Despite the constant rain, it has been an incredibly busy selling season here in Austin. Both April and May set new records for median and average home prices, and the average time on market per home is only two days!
According to the Austin Board of Realtors’ May housing report, the median price for Austin-area single-family homes increased nine percent year-over-year to $271,000 in May 2015, while average price increased seven percent to $348,201.
While it is an exciting time to be investing in Austin real estate, buyers are facing major frustrations. In many cases, when a house hits the market in your target area and price range, you need to be there that very same day or it is an opportunity lost. And if you like it, you need to be prepared to bid against the other 50 people who like it, too!
With only 25 percent of single family housing options in Central Texas below $200,000, affordability is still a growing problem in our market.
Difficult as it may be, there is a bright side for shoppers in that corner of the market. Local real estate and financial analyst, Mark Sprague, shared a glimmer of excitement for buyers in that price range in an economic forecast he delivered in April. Sprague explained how buyers under $300k will see the greatest and fastest appreciation of any price point over the next several years, as it will serve as an entry point in our market for first time home buyers and the like.
In the midst of my crazy real estate driven life, I try take advantage of every opportunity I have to explore and experience my beautiful city. After all, Austin is SO much fun in the summer! Of the minimal sunny days we’ve had, I managed to make it out to Sculpture Falls via the Hill of Life trail entrance one Saturday, and to Campbell’s Hole via Barton Skyway the next.
I love Austin swimming holes!! And with all of this rain, the water is amazing on a warm day. The energy is always vibrant with live music, laughter and a shared sense of appreciation for the natural beauty surrounding us all. I can’t get enough!
If you want to know how to access a particular spot, or if you just have general questions, give me a shout!