Written by Ryan Kelly on 10/01/2019
Austin remains one of the most desirable cities to live in the United States. According to the Austin Board of Realtors' June 2019 statement, sales in Central Texas are still going up.
Here are the key facts Austin real estate agents need to know.
The market is strong and demand is still high. More people continue to move into the Austin-area versus people who are moving out. The fact of the matter is, supply and demand are controlling real estate sales.
The good news is, more and more developments are springing up on the edges of the city, giving everyone who's dying to live in Austin a chance to buy a home in the area, although the market is still very competitive.
The average price of a single-family home in the Austin-area is $334,702, an increase that's been continuing upward for quite a few years now.
Again, "staying weird" in Austin has caught on and people from all over the country want their piece of the city. Prices are bound to go up due to such high demand. This could make it harder for renters to switch to homeownership as time goes on, making the choice to buy now even more appealing.
The Austin-area market saw 3,901 new listings and 7,133 active listings, a 5% and 3% decrease respectively. But there were 3,285 pending sales on the market, a 10% increase.
These figures suggest that offers are being made even though inventory is low and prices are high. This means buyers are looking for ways to make their offers as competitive as possible in order to stand out.
This figure has stayed the same and is another indication that homes sell relatively fast in Austin. Comparatively, according to Zillow, most homes stayed on the market for an average of 68 days in 2018.
Closings on a home can be notoriously long-winded. Referring your clients to UpEquity can help to speed up the process, in hopes to eventually see even more Austin homes spending less time on the market.
Overall, home sales in Austin are doing great. The fact that it is still one of the fastest-growing and most enviable cities in the country doesn't seem to be changing anytime soon.
Our weird culture, acclaimed schools, and future developments all seem to point toward a good year for Central Texas real estate. Still, there's not much to be done about the fact that Austin-area homes aren't going on the market -- people love it here, so why move, right?
For now, it's best to work with higher prices and decreased inventory.
Resales are in the normal range and working with the new developments will be your best bet for more listings in the coming months while incentivizing buyers and sellers in creative ways.
One great incentive is referring your clients to UpEquity. Even if people are unhappy with their homes, the process itself can seem too taxing. At UpEquity, we combine the certainty of cash with the flexibility of a mortgage.
By tipping the scales to make offers more competitive, we're here to help Austin-area real estate sales flourish, change renters into owners, and find solutions that are a win-win for everyone involved.
Give us a call today for more details.