In a sense you are correct. One thing you have to remember is the Austin MLS area is VERY large and encompasses outlining rural areas that are over an hour away from the city limits. If you break down the stats to only include the Austin metro area and within 45 minutes of town and not the rural outlining areas (which are hurting) you will see that the area is still appreciating and still a sellers market.
This is a common retort for general MLS numbers. Steering away from numbers and saying it's all local. This problem is macroeconomic, and even the most pristine areas in the country will be negatively affected to some degree, from the Hamptons to the Bay Area. Some are affected more than others.
If you have an alternative statistic that pinpoints the houses and communities you speak of, I'd like to see it.
Otherwise, housingtracker is good enough for myself and many others as it's standardized and doesn't change its tune to be more or less optimistic.
This is a common retort for general MLS numbers. Steering away from numbers and saying it's all local. This problem is macroeconomic, and even the most pristine areas in the country will be negatively affected to some degree, from the Hamptons to the Bay Area. Some are affected more than others.
If you have an alternative statistic that pinpoints the houses and communities you speak of, I'd like to see it.
Otherwise, housingtracker is good enough for myself and many others as it's standardized and doesn't change its tune to be more or less optimistic.
I certainly understand your argument for the macroeconomics. We are seeing an effect from people trying to time the market and hold off on doing anything. However, Austin's job growth is 3 times the national average and consiquently is growing very fast. Google just leased 25K sqft. here two days ago. With all of the people moving here and job growth our real estate market IN AUSTIN is not seeing a downturn. I will get the stats to you and find a way to post them.
I had a $144,900 house sell in 7 days with 5 buyers coming thru. I had a $224,900 house sell in 64 days with 20+ buyers coming thru. I had a $494,900 house sell within 58 days with 15 buyers coming thru. I also have a $219,900 house (new listing) sitting for a week...the problem is the price ($10,000 over market value). They know it and now that we haven't had anyone call or any Realtors make an appt to view, they are getting the point. In this area, once a house is priced right, buyers are buying.
Here in Knoxville, TN, the houses in desirable n'hoods that are priced right are selling. My average days on market has gone up 5% since last year.
I had a $144,900 house sell in 7 days with 5 buyers coming thru. I had a $224,900 house sell in 64 days with 20+ buyers coming thru. I had a $494,900 house sell within 58 days with 15 buyers coming thru. I also have a $219,900 house (new listing) sitting for a week...the problem is the price ($10,000 over market value). They know it and now that we haven't had anyone call or any Realtors make an appt to view, they are getting the point. In this area, once a house is priced right, buyers are buying.
Here in Knoxville, TN, the houses in desirable n'hoods that are priced right are selling. My average days on market has gone up 5% since last year.
I don't doubt there'll be some success stories. You're probably just a good realtor
The stats suggest what you are suggesting. Prices have fallen and thus inventory is falling. Falling prices might just be reflecting of sellers not asking more than the previous comp, but maybe 1-3% less.
We'll see where things go in the future. I think it'll be far worse. So far, at least for CA and FL markets, I've been pretty accurate based on inbalances in those local economies. Affordability is decreasing in Austin, albeit at a slower pace.
We've had our house on the market for around 1 week since everything finally got done. We had 2 showings last weekend with one lowball offer we laughed at. The other couple is still interested and is probably coming back for a second look this weekend. Keeping my fingers crossed!
Our house has been on the market since the end of August. We had about 12 showings the first couple of months. Nothing for all of November/December, then 2 showings in the last 2 weeks. We had one low offer contingent upon selling their house, which we declined.
This is a common retort for general MLS numbers. Steering away from numbers and saying it's all local. This problem is macroeconomic, and even the most pristine areas in the country will be negatively affected to some degree, from the Hamptons to the Bay Area. Some are affected more than others.
If you have an alternative statistic that pinpoints the houses and communities you speak of, I'd like to see it.
Otherwise, housingtracker is good enough for myself and many others as it's standardized and doesn't change its tune to be more or less optimistic.
Cool site, but error prone. (by it's own admission)
Highland Park in Dallas is up 18% year to date. Entry level home will be about 1700 sqft. at $1,000,000. Specs are being built there for $20,000,000. Lot's start at about $1,000,000 and go up to $15,000,000 all less than half an acre (if you can find one).
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Morris County, NJ
