According to statistics released this past week by the Austin Board of Realtors, there were over 27,000 home sales in Austin in 2013, which exceeded the record set in 2006.
Currently, there are 4,516 homes on the market, with 2,263 pending sales, so we have an inventory of just under two months' worth of homes presently. Generally speaking, a "balanced" market would be one with a 6-month inventory. Anything greater than that is a buyer's market, while anything less is a seller's market. Clearly, we are experiencing a VERY strong seller's market.
Prices continue to increase in most areas of town, and multiple offers within days are not uncommon at all. Competition will only increase as we move into the spring and summer months.
If you're considering purchasing a home in the Austin, Texas area, I would recommend acting quickly. The home you like today may cost more next month, particularly in the "affordable" ranges (up to $250K here).
If you're interested in selling your home, the market is very active, despite the fact that we are only two weeks into the new year. I have several buyers actively looking right now, and one that just found a place yesterday.
While it might be tempting to wait and rent for awhile, you can now expect to pay hundreds of dollars per month above the Texas state average to rent in Austin. A two-bedroom apartment in town will likely run $1100-1200 or more, with a sharp premium for downtown living.
If you have any questions or if you're considering a move of any kind, please call us at 512-796-7653 or email email@example.com.
If you're looking for a home in the Austin area, you can also visit my primary website at www.austintexashomes.com. Thanks!