2011 2nd Quarter Review - Austin Real Estate Market

Home prices in Austin remained stable during the second quarter of 2011. Compared to the previous year, the median price of Austin homes rose three percent in April and four percent in May, finishing with a median price of $205,000 by the end of June. In addition, June saw an increase of Austin home sales, nine percent more than June of 2010.

During the first half of the year, a total of 9,299 homes were sold in Austin, five percent fewer than the same period in 2010. However, pending sales, which indicate the number of sales likely to close in the next month, were higher in the second quarter when compared to 2010, with a 53 percent increase in May and a 31 percent increase in June.

Austin homes spent an average of 88 days on market (DOM) in April, 81 days in May and 75 days in June, marking the shortest DOM figures since the Fall of 2010. While these numbers indicate that Austin real estate spent more time on market than during the same period one year ago, they were the lowest DOM figures seen in Austin since September 2010.

"Looking at the results, it's encouraging to see that the demand for homes is strong and that Austin-area homes continue to hold their value," said Judith Bundschuh, Chairman of the Austin Board of REALTORS®. "The increase in pending sales…coupled with stable prices and stronger sales [in June], are encouraging signs that the market is returning to a pre-recession seasonal cycle."

Operation "Big Dawg"

The City of Pflugerville has hired a prominent consultant to be its confidential go-between in pursuing a huge employer that officials can’t speak of. The project's code name is "Big Dawg"

“What project Big Dawg is, no one knows, but we do know it’s a major employer, a big company that wants to establish a big Austin-area location,” editor of Austin Business Journal, Colin Pope, said.

I love the mystery of it all. Will keep you posted if any new clues arise.