Austin Metro home sales hit seven-year high for November – Westwood Community Leading the Way!

“According to the Multiple Listing Service (MLS) report released this month by the Austin Board of REALTORS® (ABoR), the volume of home sales continues to rise as November became the 30th straight month of sales volume increases and the most home sales in November since 2006.

According to the report, 1,899 single-family homes were sold in the Austin area, which is 14 percent more than November 2012. The median price for Austin-area homes was $219,530, which is 10 percent more than the same month in 2012.

Cathy Coneway, 2013 President of the Austin Board of REALTORS­®, explained, “With strong activity across all segments of the market, the Austin-area housing market has been full steam ahead through the holidays and the rest of the year, Our city’s population and job growth show no signs of slowing down, so 2014 will likely be another competitive year for Austin real estate.”  For the complete article, see the following link: ABoR November Housing Report.

In Northwest Austin or Westwood Community, the November 2013 median days on market is down to 10 days which is a 60.4% decrease from the same time period last year.  Volume has increased 11.4% and a median sales prices are up 3.3%.

*Courtesy of Gracy Title

Inventory continues to be very low as seen in the graph below.  All price bands have fewer than 2 months supply!  Buyers looking to buy in this area need to be ready to compete with multiple offers and be able to move quickly on a house that is coming soon or new to the market.  Preparedness is mandatory – buyers must know what they want and be ready to jump when it comes available.

The market only seems to be heating up – no slow down in sight.  In price bands under $400,000, there were more Pendings than current inventory in November forecasting a very strong December.

Are you thinking about making a move?  January is the number one month for relocations!  Please give me a call at 512-698-6929 for a complimentary market analysis of your current home.  We can get you sold before you know it and on to a beautiful dream home for a fresh start to 2014!

Happy Holidays and a Prosperous New Year to you and your family!

Oh, by the way, I’m never too busy for your referrals!

Vandegrift Community See a small Blip in November – Buyers Going for Smaller Square Footage

In contrast to the Austin market overall, Vandegrift Community or River North area showed a slight slow down in November 2013.  My hypothesis for the slow down is two-fold.  Firstly, the median square footage dropped from 3371 square feet in November 2012 to 3106 square feet in November 2013 indicating that buyers went for a slightly smaller home.  This purchasing trend may be due to lower inventory and that the smaller homes were the ones still available.  The good news is that the price per square foot increased from a median of $139 per square in the same time period last year to $144 in November of this year indicating a true price increase in the area.

*Courtesy of Gracy Title

My second theory comes from the demographics of the area.  River North or Vandegrift Community is mostly a family suburb that is very focused around the exemplary schools.  Most families want to be settled before school begins in late August.  The homes that closed in November would have most likely gone under contract in mid to late September when school and football was in full swing.  🙂  The buyers may not have had large families that focus on the school calendar and would then buy a smaller home, especially if the larger homes have all been taken earlier in the season.

Pendings look promising for December, especially in the $400’s band price point.  I have been amazed this fall at how quickly even my luxury listings have sold, several before market.  Buyers are still waiting on the perfect home and when it comes available, they are moving quickly.

2014 looks to be a record-breaking year in the Austin market.  Stay tuned next month in which I will recap the Austin 2014 economic forecast for the real estate market.

I hope you are having a wonderful Holiday season.  I am keeping this blog post short and sweet due to the advice of my wise mother who said no one is reading this stuff right now any way.  :))  Happy New Year to you and yours!