It's okay to vent, just wondering what part of the country is still a seller's market

cordovamom, Central TX and other parts of TX. Here is a copy of an article from the Austin American Statesman

"HOMES
Area housing market still sizzling
Increases in October home sales and prices put Central Texas on pace for another record year.

By Claudia Grisales
AMERICAN-STATESMAN STAFF
Thursday, November 23, 2006

The Central Texas housing market is on track to end the year with more record sales.

Sales of existing homes in Central Texas rose more than 8 percent in October from the same month a year ago, according to an Austin Board of Realtors report released Wednesday. Last month, a record 2,073 single-family homes were sold, up from 1,913 sold in October 2005.

This, combined with a higher median price, relatively quick sales and a higher number of pending sales, is good news, says Charles Heimsath, president of Austin-based real estate consulting firm Capitol Market Research.

"All those taken together says to me it's a very strong market that shows little signs of weakening," Heimsath said.

The Central Texas region has posted a strong pace of home sales this year, signaling that the region continues to buck national trends of a cooling housing market.

It also bodes well for 2007, as economists expect the region to hold on to its strong sales and growth.

Last month, the area's median home price was up almost 9 percent to $175,000. And homes are staying on the market for 66 days on average, which makes it a seller's market.

Pending sales were up 19 percent to 2,417.

And sales of condominiums and townhomes are also posting gains, up 25 percent from October 2005.

"That's a trend we want to watch going forward," Heimsath said.

The median price of these properties is up 28 percent to $168,250, inching closer to home prices.

And that could signal a shift in more baby boomers downsizing to condos or townhomes, combined with younger, first-time buyers, Heimsath said.

The strong trends are expected to continue if favorable mortgage rates and the region's healthy job growth remain intact, said John Rosshirt, chairman of the Austin Board of Realtors.

By contrast, national home sales fell in 38 states, including Nevada and California, during the summer months.

"Most parts of the country would love to have our stats," Rosshirt said. The mortgage and job growth rates "will lead to a strong real estate market. So it looks like an excellent year on all regards and an optimistic 2007."

So far this year, the Central Texas region is posting a 10 percent increase in sales compared with the same period a year earlier. The median price during this same period is up 7 percent to $174,000.

There are fewer homes selling for under $120,000 so far this year, which is down 6 percent or more compared with the same period a year earlier.

Home sales in the $200,000 to $249,000 price range, however, are up 18 percent.

Among the Central Texas submarkets, the South Austin area known as area 10 posted the highest "hotness" factor, which is calculated by the number of pending sales versus active listings, Rosshirt said.

In that area, which includes neighborhoods such as Cherry Creek and Tanglewood Forest, active listings took about 18 days to sell, the report found.

Real estate agent Corey Yaz, whose specializes in area 10, says activity was fueled in part by many first-time buyers.

And that means quicker sales as well, Yañez said.

"People need to move quickly; area 10 is more affordable than other areas in Austin, but it's very close to downtown," said Yañez, who is with Ultima Real Estate Services.

So "for me, it was a very busy month and one of the best months I've had all year," she said. "

Here is a link that might be useful: Area housing market still sizzling

Cordovamom It's okay to vent, just wondering what part of the country is still a seller's market

There are quite a few areas that are still seller's markets; the great majority would be neutral markets. Just as most of the US did not see run-ups of home prices at 10-40% per year the last four years, most places did not "burst" or become a buyer's market now. It seems the national media likes to report what is happening on either the far right or far left coast, not the areas in between - which is most of the geographic area of the country.

I've read all the media reports, which of course are probably over hyped, about buyer's markets. I myself live in a market which is just about "neutral", no big changes ever happened either with prices exploding or prices dropping, but wasn't aware that there were any areas that are booming, glad to hear it!!!

or the nice wooden lined shower All I can say is WT%&*#?

I wonder if all the investors who have pulled out of my area are now buying in central Texas. It seems that investors "discovered" our area a few years ago and ran up our prices. Now, that they are leaving we have a glut of homes on the market that won't sell. Plus, everyone who has ever swung a hammer decided to build a spec house, hoping to cash in on the boom. Unfortunately the boom is over and they are stuck with homes that won't sell.

After looking this weekend at houses/property out in the country, I understand what you're looking at. In order to sell my house at a certain price point I have to have an updated kitchen/bath with quality finishes (stainless, granite, etc.). When I look outside the city at lots that are twice the size of my city lot, they want $50K more for a slightly larger house that hasn't been updated since 1966. So, for $50K more, I have a little more yard to mow, septic and well instead of city water, possible flooding and mandatory evacuation zone in event of hurricane, over an hour drive to work instead of 10 minutes and remodeling to last me the next 5 years. No thanks, I'll stay put for a while.

De