While most of the nation is just beginning to see the proverbial light at the end of the tunnel for their respective real estate markets, Austin, TX is leading the pack with a robust climate.
On September 20th 2012, the Austin Board of Realtors released an MLS (Multiple Listings Service) report that had great news for those engaging in Austin real estate. For starters, Austin had its 15th straight month of sales volume growth. Homes are selling at a fantastic rate with the average time on the market ranging in the low 60s, a significant drop from August 2011 when homes were selling after an average of 79 days on the market.
Homes are selling particularly well in Austin because demand is very high and the inventory continues to decrease. The decrease in inventory does not mean that new homes aren’t surging onto the market. In fact, there was a 15% increase in new homes from August 2011, while at the same time there are 17% fewer active listings and 23% more pending sales. The demand is simply so high that even with the addition of new homes, the total inventory has continued to decrease.
Perhaps the most staggering of statistics can be found in the number of homes sold. In a comparison of August 2011 and August 2012, the Austin market saw an incredible jump of 21% compared to a year prior with a total of 2,400 single-family homes selling this August. Another example of the improving market can be seen in the market’s months of inventory, which as of August 2012 was at a solid 4.0.
So why all the hype about Austin homes? For starters, Austin is constantly being awarded as one of the best cities to live in across the nation. The attraction to the city starts with its low unemployment rate and low cost of living and ends with its abundance of culture and things to do. Austin boasts a favorable climate for those who can sweat it out in July and August. And the economy is more stable than most other large cities thanks to a combination of state jobs at the Texas State Capitol, the growing technology industry and, of course, plenty of annual revenue from the University of Texas, which is located in the heart of the city.
With people flocking to the “Live Music Capitol of the World,” now is a great time to participate in Austin real estate. Austin homes are hot commodities and if the current market is any indication, then now is the time to get involved.
Andrew Hill is a content developer for Reilly Realtors located in Austin Texas. He can be contact at Andrew@reillyrealtors.com