2013 1st Quarter Austin Real Estate Update
Considering a move to Austin? Wanting to relocate within the Austin area? The 2013 1st Quarter Austin Real Estate Update will be eye opening for you!
Austin Market is Red Hot
Some segments of the Austin market are going absolutely bonkers because of extremely short supply and huge pent up demand. Recently, several of our buyers have lost out in multiple offer situations – and they made full priced offers. Now they are primed and ready for the next deal. This is who your competition is! Appraisal issues are rampant, as recent sale comps struggle to support rapidly increasing prices.
Austin Inventory Levels
The average overall Austin market is at a low 2.16 months of inventory. As a rule of thumb: 1-3 months of inventory is a seller’s market, 4-6 months is a balanced market, and 7+ months is a buyer’s market.
12 out of the 47 Austin MLS areas (25%) are at less than 1 month of inventory.
Active listings March 2011 – 9,453
Active listings March 2012 – 7,593
Active listings March 2013 – 4,878 (almost 50% 2 year decrease in inventory)
Higher End Homes
Higher end homes typically take longer to sell. A year ago, homes over $800K were in strong buyers markets with over 9 months of inventory. Now homes above $800K in Central West Austin, Westlake, and Barton Creek are in or approaching balanced markets.
Area 1B (central West) – 5.4 months of inventory
Area 8E (close in Westlake)- 7.3 months of inventory
Area 8W (outer Westlake) – 6.5 months of inventory
Area W (Barton Creek) – 7.3 months of inventory
Westlake 1st quarter 2013 – Homes Under $800K
42% of all homes went under contract in less than 5 days.
52% of all homes went under contract in less than 10 days.
37% of all sales were at or above asking price.
March 2013 compared to March 2012 – Average of all Austin MLS areas
Median List price – 9.5% increase.
Median Sold price – 9.2% increase.
Median Days on Market – 53.3% decrease.
Number of Sales – 9.1% increase.
Conclusion
Austin’s economic vitality and vibrant culture continues to maintain demand for homes. Housing prices are still relatively low. It is a great time to get into the market, as low inventories are pushing prices upward. Personal homes and investment property in Austin are almost certain to be a high quality hedge against inflation.
Roselind Hejl, CRS
Matthew Hejl, Realtor
Coldwell Banker United Realtors
512-327-0385 – Direct
512-789-4563 – Cell
www.weloveaustin.com
roselind@weloveaustin.com
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