Austin's fiery real estate market continued its hot streak in June, with homes selling at an even faster clip than last year, according to a new analysis by Maxavenue.
The brokerage firm's analysis of a wide array of economic and home sale data showed that the Austin real estate market remains strong.
"We are experiencing a strong seller's market that continues to gain velocity," the company's Vice President of Training, Lee Abraham, told real estate agents at a recent training session.
Houses are selling even faster than last year, averaging 39 days on the market, about 10% faster than last year at this time, according to the analysis of Austin Board of Realtors (ABOR) data. Meanwhile, the number of listings sold in June climbs while the average price of a home in Austin inched up to $326,998, an 8% gain compared to last year's averages.
Abraham said that distilling the complex data to show current housing trends is key to helping consumers understand the market.
"We keep a close eye on national economic indicators like unemployment and consumer confidence in addition to projections for gross domestic product and mortgage rates. Combined with monitoring the supply and demand for local housing, we are able to help buyers and sellers make smart choices and avoid costly mistakes," he said.
Sharing detailed economic data and being conversant about how those variables influence the Austin real estate market builds trust with buyers and sellers. It shows them that their real estate agent will be on top of other detailed information throughout the process.
"Our client is not only going to be served," Abraham told agents at the training session. "But, the goal is to deliver superior consumer value and have your satisfied clients become a referral source because you not only did a great job, but also blew them away with your expertise."
Dig into Real Estate Data
Abraham analyzed 10 key factors that influence the current Austin real estate market, including five nationwide economic indicators.
Data shows that while consumer prices are increasing, reducing demand, consumer confidence is also increasing, driving demand up as more people have faith that buying Austin real estate is a strong investment. No surprise. Based on the statistics, Austin's real estate market shows home sales and prices have increased.
Abraham said that, for buyers, it's important in a high-demand real estate market to be prepared to make quick decisions as well as the possibility of paying full price and still potentially get into a bidding war to purchase their dream home.
"We may want to craft your offer with more than just price, and include terms that are appealing to the seller," he told agents. Ultimately, the goal for buyers is to make their overall offer more attractive when competing with multiple offers on a listing.
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