Home Sales are Going Up
Homes are selling fast and at higher prices than ever because according to The Austin Board of Realtors’. Housing experts caution that the number also escalates the need to improve cost-effective housing options in the region. But on the other hand, figures may be great news to people thinking of selling their residential properties in Austin.
Last week, in fact, Oracle reported its plans to move its corporate headquarters to Austin. A Wall Street Journal published an entire report last week highlighting the growing migration of people from other metropolitan cities, which cites LinkedIn data.
Homes, Relocation and Job Opportunities
This year, businesses that relocated to Austin are expected to create nearly 10,000 jobs. This is the biggest figure on record for Austin in a single year. The Chamber doesn’t exactly know how many jobs Oracle will take to Austin. But the Chamber is hoping the relocation will make huge annual increases in jobs even higher.
The typical house in the Austin-Round Rock Metropolitan Statistical Area stayed 35 days on the market. It was 19 days fewer than houses spend on the market in October 2019. This is according to ABOR in October 2020. The average sale price of a home in Austin set at a record in October, increasing 13.1% to $441,250.
Inventory levels of housing are at an all-time low, according to Romeo Manzanilla, ABOR president. The five-county region compared to last year has only 1.1 months of inventory. In addition, to 1.2 months less than October 2019.
Homes are Going Fast for Sale
Housing is getting snatched up pretty quickly. There is still such a huge demand for it, Manzanilla said.
There is an inventory crunch with no letdown in sight, he added. Especially with the announcement from Oracle. The spotlight on Austin and the quality of life, makes the housing market incredibly competitive.