Austin home sales and prices surpassed the previous record for February. With an 11% gain, the average medium home prices went from $207,000 up to over $230,000. The number of homes also rose over 8%, with the Multiple Listing Service (MLS) reporting that 1,761 single-family homes were sold in Austin area. That is 300 more homes than January 2014.
At the most recent Austin Board of Realtor’s meeting, President Bill Evans expressed that “sales were increasing year-over-year”. Furthermore, Evans stated that “rising home starts have begun to offset Austin’s shrinking housing inventory”.
To the real estate market, this means that real estate is predicted to have a great year in profits. But to home buyers, this means the number of active listings are decreasing. The housing inventory will remain steady. In February, homes for sale are turning around on a 55 day average, which is 16 days less when compared to February 2013.
Could this have anything to do with the 100+ people moving to Austin?
The demand for homes is larger than the supply. As a home buyer, right now is the time to be aggressive and proactive. This means that your agent should always be two steps ahead of you thinking outside the box to find your perfect home. Every morning, I have at least 2+ home recommendations for my clients, and if they are serious about finding a home, I show the home the same day. The shortage of homes for sale in Austin is not going to go away overnight. So, hopefully your agent is informing you on these trends and giving you proactive steps to face these challenges. If not, contact our team today to explore every option to find your new home in this competitive market.