We had a great guest speaker at our sales meeting this morning that provided some very useful information regarding the Austin housing market.
The Austin rental market:
- There is a 95+% occupancy city-wide
- Rents are up 11% city-wide, averaging about $1.00 per square foot
- Only 1800 new units are projected to be built in 2011
- There are roughly 900 families moving to Austin every month
The Austin housing market:
- MLS inventory is at 5.6 months
- Once the market inventory falls below 5 months, the market tends to turn into a seller’s market
- Prices are up 4% +/- from 2010
- New price highs are topping out on the shores of Lake Austin and the downtown condo market (home sales closing at $800 per sf.)
Although 2010 was a challenging year for almost everyone, this year’s forecast is shining a bit brighter. Thinking about listing your home? Now is the time to call your favorite local realtor and gear up for a successful Spring season!