Austin Real Estate Market: 30 Percent Fewer Homes for Sale, according to Austin Home Search Experts at Regent Property Group

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Regent Property Group, a leading luxury real estate and residential real estate brokerage in Austin, Texas, revealed an increasingly tight real estate market in the state capital, with fewer homes for sale and with competition raising prices throughout the city.

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We’ll watch momentum as we move through 2013 to see if home buyers continue their strong surge to find Austin homes for sale.

Regent Property Group, a boutique luxury real estate firm in Austin, Texas, revealed that a May 2013 real estate statistical analysis demonstrated Austin is facing continued pressure on its Austin home search market, as the number of homes for sale and the days homes are on the market both have decreased 30% compared to May 2012.

“Competition among buyers this spring has been a major factor with home prices and with days on the market,” said Regent Property Group Founder Brian Talley, who has been heavily involved with his company’s growing presence in the luxury homes market, such as with selling waterfront properties on Lake Austin.

“People want to buy good, quality homes, and they want to buy in certain neighborhoods – and so far, they have been willing to do what it takes to make that happen. We’ll watch momentum as we move through 2013 to see if home buyers continue their strong surge to find Austin homes for sale.”

In May 2013, 1,232 homes sold, with a high sold price of $3,545,000 ($634.32 per square foot,) an average sold price of $382,302 ($159.91 per square foot,) and a median sold price of $300,000 ($136.69 per square foot.) This compares to May 2012, in which 1,078 homes sold, with a high sold price of $3,864,000 ($795.46 per square foot,) an average sold price of $348,735 ($148.61 per square foot,) and a median sold price of $277,750 ($128.37 per square foot.)

These resulted in a 30% decrease in homes for sale, a 12.33% increase in homes sold, and a 29.82% decrease in the time it is taking to sell a home. Talley said homes in popular Austin neighborhoods such as Circle C are going under contract as soon as – or even before – their listing date.

Prices also are rising. Between January 1st and June 11, 2013, 4,718 single-family homes sold, with a median sold price of $133.13 per square foot ($282,100.) During the same period in 2012, there were 4,200 homes sold, with a median sold price of $123.91 per square foot ($259,000.)

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.

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