Austin Real Estate is HOT! Homes sales in the greater Austin-area hit an all-time high in February bringing sales nine percent more than one year prior. How does this affect buyers looking for homes in Austin?
Buyers looking for homes in certain neighborhoods need to know they will have to submit over list price offers and not ask for the moon in our Austin Sellers market. I've been working with a buyer the month of February submitting four-over the sale price offers with no luck winning the bid, we finally had one accepted one hour after it hit the market. Our buyer was extremely happy and offered to lease the home back to the sellers for three months while their new home is being completed.
Two weeks ago I started working with new buyers looking in the 78750, 78728, 78729 zip code only to find no inventory priced under $180,000. Friday we made in offer for a home that had been on the market for two hours with a full price offer nothing over which was probably our mistake? The listing agent text-ed he had received the offer but seller would wait to see other offers that might be submitted over the weekend. Today I see the listing went pending, the listing agent and seller didn't even send out they had multiple offers and to come in at highest and best. Another one lost....
The Austin Board of REALTORS®, market report in February indicagted that 1,761 single family homes were sold, and the median price home was $230,530 an 11% gain from February 2013.
February 2014 Statistics
- 1,761 – Single-family homes sold, nine percent more than February 2013.
- $230,530 – Median price for single-family homes, 11 percent more than February 2013.
- $293,746 – Average price for single-family homes, 12 percent more than February 2013.
- 55 – Average number of days single-family homes spent on the market, 16 days fewer than February 2013.
- 2,544 – New single-family home listings on the market, one percent fewer than February 2013.
- 4,724 – Active single-family home listings on the market, eight percent fewer than February 2013.
- 2,118 – Pending sales for single-family homes, five percent fewer than February 2013.
- 2.0 – Months of inventory* of single-family homes, 0.6 months less than February 2013.
- $517,286,706 – Total dollar volume of single-family properties sold, 21 percent more than February 2013.
Buyers looking to purchase in Austin metro areas need to work with a savvy real estate professional who knows the market area and will help guide them when making reasonable offers. The lesson is don't fall in love with a home unless your willing to offer over the list price in many cases in hot zip codes.
If you or someone you know is considering buying or selling in Austin-area I welcome the opportunity to consult with you about our HOT, HOT, HOT real estate market.
I hope sellers are paying attention to the heat, and I hope both buyers & sellers know to call "you" cause you're the very best Austin has!
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