Strong Year for Residential Real Estate in Austin as High Demand Continues

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Broker Vik Vad makes predictions for the year ahead

2013 has been a phenomenal year for the real estate market, as the volume of home sales has now increased for the 30th straight month, according to the latest release from the Austin Board of Realtors. As demand for homes in the Central Texas market has increased, the rate at which newly built homes has not kept up, and resale properties are very quick to be scooped off the shelf as well. There is now only a 2.3 month supply of single family homes, and these homes are only on the market an average of 51 days. Both these measures have been decreasing year-over-year, showing the strong seller's market currently being faced.

"Even though it's winter, demand is still high, and the market is still active," states Vik Vad, a broker with Cantera Real Estate. "If things are this strong now, it will likely be another fast-paced spring and summer in 2014." Some areas, such as central and north-central, as well as the trendy east-side, are seeing multiple offers the minute a home hits the market. Provided there is no major dampening factor, such as an interest rate spike, this trend will likely continue as well.

"Buyers need to prepare themselves for this climate, and be willing to make competitive bids, with little hassle in closing," continues Vik Vad. "Sellers can still prep their home nicely so that it shows well, and not overprice and lose out on a pool of qualified buyers." The key to a successful transaction still lies in doing one's homework, and having a seasoned realtor available to guide the process, and look out for your interests.

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Vik Vad

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