‘Tis the season for shopping, baking, cooking, cleaning and maybe a little pepper spray in your eye. With all of the added things to find time for during the holidays, selling a home can seem an additional job we may not have time for. There are benefits though to selling during the holiday season and certainly things to be mindful of.
Austin Winter Real Estate Market
The holiday season is also the start of colder weather. In other parts of the country snow can really impact winter home sales. Fortunately, for the Austin real estate market snow and ice days are little and far between. Buyers can generally shop year round though it may be hard to find the time.
The Austin real estate market has experienced just as much sales growth over the last year for multi-family residences as it has for single family houses. Austin duplexes, tri-plexes, four-plexes, condominium and apartment developments are all considered multi-family real estate. Low inventory coupled by high occupancy and higher rents are creating increased positive flows which is fueling demand. So, how did we get here?
It all comes back to lack inventory and what had been a slowdown of development projects. The recession and the collapse of the sub-prime market are associated with job loss with increases in foreclosures and short sales. When banks started losing money they tightened the criteria for getting a loan, but also cut back on the development capital used to fund multi-family projects.
Investing in Austin
Two tenant profiles spiked very quickly in a short amount of time: the single family home owners who now have to rent and the first rental opportunity for the graduates who are now employed. What did not spike initially were the multi-family development projects to house them.
Four years ago we had plenty of housing. Although the downtown Austin skyline changed very quickly in 2007, it leveled out fairly fast. Some condominium development was even altered or placed on the backburner which help prevent what would have been over saturation.
Austin Multi-Family Homes
Now Austin is playing catch up. You only need to take a short drive around Austin to see that times have changed and new projects have broken ground. As Austin investment properties continue to be developed, lease amounts will level out a bit. Keep in mind though that Austin keeps growing. Half of my active client base right now does not even live in Austin – they are moving here. The need for Austin multi-family properties will always be in demand for both investors and tenants alike.
I have selected random subdivisions in Austin Texas real estate market areas and listed current data on active listings. The data is subdivision specific, so there may be additional homes available for purchase in the neighborhood. Average Days on Market below 90 days are considered Seller’s markets, because homes are moving quickly. Austin neighborhoods with homes on the market between 3 and 6 months are considered neutral.
Real Estate Austin
The data below is specific to Austin single family homes for sale. If there is an area you want me to spotlight -please let me know.