Winter Real Estate Round-Up

Winter Real Estate Round-Up

This article was provided by Realty Austin, an Austin real estate firm.

Happy Holidays! With all of the gift-wrapping, party planning, and traveling, December is no doubt one of the busiest months of the year, but did you know it is also one of the busiest times for residential real estate in Austin?
Despite the wintery weather, demand for Austin homes remains high. The increase in activity has resulted in a drastic decrease in residential real estate inventory. The Board of Realtors report that inventory is at its lowest January 2009. It’s not uncommon for homes in some areas to get multiple offers and go under contract in just a few days!
Here is a snapshot of the Austin real estate market as compared to just one year ago:
Austin Real Estate Market Snapshot – Nov 2010 vs Nov 2011
$368,237,220 – Total dollar volume of single-family properties sold, 16% more than November 2010,

$189,300 – Median price for single-family homes, 3% higher than November 2010

1,358 – Single-family homes sold, 11% more than November 2010,

123 – Condos and town homes sold, 21% more than November 2010

83 – Average Days on market, 7 days less than November 2010,

1,826 – New single-family home listings on the market, unchanged from November 2010,

7,173 – Active single-family home listings on the market, 18% less than November 2010,

1,448 – Pending sales for single-family homes, 15% more than November 2010.

4.5 – Months of inventory of single-family homes, 1.4 months less than November 2010.

The bottom line is if you’re looking to buy, you’ll have to act quickly. The Holidays are an ideal time to begin the home search process as you probably have more downtime and can act quickly on homes you’re interested in. With so many eager buyers, sellers should consider listing during the Holidays, especially homes in hot neighborhoods.
Realty Austin offers customized market analyses to buyers and sellers and can even recommended an ideal selling price. Looking to buy? Sign up for custom MLS search and get personalized listing alerts from Realty Austin delivered right to your inbox.
If you’re looking to buy or sell a new home in the Austin area, now is the time. Merry Christmas and Happy House Hunting!