Austin, Texas (PRWEB) July 26, 2013
Regent Property Group, a leader in Austin real estate, is reporting that the strong real estate market in Austin has been sustained for such a period that it is now reaching a critical threshold for meeting housing demand. Several areas of Austin, such as the master-planned community of Circle C, have seen high rates of appreciation, inventory levels below what is considered healthy, and multiple bidding situations, intensifying homebuyers’ Austin home search processes. While too-low inventory thus far has been limited to only the most popular neighborhoods, it is beginning to affect Austin as a whole.
Housing inventory for Austin dropped to 2.9 months in June 2013, a decrease of 1.5 months from June 2012, with sales reaching their highest levels of the past six Junes, according to Austin Board of REALTORS® Multiple Listing Service statistics. June 2013 saw eight percent more homes sold than June 2012. Eight percent also marked the increase in median price, now at $235,000. Single family homes averaged 43 days on the market, down 16 from last year. This impacts homebuyers searching for Austin luxury homes, homes in west Austin and Westlake, and homes along Lake Austin, as well as other desirable parts of town.
Regent Property Group Founder Brian Talley said, “On the whole, 2013 has been great for all sides of real estate transactions: brokers are busy helping clients with successful deals, sellers are happy people want to buy their homes for an appreciated cost, and buyers benefit from low interest rates that grant them more purchasing power. But, we are at a point where inventory will need to increase to keep up with this sustained pace.”
Looking at the first half of 2013 compared to the first half of 2012, Austin has seen a 19 percent increase in home sales, with a 25 percent decrease in days on the market. A five percent increase in new listings has not been enough to counteract the 25 percent fewer active listings and 17 percent more pending sales.
About Regent Property Group
Regent Property Group was founded by Brian Talley, who has been ranked among the top 1% and 2% of Austin Board of REALTORS® members. He is a personal top producer, closing multi-million dollars of transactions for homes located all over Austin, in areas such as Lake Austin, Eanes ISD, Westlake, downtown, and more. During 2011, Brian was the #11 selling agent (#9 including off-MLS properties) for total dollar volume sold in the greater Austin area. Talley, a 5th generation Texan, formed Regent Property Group to serve the needs of Austin’s residential real estate clients, helping people buy and sell luxury homes in the greater Austin area. Contact: info(at)regentpg(dot)com, or call today at 512.554.9714.