Austin Real Estate Market Update

As you might expect, April is already off to a good start for the Austin real estate market.  Thus far, the median sales price for residential homes in the City of Austin is $390,000.  Another good indicator of the market is how long a property was listed before it went under contract; these properties were on the market for an average of 35 days.  Keep in mind, this number is an average.  Oftentimes, these properties are going under contract way more quickly; the median days to sell was 7.  This means a number of properties are going under contract in the first day or two of being listed.  These stats are based on approximately 2,700 April residential sales in the City of Austin.
 
What does this mean for you?  Well, if you are considering selling your home, now is likely the time!  Historically, residential homes in Austin sell for the most money in May or June. I looked at data for residential sales from the past 5 years for Austin homes and found that every year Austin properties sold for the most money in the least amount of time in either May or June.  If these properties are selling in May or June, that means the properties are going on the market this time of year.  Lenders usually need at least 21 days from the time a property goes under contract until the closing day.
 
If you are thinking of buying, you should know this may be a more competitive time to purchase.  Depending on where you are looking, and what your price range is, you may encounter multiple offer situations.  This is when a number of people are interested in the same property and they all submit offers creating a bidding war.  However, this doesn’t happen everywhere or with every type of property. 
 
If you are considering buying or selling, give me a call today so that we can discuss the pros and cons for your unique situation.