The Austin Board of Realtors released their March 2016 report April 21st, 2016 for single family homes and the operative word is “Up!” The number of homes sold shot up 9.3% to 2,552 home sales! Median Price is up by 7.8% to $278,000! Austin is functioning with slightly less inventory than March 2015 with a 2 month supply with the same 54 days on market as in March 2015. Austin’s March Real Estate is on fire!
Austin’s new listings increased by 12.2% to 3,633 listings and Pending sales increased 7.2 percent to 2,811 sales. There is not an adequate supply of homes to satisfy the demand created by those moving to Austin. Home prices continue to rise as buyers submit multiple offers on available properties.
The downside for Austin is some local residents are being priced out of their homes and many are unable to live close to their work or school. They can sell for a huge profit but where do they go? How do they afford the higher property taxes if they decide to stay?
Austin’s growth continues to be strong and fear of losing jobs has decreased dramatically. Labor shortage is our biggest issue in Austin. Unbelievable low mortgage/bank rates create a positive influence which in turn fosters investors competing against consumers. Texas real state is desirable and considered one of the most “undervalued hard assets” in the world.
2015 was a good year in the Austin Real Estate Market and 2016 to date has proven even better. Austin continues to be in an expansion mode and considered to be the land of opportunity like CA was in the 1950’s. Hold on to your hat Austinites…we’re in for a ride!
P.S. I am a recognized professional in NW Austin real estate. I’m a good listener and act, not react to your needs. I have systems in place, references at hand and proven solutions to getting your home sold. Reach out to me at 512-346-1799 or email at dillard@reloaustin.com for an insightful conversation about the marketability of your home. I offer hands on Professional guidance for all your real estate needs.
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