New home construction is still in high gear throughout Austin, according to the most recent report from Metrostudy. The online resource for local and national housing data recently reported that housing starts throughout Austin in the first quarter of 2018 are up 13 percent compared to the same timeframe a year before. According to Vaike O’Grady, regional director for Metrostudy, the building boom is a result of developers trying to keep up with housing demand.
Austin Home Construction Statistics
There were 4,064 home starts in the first quarter of the year, which is a 13.1 percent increase over the first three months of 2017. Annually, builders started construction on 16,457 houses during the 12 months that ended in March. On a year-over-year basis, the 16,457 starts were a 4.5 percent increase over the 12 months that ended a year ago March.
Additionally, O’Grady points out that home construction needs to maintain its current pace since there’s not likely going to be a downturn in housing demand anytime soon. The most recent Austin area home sales statistics from the Austin Board of REALTORS® (ABoR) shows that not only are home sales up across the region but that homes are also selling faster and for more money than they did a year ago in April.
Increasing Competition for Homes
“In the Austin-Round Rock MSA, price classes across the board are seeing an increase in demand with a decrease in inventory,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “While new listings are up year-over-year, homes are selling faster than they can be listed on the market. This has led to a smaller number of active listings and an increasingly competitive market for homebuyers.”
Increasing competition in the Austin area real estate market is creating more urgency for buyers and sellers to work with an experienced Austin real estate agent. Strong positioning in the market will enable buyers to submit offers on homes that will more likely be considered and accepted by sellers. Conversely, sellers will need to seek out a local real estate expert to help determine which offers are the strongest in a multiple offer situation which can happen in a low-inventory market like this one.
Low Inventory is a Benefit to Sellers
In fact, new home builders have benefited from the lack of available resale homes in the area. Allie Wasilko, internet sales director for Scott Felder Homes in Austin, said the homebuilder had a strong first quarter. “We’re seeing a lot of interest because of the low inventory in resale homes — that certainly helps us,” Wasilko said. “We’re seeing a lot of empty nesters and retirees from out-of-state, as well as move-up buyers from Texas.”
For sellers, a low-inventory market can attract multiple buyers for your home. Eager homebuyers compete over what little inventory is available, which puts sellers in an ideal situation to sell their home for the most amount of money possible. Especially when home construction requires time to get a product to market while resale homes are available almost immediately. Working with an experienced Austin real estate agent is key to presenting your home at its best to attract motivated buyers.
Get Started on Your Home Sale Now
If you’ve thought about taking advantage of this low-inventory market by listing your home for sale, start out with an instant online home price estimate. We’ll send you a general estimate of what you could list your home for in today’s market. You’ll also have access to our experienced Austin real estate strategists to help guide you through the process of selling your home.
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