Inventory levels continue to fall, and it is taking buyers much less time to get their homes sold compared to last year.
Austin, Texas (PRWEB) May 21, 2012
The premier luxury real estate and Austin Home Search experts at Regent Property Group have released the May 2012 Austin, Texas real estate market report, with good news for those selling their homes. Brian Talley, founder of the Regent Property Group, reports, “Inventory levels continue to fall, and it is taking buyers much less time to get their homes sold compared to last year.” This translates into less time on the market for home sellers and a shorter window of time for buyers to make a decision on purchasing a desirable home in their choice neighborhood. Buying is even more appealing, though, in that rental rates in Austin are rising rapidly in light of short supplies. This assures many that purchasing a home in Austin is a practical financial choice.
Now appears to be a great time to invest in Austin real estate, also, as Forbes just named Austin the fastest growing city in the U.S. for the second year in a row, indicating that the housing market can anticipate continued downward pressure on housing supply and upward pressure on prices and rent in both entry level neighborhoods like Milwood and top priced communities like Davenport Ranch. Talley notes this creates a perfect storm to “take advantage of reasonable prices and low interest rates, which likely will increase steadily in the years to come.”
Statistical indications of Austin’s strong market show there is a 5.46% increase in homes sold, a 6.18% increase in sold prices, and a 22.5% decrease in days on the market. Further, there is a 33.8% decrease in homes actively for sale compared to May of 2011, which could be attributable to the city’s population growth, and home owners recognizing the steady increase in prices as the months pass. On the opposite coin, there is a 34.23% increase in homes pending sale compared to May of 2011, which is in stride with the decreased amount of time homes are spending on the market.
The current median sold price of a home since January, 2012, is $250,000, meaning entry level homes in popular neighborhoods like Circle C and Steiner Ranch are being purchased shortly after entering the market. Low interest rates, averaging 3.84% for a 30-year conventional loan, also are enticing new buyers into the Austin market, increasing the volume of homes pending sale.
About Regent Property Group:
Brian Talley is the founder and owner of Regent Property Group. He is a 5th generation Texan who has been active in Austin real estate since 1998. During 2011, Brian was the #11 top selling agent for total dollar volume sold out of over 5,000 REALTORS® in the greater Austin area. During 2008, 2009, 2010, and 2011 Brian was a top producer, closing multi-million dollars' worth of residential Austin real estate purchase and sales transactions for homes located all over the greater Austin area, such as Lake Austin, Eanes ISD, Westlake, downtown, and more. 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. Contact Regent Property Group today at 512-554-9714.