Texas Cities Outperform!

Texas cities are outperforming others! This information is from the Real Estate Center at Texas A&M. I believe it tells what we already know, but I think the stats are interesting…and do have direct relation to our real estate market.
Texas metros, led by number one Austin–Round Rock, claimed four of the top five spots and nine of the top 16 in the 2009 Milken Institute/Greenstreet Real Estate Partners Best-Performing Cities Index. Also making the list were Killeen–Temple–Fort Hood (2), McAllen-Edinburg-Mission (4), Houston–Sugar Land–Baytown (5), San Antonio (11), Fort Worth–Arlington (12), Dallas-Plano-Irving (13), El Paso (14) and Corpus Christi (16).

Austin–Round Rock was the first metro to ever be ranked number one twice on the index, the last time being in 2000.

But it doesn’t stop there. Nine other Texas metros made the top 25 out of the 124 smallest metros that were studied. Those were Midland (1), Longview (2), Tyler (4), Odessa (5), College Station–Bryan (14), Texarkana (17), Waco (18), Laredo (20) and Abilene (21).

Leaders in this year’s index, which ranks U.S. metros based on their ability to create and sustain jobs, are all metros that succeeded in avoiding the worst of economic declines driven by falling housing markets and job losses in manufacturing and global trade. Regional economic factors also strongly influenced the rankings this year, with the oil and gas sector, technology, and alternative energy providing stability among metros in Texas, North Carolina, Washington and Louisiana.

Another factor helping Texas metros move up in the rankings is the state’s favorable business climate and its ability to attract jobs and corporations away from higher-cost states. One thing a lot of people may not realize is how business friendly Texas is compared to other states. This is why we enjoy the inbound migration of so many businesses fleeing places like California, where regulation and high taxes are increasingly burdensome to business owners and employers. So, while things are a bit sluggish overall in Texas and Austin, we are doing comparatively well compared to other regions. Yee-haw!

The Austin Market - Week In Review

The number of active listings are down 10.95% from last year. The number of new listings are up this week by 3.03% (compared to 11/9/08 - 11/15/08).

Pendings are down this week by less than 1%.

Sold residential units are up 69.80% compared to the same week last year.

The Week in Review
Units for Sale:
Nov. 8 - Nov. 14, 2009
(compared to the same week in 2008)
New listings up this week 3.03%
Pendings are down this week 0.96%
Solds are up 69.80%

As for Average Prices:
Nov. 8 - Nov. 14, 2009
Sold average sales prices decreased 1.04% to $257,399. In 2008 it was $260,099 for the same week.