The good news for the Austin real estate market continues to roll in. We are now seeing multiple offers on homes, condos and investment properties market wide. Many properties are going for tens of thousands over the asking price after just hours on the market. Some properties are even selling with just a “Coming Soon” sign out. The downside is that many appraisals are not meeting the contracted price, which is troublesome for both buyers and sellers. The new appraisal rules in place (since the mortgage meltdown) have constrained how fast a market can move up. Realtors are adjusting to these rules by requiring that buyers bring additional cash to closing to make up for the difference between the appraised value and the contract price.
Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS®, explained, “Strong demand for Austin homes continues, but the number of listings on the market remains consistent. This has led to steady increases in price while keeping housing inventory at record lows.” In February 2013, the median price for Austin-area homes increased to $208,500, which is seven percent more than the same month in 2012.
Additionally, the market featured 2.6 months of inventory in February 2013, which is 1.6 months less than February 2012. The market also featured one percent more new listings, 25 percent fewer active listings and 15 percent more pending sales in February 2013 compared to the prior year. On average, homes spent 71 days on the market, which is a decrease of 15 days from one year prior.
February 2013 Statistics
1,626 – Single-family homes sold, 26 percent more than February 2012.
$208,500 – Median price for single-family homes, seven percent more than February 2012.
71 – Average number of days single-family homes spent on the market, 15 days fewer than February 2012.
2,574 – New single-family home listings on the market, one percent more than February 2012.
5,121 – Active single-family home listings on the market, 25 percent fewer than February 2012.
2,223 – Pending sales for single-family homes, 15 percent more than February 2012.
2.6 – Months of inventory* of single-family homes, 1.6 months less than February 2012.
$430,324,152 – Total dollar volume of single-family properties sold, 32 percent more than February 2012.
The spring selling season is fully underway, so if you have been thinking about selling your home, get the process started now. There are serious buyers in the market looking for the right properties. If you are interested in selling, call me now with your details, and I will be happy to provide a competitive market analysis of your home’s value. And remember that with the Goldwasser Advantage Home Selling System™, we are selling homes faster and for more money than all the other major brokerages in Austin. In fact, many properties are receiving multiple offers and selling for over list price.
If you are thinking about buying a home, this is still one of the best times in generations. Mortgage rates for 30-year mortgages are still below 3.5%, but are expected to rise. Until
rates rise, later this year, you can still save tens of thousands of dollars over the life of your mortgage by buying today. Also, more and more people are opting for a 15-year mortgage since those rates are still below 3%. If you would like to buy a home then call me with your criteria so that I can set you up with a custom search of the Multiple Listing Service which will send you properties that meet your criteria as soon as they come on the market.
Goldwasser Real Estate 