Before you begin your Austin home search, it is important to understand the climate of the market you will be buying in. Inventory is at a 3 year low and competition is fierce for homes in many Central Austin Neighborhoods.
The Austin board of Realtors released sales data yesterday, summarized in an Austin American statesman article below.
“Home sales in the Austin area rose 10.4 percent in January compared to the same month in 2011, marking the eighth straight month of year-over-year sales increases, the Austin Board of Realtors said today.
The board said 1,051 homes were sold in January, compared with 952 in January 2011.
January’s median sales price was $176,550, down 7 percent from a year ago. By another measure, home sold for $107 per square foot, down 5 percent from the $112-per-square-foot sales price in January 2011.
“It is encouraging to see last year’s momentum continue into the new year,” said Leonard Guerrero, chairman of the Austin Board of Realtors.
January was the eighth month in a row that the supply of homes has decreased from the prior-year months, according to the board. The Austin market had 4.1 months of inventory in January — 1.4 months less than January 2011 and the lowest inventory level since the board began tracking the statistic in January 2009.
There were 6,557 active listings in January, 19 percent fewer than January 2011. Pending sales were up 16 percent, with 1,638 homes in the pipeline to close, the board said.”
While the statistics say prices are going down, I can tell you from first hand experience that prices in many central neighborhoods are being forced upwards. Listings priced well in popular central Austin neighborhoods are receiving multiple offers in just days on the market with some selling 5-10% above the list price. In fact some out of town buyers with out the luxury of living in Austin are making offers site unseen! The hot neighborhoods include Bouldin Creek, Clarksville, Tarrytown, Barton Hills, and Central East Austin.
In a highly competitive market such as central Austin. It is more important than ever to have an expert Realtor guide you through your Austin home search. Call an expert at the Carvajal Group today at (512)496-0215.