Austin Homes Sales Are As Hot as the Temperature

Austin is expected to have a hot summer, but the rising heat of the real estate market continues to surpass the expectations of realtors, home sellers, and those conducting Austin home searches. The National Association of Realtors (NAR) and Austin Board of Realtors reported Austin home sales jumped 23% in June, with the median home price ($218,350 in June) up 7.5%. This marked the 13th straight month of sales volume increases and the fifth month in a row of year-over-year price increases for the area. 

“The force is strong with Austin houses,” joked Austin Realtor Brian Talley, channeling his best Alec Guinness as Obi-Wan Kenobi. “We still have a month to go, but it seems safe to say that 2012 may be the strongest summer for Austin real estate since the recession. Houses are receiving multiple, competitive offers, buyers are needing to move faster to place a bid, and most telling, our Austin real estate agents have no time to sit down.” 

Causes behind the summer real estate rush include dwindling home supplies as houses leave the market quickly (down to an average of 58 days from 75 days a year ago), greater demand for homes as Austin grows, and more mobility in Austin residents as the economy also gains momentum. Further, low mortgage rates add fuel to the real estate buying fire. 

June had 2,424 pending home sales, 15% more than in June 2011. “Last year we could say that Austin was a buyer’s market,” said Talley, “but things have certainly shifted. There’s still time to find good deals, but as more people begin to realize the value of Austin homes, prices will continue to rise, both in mid-range size homes and Austin luxury homes.” 

Neighborhood popularity in Austin is often determined by its offered lifestyle as well as its proximity to employers, which is why communities like Eanes ISD and Circle C are fast movers in the Austin market. To find your home, contact an Austin realtor today.