What's happening now in Austin Real Estate?
Austin MSA (week-over-week, ending May 3rd)
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Pending homes up 10.9%
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New listings up 21.3%
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Homes sold up 32.5%
City of Austin (week-over-week, ending May 3rd)
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Pending homes up 14.4%
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New listings up 25.9%
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Homes sold up 20.8%
I have some positive news for you since some restrictions have been lifted. This is the second week in a row of data trending up for Austin real estate. Is it possible we've already moved past the low point in the Austin real estate market? We're seeing signs of recovery with an increase in pending sales, closed sales and new listings....and LOTS of buyer demand. In the last week, we're even seeing a significant increase in live-and-in-person showings of occupied homes (done with precautions, of course.)
Why Is Activity Increasing?
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Pent-up demand from the last 2 months
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Low interest rates (lowest ever in history)
- Relocations are still strong (now more than ever)
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Investors are returning (more foreign ones, too)
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More millennials are entering the market
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Austin is a FABULOUS place to call home!
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People are more optimistic
New construction has slowed and many sellers are still waiting on the sidelines. This combined with the above list is why I predict prices will continue to rise in Austin, Texas!
Diminished Supply + Increased Demand
= Higher Prices