The Austin Real Estate Market is still sizzling! Just yesterday I wrote an offer for a client who is competing with 4 other buyers for a North Austin home. We just aren't seeing a seasonal slowdown in the market. Buyers are out in force in many neighborhoods, but there aren't enough homes to choose from at certain price points and locations.
Though home sales peaked seasonally and historically last July, they maintained their year over year increases throughout 2013. For 30 straight months, sales of homes were higher when compared to the same month in the previous year. Condominium sales saw a lift vs. 2012, and average rents were up.
What does this mean?
- Higher prices. Up an average 10% metro wide--some neighborhoods up 20% in 2013.
- Fierce competition among buyers. Especially in Central Austin for good properties.
- Faster sales. Half of homes sell in about 2 weeks.
- More million dollar homes. Most sold over $1,000,000 ever.
- Downtown condo sales and prices are up. Only one new tower has been announced, and all units were reserved within days.
- Busy builders. Over 9,000 new homes started in 2013. More than in 2012.
- Multiple offers for homes. Buyers have to act quickly.
- Pre-market sales. Some homes sell before they ever go into the MLS.
- Tougher lending standards. Qualifying is harder. New rules mean less buying power.
- Higher rents. It is often cheaper to own than rent in many neighborhoods.
- Experience and knowledge matter. More than ever you need a competent professional to guide you through the process of buying or selling a home.
Investors with cash can get a good rate of return.
I often hear about homes before they hit the open market.
I have buyers looking for properties so new listings are needed.
Contact me anytime to find out what your home will sell for or for a list of the latest listings.
Search listings direct from MLS. More listings than national sites.
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of service to Austin
Jeff Harris, Broker
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