Even though the price increases we’ve seen are encouraging some sellers to enter the market, buying a home in Austin is still very competitive.
Austin, TX (PRWEB) September 24, 2013
The Austin, Texas real estate market continues to tighten, amid a strong economy in the state capital. Home inventory is 18.93 percent less than at the same point in 2012, with homes selling in 32.69 percent less time and an 11.98 percent increase in quantity of sold single-family homes. Prices also continue their steady rise, with a 10.30 increase in the median sold price.
Austin has sold almost 1,000 more homes thus far in 2013 compared to the same time period in 2012: 8,439 as of September 16, 2013. The average sold price so far in 2013 is $375,457 ($159.37 per square foot,) and the median sold price is $289,000 ($136.09 per square foot.) Last year’s average sold price for this period was $339,574 ($145.11 per square foot,) and the median was $262,000 ($125.24 per square foot.)
Homeowners who are considering selling are advised to check the listings in their Austin neighborhoods, as median home prices are up $27k compared to just last year. Those performing an Austin home search will find fewer listings and stiffer competition: in popular neighborhoods, homes are going under contract within single-digit days, and buyers are offering over list price.
Regent Property Group Founder Brian Talley said, “Even though the price increases we’ve seen are encouraging some sellers to enter the market, buying a home in Austin is still very competitive. Austin’s booming economy looks to keep it that way for a while to come.”
For August 2013, the average sold price was $371,220 ($158.21 per square foot,) with a median of $279,700 ($135.98 per square foot.) Twelve hundred eight homes sold in August. As far as active listings, there were 1,983 single-family homes for sale within the city limits as of September 16, 2013, and there were 1,294 homes under contract.
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.