Despite a dismal report by the National Association of Realtors, local experts say Austin's real estate market will remain healthy.
Yet one local realtor is traveling across the world in hopes of better business, trading Austin for Dubai.
Terri McFarland said she is leaving because Austin's real estate market is a little slower than she'd like, and sales opportunities in Dubai are simply too enticing to resist.
"I'm going to miss Austin a lot," McFarland said of her move this weekend.
After two years, she has decided to move on to more lucrative property sales in the Middle East, hoping to return when economic conditions improve.
"It's just a great place to go and make some contacts and make some great money,” McFarland said. “I was expecting the condos (in Austin) to move a little bit faster than what they have been."
There's no comparison between real estate sales in Austin and in Dubai, but when compared to the rest of the nation, the Capital City’s real estate market is still strong, experts said.
"Texas and Austin are shining stars nationally,” said John Horton for the Austin Board of Realtors. “Forbes just came out with an article that ranked Austin second in the nation for the best places to buy a home."
Overall, local home sales are down about 18 percent from last year, though home values have continued to increase.
A recent report indicates last month's home sales nationwide were at their lowest levels in 10 years, with an 11-month supply of properties in inventory. In the Austin area, there is only a six-month supply in inventory, and home values are still rising.
"According to the Texas A&M Real Estate Research Center, six months is equilibrium -- where prices are fairly stable, and it's fair for buyers and sellers," McFarland said.
When recalling the real estate bust of the ‘80s, the difference this time is Austin was underperforming compared to the rest of the nation, and now it's just the opposite.
