The Sunshine Report:Experts See Healthy Market for Austin in 2007

Looking Back
Although the national real estate market experienced a downturn in 2006, single family home sales here, in Central Texas, remained strong. According to the Austin Board of Realtors (ABOR)," More homes were sold in the Austin-area during the first two quarters of 2006 than in the first six months of any other year. Between January and June, 13 percent more single-family homes were sold than in the first half of 2005." Additionally," The Real Estate Center at Texas A&M University reported that in the second quarter of 2006, national home sales fell by 7 percent, while Texas home sales increased by 11 percent."

A vibrant market during the second half of the year insured that the record breaking year continued. Home sales ended up 10 percent from the previous year. According to ABOR, "Also notable in 2006 was the fact that homes sat on the market for the shortest amount of time in four years." 2007 looks set to continue that trend.

The Year Ahead
All signs point to another great year for Central Texas and Austin. Overall, home prices remain affordable and the forecasts for both job and population growth are extremely favorable.
The Real Estate Center also noted that Texas is home to three of the top-ten most populated U.S. metropolitan areas, as well as four of the fastest-growing cities in the nation. This provides Central Texas and Austin with a great recipe for growth, rising property values and strong home sales into 2007.

Gary Solka, Mortgage Consultant at Milestone Mortgage said, "Unlike the other major real estate markets in the country, Austin is doing very well. Already 2007 has seen a lot of activity and many of my clients that are purchasing are finding themselves in multiple offer situations for a given property. In addition, prices are increasing or holding steady in most parts of the Austin area."

With all the growth many home owners here may find themselves at a loss as to how to properly value their home prior to listing it on the market. Emmy Sunshine, Principal, of The Sunshine Team at Keller Williams, says, "This is where we, as Realtors®, can be of invaluable assistance. We are constantly watching and assessing the market conditions neighborhood by neighborhood and providing our clients with the knowledge they need to effectively price, market and sell their home. At the end of the day, it is our job to help them sell their home at the highest price, in the shortest amount of time and the least hassle."

These strong economic factors, combined with forecasts for continued stability, as well as, brisk recent home sales here in Austin and the surrounding area, indicate that Central Texas should expect a healthy real estate market for the remainder of this year.