With $1.2B in Home Sales, Austin Celebrates Record-Breaking Month
The Austin real estate market has been steadily growing for some time, but in May 2017 the market escalated past a huge threshold — a $1.2 billion threshold, to be exact. The Austin Board of Realtors released its monthly report regarding May 2017 home sales, which revealed that the market topped $1.2 billion in sales in just one month for the first time.
This figure is generating buzz amongst those involved in the real estate market, particularly investors and agents who work with property owners to help them get the most out of their real estate investment.
What Does This Mean for Home Sellers?
Home sellers should be overjoyed at this recent data, which proves that real estate will continue to be in high demand and that home prices will continue to skyrocket. For property owners who are looking to generate a significant return on their real estate investment, now is the right time to list in Austin. Homes are selling quickly, and buyers are willing to overlook certain features in order to get into a home in the city.
However, home sellers should remain aware of the fact that much of the demand in the city is related to low inventory levels. The report released from the Austin Board of Realtors noted that inventory is on the rise, which is leveling out the playing field between buyers and sellers. Homeowners who are planning to list their property will have competition as more homes are placed on the market. It's important to work with a qualified real estate agent who can make sure your Austin home looks its best to eager buyers.
What Does This Mean for Home Buyers?
It might be easy for a home buyer to be intimidated by these facts and figures, which continue to showcase the increasing value — and prices — of homes for sale in Austin. Prices are also increasing in neighboring areas – homes for sale in Bee Cave and other bordering regions are seeing very similar gains. It's true that buyers are going to have to pay premium prices to get the keys to the most desirable properties in Austin. In addition to that, buyers also will be facing cutthroat competition. Many properties that are listed for sale in Austin receive several offers, and many buyers have to submit multiple offers on various properties before they get one that is accepted.
It's not all doom and gloom for home buyers though. First, buyers can rest easy knowing that they are investing in a valuable market, and that they too may enjoy significant returns over time. In addition, inventory levels are increasing, which is minimizing the competition while also improving the options that are available for buyers. The right agent can make sure that you get your dream home in the city.
The rising monthly sales in Austin and the surrounding region have been attributed to two main factors:
- The number of single-family homes are on the rise in Austin and surrounding communities. In fact, single-family home sales increased by 9 percent since May 2016.
- The median price of homes for sale in Austin also rose by about 8 percent.
These two factors combined create the perfect recipe for a hot real estate market. The month of May likely represented the tip of the iceberg — industry insiders expect that demand and prices will continue to catapult to record-setting levels throughout the duration of the sizzling summer selling season.
Does the news of $1.2 billion in home sales motivate you to place your property on the market? Or does it have you clamoring to find the right property to buy before prices rise even higher? Now is the best time to contact us to learn more about the Austin real estate market.