Okay. So it’s official. We have 3 months of inventory or less. For the Eanes school district area, there are only a couple of homes under 600k. Compare this to 2011, when there was the odd sub 425k listing. Seems folks really want that top school system. Don’t get me wrong-there are plenty of other good school districts in the greater Austin area, but if you want the school district with the highest scores, you are going to have to pay over a half million bucks. Sheesh!!!!
Here’s the rub: we keep winning all these “best of” lists, and publications such as Money magazine keep putting Austin on their recommended places to live roster, while boasting that our median home price is 195k.
Let’s be real people: If you include areas like Round Rock, Bastrop and New Braunfels, sure, you can find a decent new home for 200k. But if you want to be in the heart of the city, close to downtown, you are going to pay. Alot.
I have lived in the Bay area, and Boulder Colorado, and I am happy to say we are not seeing those types of prices, but we are headed in that direction.
The local and state government has been on a tear, installing all sorts of infrastructure improvements that clearly point to continuing growth(we just got rated the fastest growing city in America) and that usually spells H-I-G-H-E-R H-O-U-S-I-N-G C-O-S-T-S!!!!
If you need any further evidence that now is the best time to buy in over 8 years, look at the rental market: 98% occupancy rates, with many 800 sq ft condos going for 1,300.00 a month. With mortgage rates so attractive, clients often end up with a lower monthly payment by buying their OWN place, instead of paying their landlord’s mortgage each month.
So, if you are considering moving to Austin, I say, CONGRATULATIONS!!! Hope you are looking at buying a home here, no matter what your budget is, because the Austin real estate market looks to be strong for many years to come.