The capital city is now No. 1 in the country for fast home sales, with 40 percent of homes selling within seven days. The average is 10.
Average sale prices are cresting too, running about $60,000 more than Texas cities like Dallas, Houston and San Antonio with no significant slowdown in sight.
“In some areas we saw 10 percent price increases,” said Bradley Pounds, sales manager at Watters International Reality. “The double digit increases may not continue, however, there will be a significant price increase in 2015.”
Realtors say the market will remain strong if interest rates and inventory remain low, and if the job market, local rent rates and Texas transplant demands remain high. Any severe bubble burst is unlikely.
Experts suggest checking comparable prices in the last 30 days. The market is changing so fast that going back the traditional six months is irrelevant. Listen to your appraiser and lead with your head, not your heart.
If you offer above asking price because of multiple bidders, remember the market could slow down some. Condos and outlying areas are likely to cool off first.
“Central Austin is nearly bulletproof,” said Bradley Pounds. “They don’t make Central Austin anymore.”