March 2009
Spring is in the Air; Unfortunately, so is the Pollen!
Austin’s signs of a slowing market are beginning to materialize in some micro-markets although Austin median price is only down 3 percent. It’s important to remember micro-markets operate on smaller sales volume and can therefore be more volatile especially in the higher end markets. Remember, median price is a function of what’s selling not necessarily depreciation.
Market Update
So far this year, we’re in the slowest market since 1998 when sales units were 1596. Below is a chart of year-to-date stats for 2009 and the change from 2008
Featured Listings
9906 Hundred Oaks Cir #B
Large duplex for lease on a quiet street. 3 bed, 2 bath , MIL plan with one car garage, private fenced yard and small pets welcome. Situated at the top of the hill , end of the culdesac with a pleasant view. Landlord prefers 12-15 month lease and is asking $895 a month for this property with Round Rock schools.
2124 E 6th St #304
Open loft style foreclosure condo for sale! Lowest price per square foot available in complex. Average MLS sales were $238 a foot back in 2007 for similar sized units. Location on NW corner provides downtown views and lots of natural lighting. Asking price is 190K or $198 a foot.
The Single Family Residence Market Cycle
The graph below is a look at median price and supply for single family homes in quarterly increments since 3rd quarter of 2000. Supply is in monthly units or considered ‘months of supply’. The supply is determined by dividing the number of units available by the units sold per month. If a hundred units are sold in two months and three hundred are available, there is a six month supply.
The ABoR statistical archives were sourced again to determine the supply of single family homes since 2000. From a supply standpoint, it’s pretty obvious from the graph we’re in the slowest market since before 2000, but just barely. It’s also helpful to understand the troughs, peaks, length of cycle and sharpest incline/decline when forming marketing plans and goals.
It looks like the 29% jump in supply during the 4th quarter of ‘08 was almost as rapid as the 33% drop in supply during the second quarter of ‘04. Point being, the market may show signs of some quick recovery but it’s important to watch the cycle and have some reference point.
Market supply is a great indicator of current market condition, especially in micro-markets, and including price ranges. Supply is one of several tools one should use to make educated market decisions.
Easy Grape Tomato Salsa
Serves 6
1 lb grape tomatoes (Central Market has nice ones)
2 TBL olive oil
1/2 white or yellow onion
1 TBL local honey (local honey can help allergies)
1/2-1 fresh jalapeno (seeds are HOT)
3 garlic cloves
1/3 cup fresh cilantro
1/2 fresh lime juiced
Place all ingredients in a blender or food processor and mix on high for about twenty seconds. Time varies by machine and desired texture. The secret to great sauce is using excellent tomatoes.
Optional: Homemade flour tortillas or corn tortillas (available at C.M. or H.E.B.) combined with the salsa make incredible, easy tacos. Great after a really busy day or on a lazy Sunday. Heat the tortillas on a skillet or open flame. Some of our favorite ingredients include: black beans (yes, out of the can), sliced avocado, sour cream and most cheese.
Upcoming Local Events
Pedal Power Wildflower Ride...4/4 @ LBJ State Park - www.hccac.org
The Great Urban Race...in Austin 4/4 - www.greaturbanrace.com
Gems and Minerals Exhibit…thru 10/01 @ Texas Memorial Museum
Windows on Nature….thru 4/30 @ Texas Natural Science Center (in Texas M.M.)
To the Moon: The American Space Program in the 1960s….thru 7/20 @ LBJ Library and Museum
All Systems Go….thru 5/30 @ Austin Children’s Museum
Birth of the Cool: California Art, Design and Culture at Mid-century….thru 5/17 @ Blanton Museum of Art
