South Austin is one of the most competitive neighborhoods in the U.S. for buying a house, according to national brokerage and research company Redfin Corp. About 30 percent of the houses sold in that area are fetching more than the asking price and the average sale-to-list-price is 99 percent.
South Austin homes are selling in an average of 11 days, Redfin reported, and more than 52 percent of their offerings were subject to bidding wars. The median sales price is $292,500 — an increase of about 13 percent over the past year.
Two other Austin neighborhoods are particularly popular. One may come as a surprise: Southeast Austin, where value hunters apparently are striking gold.
About 30 percent of the homes sold are closing for more than the list price, though the median price is just $197,000. Houses are selling in an average of 14 days, though only 10 percent are subject to bidding wars. However, about 46 percent of the sales are all cash — indicating, perhaps, strong investor activity in an area of modest, aging housing stock.
The third particularly competitive market is Northwest Austin where 29 percent of house sales are closing for more than the list price. The median sales price is comparatively high: $360,000. Nearly 60 percent of those listings are receiving multiple offers, driving up prices.
Across Austin the housing market is strong, based on the Multi-Indicator Market Index released Wednesday by Freddie Mac, the quasi-government support source of residential mortgages.
Austin recorded a stability score of 96.5, based on Freddie Mac’s proprietary analysis, placing it No. 2 in the U.S. behind Fresno, California.
Click here for the most recent monthly home sales data provided by the Austin Board of Realtors, which also indicates sales and pricing activity remain robust.
Even the luxury market — homes priced over $1 million — continues strong, although time on the market has increased substantially comparing November 2014 with November 2015. According to analysis by Jonathan Boatwright, co-owner of Realty Austin, it takes an average of 121 days to sell a luxury home, about 35 percent more time than a year ago.
Even so, volume in November was substantial, about $81.5 million compared to $55 million a year ago. Average price per square foot is up 5 percent from a year ago to $387.
Compared with other major U.S. cities, Austin still appears to be quite a bargain. According to Redfin’s data, Boston, Seattle, San Francisco and Portland, Oregon, have the most competitive neighborhoods in the country. In Noe Valley in the Bay Area, the median sales price is $1.8 million. Not far away in the Richmond District the median sales price is $1.3 million. In the Central Sunset neighborhood of San Francisco, almost 92 percent of homes that sold closed for more than the list price.
The fastest turnover of homes is happening in the Woodstock neighborhood in Portland, where properties spend just five days on the market.
Cash is king in the Brighton/Allston neighborhood in Boston where 61 percent of home sales were done with cash.