Austin Home Values Climb Higher and Inventory Shrinks in First Quarter

 

The Austin Board of Realtors recently released the finalized statistics for March 2013 which now gives us a complete look at the Austin real estate market for the first quarter (Q1, January – March). This is a quick look at how Q1 compares to the same time period last year and an update on the Austin market as a whole.

In Q1 of 2013, 2736 homes sold within the Austin city limits. This represents a 20.3% increase versus Q1 of 2012, when only 2275 homes were sold. The average sales price in Austin also grew 8.6% to $321,912 and the average price per square foot rose 10% to $159.50. While prices rose, the average time it took a house to sell in Austin declined 28.8%. The average home in Austin sold in 52 days, 21 days less than during the same time period in 2012.

While the data from home sales give a clear picture of the strength of the Austin market, the number of active listings shows that these trends will likely continue for the foreseeable future. The number of homes for sale in Austin was only 5355 in March. This is a 29.5% decrease versus 2012. With over 1200 people moving to Austin every week, demand continues to strengthen and is driving prices even higher as available inventory continues to shrink. This graph is shows the long term trend in Austin.

Historic Count of Active Listings

Though the overall market is very strong, home values and market activity can change from subdivision to subdivision or even street to street. If you are considering selling your home this year, drop me a note and we can discuss the value of your home and how I can help you get the most equity possible as you look to move out or move up to another home.

by Kyle Pfaffe, REALTOR®      e: KylePfaffe@kw.com      m: 512-636-9707      w: AustinHomes4You.com

 

2012 Real Estate Market Report for Austin, TX

How was the Real Estate Market in Austin for 2012?

The real estate market in Austin, TX saw incredible growth in 2012. After an extremely busing January, I finally had time to put this information together and wanted to get it out as soon as I could with it being late already. The graph below gives a good summary of most of the information I have put together.Austin 2012

In 2012, the number of homes sold increased 19% to 10,406 from only 8738 in 2011. The average sales price increase was equally as impressive – in 2012 the average sale price was $342,206 versus $320,868 in 2011, a 6.7% increase. In 2012, the average price per square foot grew to $145.72, a 5.9% increase from the $137.58 average price per square foot from 2011. While each of these numbers illustrate the rapid change in the Austin real estate market in 2012, none are quite as significant as the average time a home was on the market before it sold. The average days on market shrunk to only 52 days in 2012, a 27% decrease from the average 71 days in 2011.

What do these numbers mean for you if you are looking to buy or sell a home in Austin in 2013? If you are looking to buy a home, home prices are rising and inventory is shrinking, meaning that you might pay more than in 2012 and have less options. Because homes are selling more quickly, you should also move fast to put a strong offer in once you have found a home you really like.

If you potentially looking to sell you home in Austin this year, your equity has likely grown and there is likely a strong demand for your home. You have chosen a great time to sell! Drop me a note to learn about how my progressive marketing plan can go to work for you!

by Kyle PfaffeREALTOR®      e: KylePfaffe@kw.com      m: 512-636-9707      w: AustinHomes4You.com

The Kyle Pfaffe Real Estate Team

P. Terry’s Comes to North Austin. FINALLY!

P. Terry’s Burger Stand is planning two new locations in Northwest Austin, both to be opened by this summer. Construction is already under way for the first location at the corner of MoPac and Cedar Bend Dr, by St. David’s North Austin Medical Center, just south of
P TerrysParmer Ln. That store will be the largest P. Terry’s yet, with a double drive thru and an outdoor patio that is over 1,000 sqft.

The second P. Terry’s in Northwest Austin will be at Hwy 183 and Oak Knoll, but the Catfish Parlor and is scheduled to have construction begin this summer and be open in the fall.

Founder Patrick Terry says, “We’re delighted to head north.” I think that it is safe to say their customers are delighted as well! For more information, see the article in the Community Impact Newspaper or Click Here.
Interested in living in Northwest Austin have questions on the real estate market in the Greater Austin area? Drop me a note or call/text me at 512.636.9707.
By Kyle Pfaffe, REALTOR® e: KylePfaffe@kw.com m: 512-636-9707 w: AustinHomes4You.com

Lender Named to Austin’s Top 10 List!

Congratulations to an excellent mortgage lender I have had the privilege of doing business with here in Austin, Stuart Napier of Wells Fargo! Stuart was named #7 on the Austin Business Journal’s Top 10 list of mortgage producers in Austin in 2011. Click here for the link to the article- Top 10 Mortgage Producers

Congratulations to Stuart and I look forward to our next deal!

By Kyle Pfaffe, REALTOR 512-636-9707 www.AustinHomes4You.com