The housing market in Austin is almost as hot as the weather this month, with housing inventory falling to 2.9 months in June (a decrease of 1.5 months from last year). With 6.5 months of inventory being considered a balanced market, Austin is the epitome of a sellers market. Mid-year statistics reinforced this notion, including a 19 percent increase in home sales and a 25 percent fewer days on the market compared to the first six months of 2012.
It’s a concern that Austin’s housing inventory has reached a level that, if the cost of development in the area doesn’t decrease, there won’t be enough housing availability to meet the demand! According to the Multiple Listing Service (MLS), homes spent an average of 43 days on the market, which is a decrease of 16 days from one-year prior.
The median price for Austin homes for sale increased to $235,000, which is eight percent more than last year, while the sales price increased to just below $304,000, up seven percent.
What does this mean to you? The fast pace of home sales in the area means that if you’re looking to buy or sell a home, it would pay to have the help of a REALTOR®. A REALTOR® will have access to the most up-to-date MLS listings, as well as word of mouth listings that may not have hit them MLS yet. Having the competitive edge in this market could mean the difference between getting your dream home, or missing out. If you’d like to search properties in Austin, or get in touch with one of our real estate experts, you can run a detailed search on our website.
Hi, I'm Seth Thompson, broker for HomeCity Real Estate, here with a market update for Austin, Texas July 2013.
Similar to our warm summer weather here in Austin, the real estate market is hot, hot, hot right now! With over 150 people moving here on a daily basis, our inventory of homes is shrinking, while builders struggle to keep up with the demand. Homes are selling quickly, in many cases buyers are competing with other buyers in multiple offers situations. Whether you're looking to make a purchase or lease, prices are on the rise and the selection is limited.
With that being said, I have two quick tips for you today.
The first is that realtors right now are receiving a ton of communication from fellow realtors about properties that are available for sale but not in our local MLS system, which means you may never encounter these properties when searching online. Additionally, home-builders are communicating with realtors on many special pricing and buyer incentives on brand new homes. This means that working with a realtor could very well help you find a property that you may never have found on your own.
My second quick tip is that when you come across that property that's the right fit for you, you must act quickly. Waiting an extra day or even a few extra hours could cause you to lose the property. So it's imperative to get your ducks in a row from the beginning. For example: if you're financing that purchase, talk to a quality lender, get that pre-approval letter done so you'll be ready to make the offer when the time comes.
Let's look at some real market data recently released by the Austin Board of Realtors.
Austin's year-over-year housing inventory fell to 2.9 months in June, a decrease of 1.5 months from June of 2012. Remember approximately 6.5 months of inventory is considered a balanced market so Austin is currently a seller's market.
Home sales in Austin increased 8% in June of 2013 compared to June of 2012.
Homes spent 43 days on the market, which is a decrease of 16 days from just one year prior.
The median price for Austin area homes increased to $235,000, which is 8% more than the same month in 2012.
The sales price for Austin area homes increased to just below $304,000, which is up 7%.
Now that we are halfway through the year, let's look at a brief snapshot of some year-to-date information.
Home sales increased 19% and homes spent 25% less days on the market compared to the first half of 2012. The median price for Austin area leases was $1450 or 8% higher than this time last year. Over the last month mortgage rates have also been on the rise. The days of interest rates below 4% are gone. The Internet rate for a 30 year fixed rate FHA loan is around 4.5% today.
Thank you for watching this Austin real estate market update. You can visit us at www.homecity.com. If you like this video, please show us some love and subscribe to our YouTube channel and hit Like below. Have a great day!