October brings more than just a welcome rush of cool air to Austin, Texas. It also ushers in a real estate market that has increased its muscle flex since this same time in 2010. Austin real estate experts at Regent Property Group have compiled an easy-to-read Austin real estate market update and statistics report for those interested in buying or selling a home in the Capital city. Following are highlights of the report:
Overall, the Austin housing market has improved, following a strong September that saw an 18% increase in the number of homes sold. Final prices rose 2%, which is good news for sellers and nominal for buyers. Buyers also will be happy to know that interest rates remain exceptionally low at an average of 3.94% for a 30-year conventional loan.
Available number of homes for rent have dropped, while prices to lease have escalated rapidly, creating a prime environment to consider purchasing a home as a long-term investment.
Since 2010, the number of homes sold has increased overall by 6.16%, despite an 11% increase in days on the market. The number of Austin homes on the market has decreased by 28.33%, lessening saturation of the market and potentially increasing competition and prices in the near future. By mid-October, over 650 homes had been sold in Austin, a dramatic jump from home sales in the early fall of 2010.
Austin continues to see a much stronger housing market than many other areas around the country, says REALTOR
