Austin TX Real Estate is having a great year! Prices are going up. Days on the Market are going down. Inventory is going down. Demand is going up. Rates are low and buyers are buying. Can that be said in every market across the Country? Can that be said in every market across Texas? No, as real estate is local. Real Estate is not the same in every market.
For August 2012, there were 7262 Active Listings on the market. In August 2011, there were 8705 Active Listings on the market. That’s about a 17% decrease in inventory. Did we have 17% decrease in sales??
NO!! We had a 21% INCREASE in sales!! August 2012 had 2397 sales and 2011 had 1977 sales. Talk about your classis Supply and Demand!
With that, the prices have gone up. Not just the Average prices, but also the Median prices. In August 2012, the Average price was $276,888 with a Median price of $212.000, where as in 2011, the Average was $259,210 with a Median of $199,900.
Other stats that are important is that the Average Days on the Market in 2012 was 61 days. In 2011, it was 79 days.
It also looks like we are going to have an awesome September because 2207 properties are pending, which is 23% more than August 2011.
I, personally, just refinanced last week for my second time in 9 months. That’s how low rates are going… and going…
If you’re on the fence about the Austin TX real estate market and whether or not to continue renting or buying a house, or maybe you’re thinking about selling your current house and taking the step for a larger or smaller house, I can’t stress how now is a great time to take that step. Yes, the Winter is traditionally the slower time for the market, but that’s also the better time to get a good deal, when other buyers aren’t around for as many multiple offers!!