On Saturday, my business partner wrote a cash offer for a home in south Austin. It was an older house, priced at $144,900 for less than 1000 square feet.
Our client offered $155,400 cash and we didn't get it. Apparently, they received at least 18 offers.
The market here is absolutely insane. The Austin Board of Realtors recently released an infographic showing that the real estate figures for March of 2014 reached a seven-year high.
According to Bill Evans, 2014 President of ABOR, “The Austin-area housing market continues its aggressive pace as housing demand continues to accelerate and outstrip supply. Austinites wanting to buy or sell a home this summer should start the planning process with their realtor now.”
Below are the figures for March, 2014:
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2,262 – Single-family homes sold, seven percent more than March 2013.
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$231,750 – Median price for single-family homes, six percent more than March 2013.
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$296,640 – Average price for single-family homes, five percent more than March 2013.
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51 – Average number of days single-family homes spent on the market, 13 days fewer than March 2013.
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3,211 – New single-family home listings on the market, two percent fewer than March 2013.
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4,964 – Active single-family home listings on the market, five percent fewer than March 2013.
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2,669 – Pending sales for single-family homes, three percent fewer than March 2013.
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2.2 – Months of inventory* of single-family homes, 0.4 months less than March 2013.
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$670,999,680 – Total dollar volume of single-family properties sold, 12 percent more than March 2013.
Source: https://www.abor.com/news_media/press_releases/2014/p5_14.cfm
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