FORT WORT (CBSDFW.COM) – According to real estate data recently released by REMAX, the Dallas-Fort Worth and Austin real estate markets continue to break and set new records.
In both cases, the markets are seeing a sharp decline in housing construction like never before, with limited supply and increased demand driving the trend.
While DFW sees historical market trends, Austin is the only other Texas city that is under pressure more than North Texas.
For starters, the DFW average market price for a home has exceeded $ 350,000 for the first time in history. In Austin, the average is over $ 450,000.
Mary Ann McMahon owns Austin-based brokerage firm REMAX and says that while DFW only recently noticed this frenzied trend, Austin has been battling it for a while. “Keep Austin Weird is a really good slogan right now,” she said. “Austin is weirder than I’ve ever seen in terms of real estate and the growth of the real estate market. We have very few reserves and a lot of demand. “
So, back to comparing notes.
DFW’s current housing supply is roughly one month, while in Austin it is roughly half, McMahon said.
Mike Gonzalez, development director for REMAX Posh in Austin, described the speed at which homes are selling, saying, “Properties hit the market on Thursday, you have tons of exhibitions on Thursday and Friday. By Saturday you will start getting offers [and] by Sunday we joke that if the property is still there and active, the agent probably did something wrong. “
Offers well above the listing are also becoming commonplace in the DFW and Austin markets.
Here at DFW, we often hear about $ 50, $ 60, and even $ 100,000 in some cases.
McMahon says the highest she heard of in Austin is much higher. She said, “I just read about an offer that was $ 800,000 above the list.”
Unlike DFW, Austin real estate experts say they don’t have much room to build a new building.
Gonzalez says they have geographic restrictions. “We had some problems with the construction of the new building, but there were also problems with the layout,” he explained. “If you look at Austin, how it works, you can develop in many areas.”
Experts in both markets say home sales will remain strong, largely because out-of-state investors and buyers are fueling the frenzy. Gonzalez says these people are real buyers with real money.