The April real estate statistics reflect what virtually everyone connected with the Austin real estate market already knows: it is a fast moving sellers’ market in Austin this spring! Sales of single family homes were up 32% and condos/townhomes were up 31% from April 2012 to April 2013.
Prices, thankfully for buyers, have not increased at the same rate – the year over year price increase is 8% for homes and 17% for condos. The median price for an Austin home is currently $227,250 and for a condo it’s $201,250. We believe this will continue to rise. The last 3 offers we have written for buyers were all above the asking price because inventory is so low in the areas our clients wanted to secure properties.
The average time a home spent on the market was 50 days in April 2013, however in many neighborhoods such as Circle C, Shady Hollow, and anywhere in 78704, we are seeing properties with multiple offers the first day they hit the market. In fact, the average days on market for the Southwest Austin area as a whole was just 10 days, down from 26 days a year ago.
One category of Austin’s real estate market that actually declined from April 2012 to April 2013 is commercial leases – the number of commercial leases in Austin signed was down 6% year over year. Since Keep Austin Weird Homes represents commercial and residential clients, my take on this slight decrease is that Austin currently has a shortage of commercial real estate lease space available, especially unique spaces in the most popular areas of town such as South Austin. For example, a commercial property we listed recently in 78704 had 3 offers in the same week, and it ended up leasing for full price to a tenant who paid an entire year’s rent up front.
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