The traction we are finding in the Austin real estate market is remarkable. Competition for homes that show well and are priced well is becoming a palpable element of the home buying process.
Austin, TX (PRWEB) March 18, 2013
Regent Property Group is reporting a month to month comparison of February 2013 to February 2012 reveals an 18 percent jump in residential home sales. In addition, sales prices increased by 8.17 percent and prices per square foot were up 4.82 percent, for a median price of $259,000 and a median square foot price of $127.34. This equals an approximately $20,000 jump in the median sold price over the course of one year.
“The traction we are finding in the Austin real estate market is remarkable,” said Austin real estate broker Brian Talley, of Regent Property Group. “Competition for homes that show well and are priced well is becoming a palpable element of the home buying process.”
Much of this is due to increased demand on the Austin housing supply, with 37.38 percent less homes available for sale, a 29.17 percent increase in homes under contract, and a 28 percent decrease in homes withdrawn from the market. This has resulted in more pressure on those performing an Austin home search and a marked drop of almost 30 percent in the time it takes to sell a home in Austin. It is now taking only about 53 days for the average home to sell.
All of this comes on the heels of Austin being named the number one city in the nation for population growth, according to Forbes Magazine. A healthy job market fueled by companies such as Apple, National Instruments, other technological and manufacturing firms, and a thriving entrepreneurial field are contributing to the growth.
For January 1 to March 14, 2013, sold prices and prices per square foot were even slightly higher, indicating the trends will continue in at least the short term. There also were more homes pending sale as of March 14 (1,551) than there were homes actively for sale (1,476), which will contribute to a tightening market. This is a notable decrease in homes for sale when compared to about this time last year, when there were 2,357 active listings. Median list prices are averaging $450,000, for a per square foot price of $166.55.
Regent Property Group was founded by Brian Talley. He is ranked among the top 1% of selling agents out of the 5,313 Austin Board of REALTORS® members and 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 top selling agent (#9 if including off-MLS properties) for total dollar volume sold in the greater Austin area. Talley, a 5th generation Texan, has been active in real estate since 1998, when he began his career working in retail development, sales, and marketing. Talley 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.