• Homes Sold: 1,299 (21% decrease as compared to December 2007)
• Median Price: $182,000 (4% decrease from December 2007)
• Total Dollar Volume of Property Sold: $320,542,539 (22% decrease from December 2007)

ABoR Chairman, Jay Gohil, reveals, “Austin is feeling the effects of the economic downturn in our sales volume, but our price stability shows the long-term health of our market...In Austin, we never saw the dramatic price run-ups like other parts of the country.  Now our homes are retaining their value, even in the midst of market fluctuations.  Combine that fact with projections that Austin’s population will continue to grow and our economy will continue adding jobs in 2009 and it becomes clear Austin is a good place to invest in real estate.”   

For more detailed information, please reference:

December 2008 Austin MLS Areas Report

December 2008 Austin MLS Regions Report

December 2008 Austin MLS Indicators Report

For more information about home values in Austin, please contact SusieKang@JoaRealty.com or call 512.480.8384

With stores like Linens N Things and Circuit City shutting doors, it is refreshing news to hear of retailers expanding their locations and/or establishing roots in Austin.  The following companies are currently planning expansions in Austin:

1. Bed Bath & Beyond (and Buy Buy Baby subsidiary)
2. Newcomers Sprouts Farmers Market
3. Newflower Farmers Markets (3-4 locations planned)
4. Nordstrom Rack (Nordstrom's Outlet subsidiary; planned for the Gateway Center)

In the current global recession, Austin has fared well in the retail occupancy.  In the end of 2008, 93% of retail space was occupied, compared to 92.5% in mid-2008.

There have been no announcements of major retail construction set for 2009, so the new store openings will help offset the store closures of other retailers. 

For more information on commercial real estate, please contact Susie at SusieKang@JoaRealty.com.

Austin Board of REALTORS report on November 2008 Statistics

990 Homes were sold in November 2008, a 40% decrease from November 2007

The median price was $180,000, down 3 percent from 2007

The total dollar volume of home sold was $231,014,520,  down 44 percent from last November

Jay Gohil, ABOR chairman observes, "There is no denying the Austin market has begun to slow...However, we still enjoy strong statewide job growth and low unemployment, two factors missing in other, more challenged parts of the country. These sound fundamentals, combined with capital that should flow more freely to homeowners from the recent federal bailout, will put Austin in good stead as the market begins to recover."

Please contact us at info@joarealty.com for more information.