Austin's Real Estate Market Experiences Astronomical Growth

By
Real Estate Broker/Owner with Austin Texas Homes, LLC 453249

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:

  • 2,262 – Single-family homes sold, seven percent more than March 2013.

  • $231,750 – Median price for single-family homes, six percent more than March 2013.

  • $296,640 – Average price for single-family homes, five percent more than March 2013.

  • 51 – Average number of days single-family homes spent on the market, 13 days fewer than March 2013.

  • 3,211 – New single-family home listings on the market, two percent fewer than March 2013.

  • 4,964 – Active single-family home listings on the market, five percent fewer than March 2013.

  • 2,669 – Pending sales for single-family homes, three percent fewer than March 2013.

  • 2.2 – Months of inventory* of single-family homes, 0.4 months less than March 2013.

  • $670,999,680 – Total dollar volume of single-family properties sold, 12 percent more than March 2013.

 

ABOR March 2014 Infographic

Source: https://www.abor.com/news_media/press_releases/2014/p5_14.cfm

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If you're looking for a home in the Austin area, you can also visit my primary website at www.austintexashomes.com.  Thanks!

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Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

The appraisers must be going crazy Jason.  Nice to see you back in the Rain.

Apr 23, 2014 08:56 PM #1
Rainmaker
73,627
Tarris Rogers
Cascade Sotheby's International Realty - Bend, OR
Bend Oregon Real Estate

Wow!!!  My brother lived in Austin for a couple years and LOVED living there.  I must visit the area and find out why so many people find it to be such a great place to live.  Thanks for the post!

Apr 24, 2014 05:28 PM #2
Rainmaker
51,206
Christi Hacker
Keller Williams Greater Omaha - Omaha, NE
Your Omaha Area Real Estate Specialist

Austin was a great city when I lived there in college, and the local economy looks to have grown considerably. Thanks for posting, I enjoy keeping up on market dynamics across the country. 

Apr 26, 2014 03:17 PM #3
Rainmaker
1,060,712
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Jason, the Austin market is as hot as the Dallas market.  Many of our neighborhoods have about one month of inventory!

Apr 27, 2014 03:35 PM #4
Rainmaker
1,354,727
Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

With all those students and teachers in town, I am not surprised Austin is growing.

May 05, 2014 07:47 AM #6
Rainmaker
303,139
Kate McQueen
CB&A Realtors - Cypress, TX
Tailored service for your real estate needs!

It's encouraging that the market is doing so well!  Houston Bay Area is also experiencing dramatic growth with a shortage of listings.  Interesting to see how the summer will play out!

May 07, 2014 01:04 AM #7
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