With Central Austin temperatures in the 100′s and a serious drought in place the two largest Central Austin zip codes (78703 and 78731) have continued to be hot, absorbing homes at an accelerating pace.
This acceleration of sold homes is driving other healthy signs as well.
To spite the Central Austin real estate inventory increase the average price per foot has held steady and homes are selling faster.
One of the healthiest signs I see is that re listed homes are clearing out keeping the market free of old, tired, super negotiable properties.
Compared to last spring most homes coming to market are fresh, new listings that are not show worn. Time and again I hear buyers saying their choices are more limited than they were the last time they were looking.
Whats really happening is we are experiencing more turn. Home are coming on the market and provided they are priced right and in good condition they are moving fast. Sellers are not yet in the drivers seat but are experiencing a much healthier market than the one we had last year or the year before.
As I wrote last month my expectations for between now and the end of the year are that the market will cool with fewer sales, slightly longer days on market and prices holding steady (barring any tragic economic or world events).
By February, March 2012 the buyer who is looking now and doesn’t buy will again return with fewer choices. If you are a buyer and you are on the fence – get off it. Between you and me 2012 is the year of price appreciation for Central Austin. (Of course I am subject to getting it wrong – this is just my opinion)
If you would like more opinions about buying or selling in Central Austin Home contact me here.