Statewide home sales totaled nearly $40 billion in 2011. Real estate statistics show that number to be almost the same as figures reported back in 2004, before the recession occurred.
Austin, Texas (PRWEB) August 24, 2012
Regent Property Group of Austin has more evidence the Texas housing market has made a strong comeback and recovery from the recession years. One piece is the annual dollar volume of home sales. “Statewide home sales totaled nearly $40 billion in 2011,” said Austin Realtor and Austin home search expert Brian Talley. “Real estate statistics show that number to be almost the same as figures reported back in 2004, before the recession occurred.”
The $40 billion sales mark has held strong for the past three years in Texas, which is good and bad news. “Holding steady is always better than decreasing, but it could be better, and in 2012, it will be,” said Talley, who analyzed statistics from the Real Estate Center at Texas A&M University. “2012 is primed to show a substantial increase in the total dollar volume of homes sold.” The Austin luxury home market also helps to propel the local market forward.
Another piece of evidence that Texas has made a full recovery is found in the inventory of Texas homes for sale. When there’s an excess of homes for sale, prices will be driven down, and a smaller inventory means higher prices. The Texas housing inventory peaked at 31,431 homes for sale in 2006. Five years later, the total was 21,771, a dramatic decrease of 31%.
The third evidence used to measure the success of the Texas housing economy is monthly inventory. A balanced home market has approximately a 6.5 month supply of homes at any given time. When inventory drops below this figure, prices rise faster, and when homes for sale exceed this amount, prices shrink. “The Texas housing inventory was less than 6.5 months from 2000-2008, and housing prices were rising,” said Talley. “In about May of 2008, Texas’ housing inventory rose above 6.5 months and stayed there through November 2011. Since then, the inventory has hovered around six months, which is much healthier.”
While markets across the state will differ from each other, the overall outlook is positive, and Austin remains one of the strongest markets not just in the state, but in the country, with desirable neighborhoods in the Lake Austin, Barton Creek, and Downtown Austin areas drawing in new residents from around the world.
About Regent Property Group
Brian Talley is the founder and owner of Regent Property Group. He is ranked among the top 1% of selling agents out of the 5,313 Austin Board of REALTOR® members. Over the past four years, Talley has been a top producer closing multi-million dollars’ worth of transactions for homes located all over Austin. Talley has been active in real estate since 1998 where he began his career working in retail development, sales, and marketing. He formed Regent Property Group to serve the needs of Austin’s residential real estate clients, helping people buy and sell luxury homes in the greater Austin area. Contact Regent Property Group today at 512-554-9714.