Kopa Real Estate Blog

Last week I heard another Realtor refer to south Austin real estate as a “war zone.” That might be an exaggeration but it’s definitely pretty bad out there.

The number of homes sold in the Austin MLS during March reached an all time high for the month of 2,440. That is a 13% jump from March 2014.

The median price was up 10% and average price up 13% to $334,758.

These numbers don’t tell the whole story. Believe it or not in some parts of our area things are even hotter than those statistics would indicate. Several times in March and April we have seen properties with over 10 offers on them. Many of these homes are selling for well over the asking price.

Stories of multiple offers have become common in south and central Austin over the last year but we are seeing this happen more frequently even in areas such as Cedar Park and Pflugerville. To maximize sales price it’s important for a seller to hire a listing agent who has a marketing system in place to attract multiple offers and who also knows how to analyze the offers to make sure the best one is chosen.

For buyers it is important to save as much money as you can in case additional down payment is necessary when a home appraises for less than the sales price. When a seller has several offers they will not be as likely to reduce the sales price if an appraisal comes in $5,000 short as can happen in our appreciating market.

Buyers will also want to choose a mortgage company with a great reputation. A buyer who chooses their lender based solely on closing costs or interest rate may choose a mortgage company with a poor reputation, ensuring that their offer won’t get accepted if there are multiple offers.

Should you buy now or wait until the fall?

Last year I had several clients who wanted to wait until the summer real estate craziness was over. What they found was the market was nearly as competitive but with the inventory of homes so low there were far fewer good choices. If you’re considering buying real estate this year I’d recommend jumping in now instead of waiting until later in the year when your choices will be fewer.

To find out what your home could sell for in today’s market complete our Market Analysis Request Form.

If you would like to talk about buying or selling real estate in the Austin area call Eric Peterson at 512-791-7473 or email at eric@koparealestate.com

March 2015 Statistics

• 2,440 – Single-family homes sold, 13 percent more than March 2014.

• $255,000 – Median price for single-family homes, 10 percent more than March 2014.

• $334,758 – Average price for single-family homes, 13 percent more than March 2014.

• 55 – Average number of days single-family homes spent on the market, four days more than March 2014.

• 3,402 – New single-family home listings on the market, six percent more than March 2014.

• 5,274 – Active single-family home listings on the market, six percent more than March 2014.

• 2,812 – Pending sales for single-family homes, five percent more than March 2014.

• 2.2 – Months of inventory* of single-family homes, statistically unchanged from March 2014.

• $816,809,520 – Total dollar volume of single-family properties sold, 28 percent more than March 2014.

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