Stable housing statistics in Austin spark optimistic outlook
Real estate in Austin, TX may finally be showing signs of sustained growth and stability. Single-family home sales are up and inventory is down in 2012, which has prompted increases in buyer and seller optimism among Austin residents, the Austin Business Journal reports.
"With increasing prices, stronger sales volume and more pending sales this month compared to April 2011, we're encouraged to see the market showing strong demand leading into summer months," said Leonard Guerrero, chairman of the Austin Board of Realtors, to the Austin Business Journal.
There were approximately 1,949 single-family homes sold in the Austin area in April 2012 - an uptick of 16 percent on a year-over-year basis. What's more, there was 4.4 months of inventory in April, which is 2.3 months fewer than April 2011, according to the source.
In Austin's 78701 ZIP code, the average real estate sale price is approximately $191,125, which makes purchasing available property in the major metropolitan city an affordable opportunity for first-time buyers, according to ZipDataMaps. With the national housing market looking to make an incredible comeback, buyers may want to get a head start and purchase property while values are still low.