Austin, Texas real estate market report for July 2013.
The headline in the newspaper said the Austin real estate market is "scorching." Let's look at the most recent statistics and talk about what they mean for you as a home buyer or seller.
Our market continues to be driven by the low inventory of homes for sale and a population growth estimated by the Chamber of Commerce to be 147 people per day. We have a classic case of low supply and high demand.
Median price was $235,000 in June 2013 which is UP 8% from June 2012.
Months supply of homes for sale is down to 2.9 in June2013 compared to 4.9 months in June 2012.
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According to Gracy Title 25% of homes are selling in the first week on the market. That means buyers need to be pre-approved and working with a local REALTOR who can help them view homes as soon as they come up for sale. I don't see prices coming down but with interest rates trending upwards we may see less buyers than we have so far this year.
For sellers it is still as sellers' market. As some seller who were on the fence have seen the market change and equity return to their homes we have seen 3 straight months of increased over last year. Of course the inventory level is so low this is the real estate equivalent of it raining hard for a few days and thinking Lake Travis will be full. It will likely be a long time before we return to a more balanced market.