With the selection, prices, and low interest rates, it’s hard to think of a reason not to invest in a home now; and for home sellers, the market conditions are slowly beginning to turn back in their favor.
Austin, Texas (PRWEB) November 15, 2011
The November 2011 real estate market conditions in Austin, Texas are now available for review from the real estate experts at Regent Property Group. The data for the report was provided by the Austin Board of REALTORS® and presented in an easy to follow format by Austin REALTOR® Brian Talley.
The Austin housing market continues to improve over the previous year, with October 2011 showing strength in a 28.14% decrease in homes for sale, an 11.3% increase in homes pending sale, and a 7% increase in the number of single-family homes sold. Median single-family homes have seen a 2.1% increase in sale prices per square foot of living space, and the time it takes to sell a home has dropped by 19.8% since October 2010. The price of homes sold has risen 1.22%, and there has been a 7.14% increase in the number of single-family homes sold this year. Interest rates are averaging 4% for a 30-year conventional loan.
Since January 1st, Austin has seen over 7,456 single-family homes sell at an average price of $248,000, after an average of 70 days on the market. Neighborhoods with homes that fit this price range include Belterra, Falcon Pointe, and Milwood. The previous month saw 572 homes sold in Austin, and 2,809 homes still are actively for sale within the Austin city limits. At the time this information was compiled, 985 of those homes were pending sale.
The rental market does not currently sway in the favor of leasers, as the number of rental properties dropped alongside skyrocketing lease rates. The decrease in available rental properties since October 2010 borders 40%, with a 4.9% rise in prices.
“The current market conditions are a perfect storm for home buyers,” Talley says. “With the selection, prices, and low interest rates, it’s hard to think of a reason not to invest in a home now; and for home sellers, the market conditions are slowly beginning to turn back in their favor.”
Starting an Austin home search is easy with a knowledgeable realtor and a host of information about market conditions, neighborhoods, amenities, and more available on the Regent Property Group websites. If the time seems ripe to sell or purchase a home, or you’d simply like to learn more about Austin real estate market conditions, contact Brian Talley today at 512-554-9714.
About Regent Property Group:
Brian Talley is the founder and owner of The Regent Property Group. He is ranked among the top 1% of selling agents out of the 5,313 Austin Board of REALTOR® members. Over the past four years, Talley has been a top producer closing multi-million dollars’ worth of transactions for homes located all over Austin. Talley has been active in real estate since 1998 where he began his career working in retail development, sales, and marketing. He 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.