The year 2013 has been a very exciting and fun time for our company. As any Austinite knows, the city continues to experience huge population growth, and the Austin real estate market has been crazy. In response, we have more than tripled our team, added a property management component to what we do, and even started a second company called Blair Homes & Design that builds and remodels homes, while also helping investor clients stage and sell their properties.
In 2013, Austin home prices increased by 10 to 12 percent, and in the 78704 neighborhoods where Blairfield Realty does most of our business, that number was often even higher. Many homes went under contract before they were put on the market, and it was not unusual for sellers to receive multiple offers on their home. On December 18th, the average listing price for homes in 78704 was $539,088, revealing that prices continued to rise every week in December, the slowest month of the year.
What will 2014 bring? With people continuing to move to Austin in drove, the market doesn’t show signs of slowing, at least not by much. I anticipate another strong selling season-and a longer one. In recent years, the home buying frenzy of late spring/early summer has begun earlier and stretched later into the summer, and I believe this trend will continue. Also, the demand for East Side properties is once again on the rise, and certain pockets of 78704 (like S. 1st Street, south of Oltorf) are also starting to get more attention for their location and price. As the city sprawl continues, it stands to reason that the boundaries of “central” Austin will continue to be blurry as the city expands in all directions.
If you are looking to buy a home in Austin, consider beginning your search during the slower winter season, when there is less competition among buyers. Also, with a real estate market as hot as Austin’s, it really is worth engaging an experienced real estate agent who can alert you about upcoming homes for sale before they hit the market. I might be able to recommend a few 🙂 .
Every day, I consider myself lucky to be doing something that I love and am grateful for your continued support and trust. I hope you are enjoying the holiday season and wish you health, happiness and prosperity in the new year!