Austin Real Estate Market Setting Records
April 12, 2013 by Laura Duggan · Leave a Comment
The Austin real estate market continued to set records in March, historically one of our most active months. Take a look at our April Market Report for all of the latest statistics by price range and zip code.
There are only 2.64 Months of Inventory, making this one of the rare times were are in an Extreme Seller’s Market. Overall last month we were in a Normal Seller’s Market with 3.54 Months of Inventory. This is a 24% reduction in one month! This is he lowest Month’s of Inventory for ANY month during ANY of the last 8 years! (April of 2006 may have been the only month lower lower.)
It is now an Extreme Seller’s Market under $400K (Representing 80% of the Austin market.)
A Normal Seller’s Market from $400K – $700K.
A Balanced Market between $700K – $2M
And an Extreme Buyer’s Market over $2M ( 4 homes sold in March, and 170 are still for sale.)
This crazy market can be explained by the current high demand ( sales increased in March to the highest level in 5 years) combined with homes for sale at eight years lows and 25% lower than last year. This very low inventory and high demand is causing Pending to increase. Additionally, many cash buyers in the market today are speeding up the sales process.
Listings without major flaws are selling fast and often above list. If you’ve been waiting to sell your home, now is the time. Call us or email us to discuss how you can maximize your equity now. We can be reached at 512-345-1252 or at homes@westaustin.com
