Strongest November housing market since the recession!
According to Leonard Guerrerro, Chairman of the Austin Board of REALTORS®, the typical Thanksgiving holiday lull didn’t slow down the Austin housing market this year. In fact, this year Austin has hit a five year high for November with home sales rising 23% from November 2011.
The Austin Board of REALTORS® reported that, in November 2012, the median price for Austin-area homes also increased to $200,000, which is seven percent more than the same month in 2011. In addition, the market featured 3.0 months of inventory in November 2012, which is 1.5 months less than November 2011 and the lowest inventory figure seen in Austin in the last decade and can be seen on the chart below.
On average, homes spent 67 days on the market, which is a decrease of 16 days from one year prior.
Wondering what this means for you as a buyer or a seller? Low inventory, and increasing average sales prices can be a real advantage for sellers, while record low interest rates make it a great time to buy as well!
Every situation is different, so if you’re thinking about buying or selling in the Austin area give us a call at 512-829-2062.