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3rd quarter's market update on the heels of August statistics. Another positive quarter in our market ranging from housing demand to job growth which as I've always said are directly correlated. We're on track for 4-6% appreciation this year with central areas between 5-7% and outside of central at 3%.
Currently, central is in a strong Sellers market - low supply, high demand and appreciation. Several areas outside of central such as Round Rock and Kyle are inching towards a Sellers market, a good sign these areas will do better next year. Notable statistics and articles:
* 17% increase in homes sold in August 2005 vs August 2004.
*Supply of housing overall at 4.56 mths. Central at 2.7, North suburbs at 4.7, south suburbs at 4.5. Lowest stats in 4 years. Recent article below:
Foreclosures down from record '04*
*On pace to add over 18,000 jobs this year. Well over the 15,000 jobs a year needed to have steady appreciation. More importantly, these jobs were added in wide range of sectors.
Central Texas sees rise in new jobs*
Bullish Job Outlook by Employers
*Commercial and office market showing large improvement meaning business growth in Austin. See below.
Office market takes off
In closing, last quarter should hold strong though it will be interesting to see the effects of Katrina and subsequent gas prices. I don't think it will slow us down but lets see how it works out.
All my best to each of you, I thank you for being my clients and friends! As most of you know, I am now working exclusively by referral in order to keep providing the ongoing service and updates like this for each of you. So, If you know of someone who would appreciate this level of attention, I'd really appreciate the referral.
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