Market Update

Real Estate

Well friends, I can sum this post up for you very succinctly:

This market is just plain crazy!

Frost Tower photo I grabbed while at SXSW.

Frost Tower photo I grabbed while at SXSW.

The dirty details??

Well, for the fourth consecutive month, both the average and median home prices in the greater Austin area rose, closing out March with an average over $336k and median at almost $256k. Homes are moving very fast, too! The average time on market was less than 15 days for single family residences, and in total, March saw 2,300 home sales close!

A Sixth Street shot I took last spring.

A Sixth Street shot taken last spring.

While we are seeing many new listings enter the market with the Spring season in full swing, demand is also growing so inventory levels remain low.

Job growth in the area is still strong, and Austin was recently listed as the number one tech city in the U.S. by Savills Plc, a consulting firm based in London. An article in the Austin Business Journal sums it up here:

“Using five metrics such as property prices, talent pool and quality of life, Austin beat out tech hotbed San Francisco and rated No. 1 in the overall ranking of 12 cities, the Wall Street Journal reported. ”

Live music at Austin's Barton Creek Resort & Spa shot last Spring.

Live music at Austin’s Barton Creek Resort & Spa shot last Spring.

Austin is rocking and rolling– and in more than one sense of this phrase that currently seems to epitomize the World’s Live Music Capital in so many ways.

The real estate market is beginning to drive me a bit crazy though. I’m writing several offers a week– almost always at least a few thousand over the asking, and it is still a challenge. Lately, the work never seems to end.

Fortunately, there is an adrenaline that accompanies this craziness. So my friends, until next time, I’ll be running around like a little chicken– meeting myself coming and going. Oh, and trying to catch some of Austin’s Fashion Week!

XO,

Hope

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