October homes sales in the Austin area were stronger than expected, even for this already strong market. This was the largest monthly increase in sales since October of 2009. The 2009 increase was due mostly to the expiring tax credit and there was nothing of this sort to drive the most recent increase, leading me to believe that we are likely to see more of this trend in coming months.
There was a 37% increase in the number of homes sold compared to the same month last year and a 51% increase in the total dollar volume in sales. With the median sales price increasing by nearly $10,000 during a slower part of the year, it is not hard to believe that once spring comes around we can expect to see even higher prices. Fortunately, the interest rates are still extremely low and you can afford at bit of a higher price, but these conditions will not go on forever.
If you are seriously considering the purchase of a home here in the Austin area, it is my advice to at least get the ball rolling now. Talk to a banker and get your pre-qualification in your hands. Choose a Realtor and make a plan for the options you can have. This is still a fantastic time to get your piece of this town, but at the rate that it is getting gobbled up these days you will get a better bite now than later.
Pauly + Presley Realty
2401 E. 6th Street #3033
Austin, Texas 78702