Austin Real Estate Market Update - Q1 2012

It's a little early to be talking about the Q1 numbers and normally at this time of year I would be looking into my crystal ball to forecast how strong or weak the coming year may turn out to be--but this year is already different. Really different. 

Here is the snap shot:
  • Inventory in most areas of Austin is low--very low
  • Buyers of all price brackets are out early in great numbers
  • Multiple offers are back again in the Austin market 
  • Interest rates are starting to bump up
  • The big three still govern which homes are selling and which homes are sitting on the market--waiting for a buyer:
    • Home must show well
    • Home must be priced to market
    • The home has to be well marketed
  • Investors are here to stay
Here are the market stats for the YTD Q1 2012 numbers:
  • 3,442 total homes sold -- ~6% increase over 2011
  • 3,102 were single family homes (SFR); 339 were condos/townhouses 
  • 3,412 SFR homes are currently under contract to close with ~ 30 days
  • 6,793 SFR homes  available for sale
  • Median SFR - Travis County listed for ~ $230,000; sold for ~96-97% of list
  • Median SFR - Williamson County listed for ~ $175,000; sold for ~95-98% of list
  • Luxury Market Sales: 
  • 785 homes sold or pending to close: $400k to $1M
  • Premium Luxury Market Sales: 
  • 88 homes sold or pending to close: over $1M
My "Crystal Ball Forecast":
  • I predict that we are going to see "more of the same"
  • Interest rates continuing to inch upward each quarter
  • Home prices continue to increase all over the city
  • Multiple offers continue on listings that are priced to market
  • Low supply; high demand
In Summary:

The Austin market continues to be quite healthy and gains new momentum every passing month. The current market seems to be transitioning from Moderately Strong to Full Steam Ahead!
With low inventory levels and higher than normal buyer demand, we are entering into a seller's market where homes that are priced right and show well--are selling faster than normal. 

If you are planning to BUY or SELL Real Estate in the Greater Austin Area in 2012--Let's Talk.


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