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Hello to all,
787 Realty is live!
I’ve been in continuing ed for the last 5 days and have not been able to post the next installment of our neighborhod video series. Well, to make up for the slowdown, we decided to release the entire website instead. We have put a lot of work into this site for the last few months and we hope you all enjoy!
Mason Quintana
http://787-realty.com/
I hope you all enjoyed the "East Austin" neighborhood video. This week's video will provide quite a contrast as "West Austin" will get center stage. Traditionally, West Austin includes parts of Clarkesville and Tarry Town. However, we thought that they were more in line with our "Central Austin" area map. To the Austin natives, sorry for the confusion.
Before I get to the video, I'd like to provide a little commentary on the recent rise in mortgage rates. This might not be "Muy Popular" but there are silver linings to the more than one point increase in rates from May to late June/July 2013. Justification for my madness is as follows:
- We are still talking about 4.75%. My first mortgage in 2003 was a stratospheric 6.3%.
- The higher rates will loosen up underwriting standards and more people will be eligible for mortgages. How? Banks have already seen a sharp drop in applications for refinance and will look to new higher rate mortgages to maintain profitability.
- Less Refi's will help add clarity to the mortgage/housing numbers. Banks will actually loan money to new buyers and not just to people that already have homes. Refi's are good for the economy but cloud the recovery a bit.
Enjoy the "West Austin" Short!
Regards,
Mason Quintana
512-740-8008
In this week's post, since 787 Realty is about to lauch a new website, I thought I would give people a sneek peek at one of our neighborhood videos. I'll release one a week for the next few weeks. We are very proud of them and hold them up as examples of the attention to detail we provide to buyers and sellers. Enjoy the East Austin short!
I’m pleased to announce my first listing video with 787 Realty. I’m very excited with how it turned out and I look forward to creating great real estate marketing videos for many more sellers. Thanks to John, Brett, and Andrew at Initial for all the hard work and visionary ideas.
By the way, I will be hosting an open house on Saturday 6/29/13 from 12-3pm at 2505 Exposition. Come join me for pastries and a tasty beverage.
Austin Real Estate - One Realtor's Perspective
Just thought that I would add a little comment to the recent MLS stats that I posted on the 20th. There was one piece of information that I found particularly surprising. It was not that there were over 2900 homes sold in May or the fact that inventory was down 1.7 months from last year. As those of you that have followed my "Writing" over the last 6-7 months might remember, I posted in January that the average home price in Austin rose from $225K to $262K from 2012 to 2013. That just takes January year over year sales into account but that is a significant increase to say the least. About 15%! So far this year, the average sales price has gone from a January number of $262K to a May number of $302K. You might say that I'm playing with numbers and not comparing the same months. Ok, fair enough but the May numbers are up 10% from May 2012. Translation? Much like the expansion of the universe, this thing is speeding up and not slowing down. That's a nerdy comment but I thought it a perfect analogy.
May 2013 Austin Real Estate Statistics
Austin-area home sales up 29 percent, most home sales for May on record Austin Board of REALTORS® releases real estate statistics for May 2013 AUSTIN, Texas – June 20, 2013 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the volume of Austin-area home sales continues to rise, as May 2013 marked two straight years of sales volume increases and the most home sales in May on record. According to the report, 2,991 single-family homes were sold in the Austin area in May 2013, which is 29 percent more than May 2012. On average, homes spent 44 days on the market, which is a decrease of 19 days from one year prior. Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS®, explained, “This is a great month for the Austin-area housing market. This is a record month with nearly 3,000 single-family homes sold in May—an incredible trend I expect to continue through the summer.” The total dollar volume of single-family properties sold was $904,460,454, or 40 percent higher than the same month last year. The market also featured 11 percent more new listings, 24 percent fewer active listings and 10 percent more pending sales in May 2013 compared to the prior year. In May 2013, the median price for Austin-area homes increased to $231,500, which is eight percent more than the same month in 2012. Additionally, the market featured 2.7 months of inventory in May 2013, which is 1.7 months less than May 2012. Coneway adds, “The Austin Chamber of Commerce states that 150 people move to the Austin area every day, so it’s no surprise homes are selling at a rate not seen since 2001. With these numbers, it’s important that our housing inventory remain strong to meet this unprecedented demand.” May 2013 Statistics · 2,991 – Single-family homes sold, 29 percent more than May 2012. · $231,500 – Median price for single-family homes, eight percent more than May 2012. · 44 – Average number of days single-family homes spent on the market, 19 days fewer than May 2012. · 3,735 – New single-family home listings on the market, 11 percent more than May 2012. · 5,735 – Active single-family home listings on the market, 24 percent fewer than May 2012. · 2,857 – Pending sales for single-family homes, 10 percent more than May 2012. · 2.7 – Months of inventory* of single-family homes, 1.7 months less than May 2012. · $904,460,454 – Total dollar volume of single-family properties sold, 40 percent more than May 2012. The following sections describe trends in other sectors of the Austin real estate market. Townhouses & Condominiums The volume of townhouses and condominiums (condos) purchased in the Austin area in May 2013 was 336, which is 17 percent more than May 2012. In the same time period, the median price for condos was $194,000, which is two percent more than the same month of the prior year. When compared to May 2012, these properties spent 38 percent less time on the market, or an average of 50 days.
If anyone has ever driven on Shoal Creek between Hancock and 2222, then you have undoubtedly wondered what it would be like to own this lot. Having a muti-acre lot in Central Austin is rare and I knew this bad boy would hit the market sooner or later. The short version of this story is that a builder has purchased the southernmost acre and is offering to build a home to your specifications. The lot has 100 feet of frontage and is 450 feet deep all the way to the creek. Did I mention that it is on shoal creek? Of course I did. However, I also meant the actual Shoal Creek. How much you ask? Because its a high end builder, your all in costs should be around 1.2M. That might be a little high for the neighborhood but there are several new builds on this stretch of Shoal Creek that will appraise close to that with far less lot. When its all said and done, it's my opinion that you'll have a very unique property that will appreciate nicely in 5-6 years. [email protected]
More of 2505 Exposition. [email protected]
