Market Conditions in Austin>Question Details

Christine Ll…, Real Estate Pro in Woodland Hills, CA

Pls share some insights into the Austin RE market. Have a client who wants to move. All comments welcome but would like to have a very realistic view

Asked by Christine Lloyd, Woodland Hills, CA Tue Jun 24, 2014

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5
Hi Christine,

Just as others have mentioned, its a very strong sellers market. Thus, a tough buyers market. However, that doesn't apply to all buyers. A million dollar home doesn't sell in a day for over asking, but homes in the $200-$400K range may. It all depends on what your clients are looking for.

Overall, Austin is a fantastic place to own real estate. Our economy is strong and supports small, midsize and national companies. This provides a good wage base and a healthy real estate market. As well, our population is growing and close in neighborhoods continue to appreciate. Rental vacancy rates are under 5% making Austin a great place to invest in rental property too.

I love working with relocation clients. Please let me know if you want more details.

Best Regards,
Carrie Hiner
http://www.corehomesaustin.com
512-560-6563
carrie@corehomesaustin.com
1 vote Thank Flag Link Mon Aug 25, 2014
Each neighborhood is very different Christine. If they are looking for central Austin then the competition can be fierce. However, if they are looking for a suburb - or even within the City limits but on the outskirts - then the market is more reasonable.

As with real estate in any city, it is hyper local. Each neighborhood and home vary, especially based on price range. I've seen agents tell buyers they have to offer over asking price. However, I have not found this to be true. Only certain homes are getting multiples. A lot more price reductions lately as buyers are not liking the higher prices.

B. Ranee Bray
TCP Realty
http://www.RaneeBray.com
512-270-9750
0 votes Thank Flag Link Wed Oct 1, 2014
Check out my website for more info about the Austin market and myself: http://www.TwinRealtyGroup.com
0 votes Thank Flag Link Fri Jun 27, 2014
Hello!

Yes, the market here is VERY hot and is a seller's market. Great time to invest, that is for sure. There are over 100 people moving to Austin every day, so that might tell you something about how in demand housing is here. Even to get leases, you have to have all your ducks in a row and be an excellent tenant.

Also, the area your client wants or is looking to move to is important. Of course, anything close to downtown is going to be harder to purchase and more expensive, but there are good deals around too.

They should absolutely be pre-approved (if they are buying) before looking at any listings, as you need to get an offer in and fast once you find what you are looking for.

I hope that helps!
0 votes Thank Flag Link Thu Jun 26, 2014
Hi Christine,
The Austin market is hot right now. It is a total sellers market. Many neighborhoods are getting multiple offers very quickly. It is not uncommon to lose 2 or 3 before getting an offer accepted.

Below are the numbers published for May from our local board.

2,943–Single-family homes sold, three percent more than May 2013.

$249,000– Median price for single-family homes, eight percent more than May 2013.

$325,926–Average price for single-family homes, eight percent more than May 2013.

40–Average number of days single-family homes spent on the market, four days fewer than May 2013.

4,002–New single-family home listings on the market, seven percent more than May 2013.

5,949–Active single-family home listings on the market, four percent more than May 2013.

2,928 –Pending sales for single-family homes, two percent more than May 2013.

2.6 –Months of inventory of single-family homes, 0.1 months less than May 2013.
0 votes Thank Flag Link Wed Jun 25, 2014
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