DFW & Austin Continue To Break Housing Records – CBS Dallas / Fort Worth

FORT VALUE (CBSDFW.COM) – Dallas-Fort Worth and Austin real estate markets continue to break and break new records, according to real estate data recently released by REMAX.

In either case, markets are experiencing housing shortages like never before, with limited supply and increased demand leading the trend.

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While DFW sees historical market trends, Austin is the only other city in Texas that is under more pressure than North Texas.

For starters, the DFW average market price for a home has exceeded $ 350,000 for the first time ever. In Austin, the average is over $ 450,000.

Mary Anne McMahon owns a REMAX brokerage in Austin and says while DFW has only recently seen this insane trend, Austin has been looking at it for a while. “The ‘Keep Austin Weird’ tagline is really a good tagline right now,” she said. “Austin is stranger than I’ve ever seen in terms of real estate and the growth of the real estate market. We have very little stock and a lot of demand. “

So back to comparing notes.

DFW’s current housing supply is around a month of listings, about half that in Austin, according to McMahon.

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Describing the speed with which homes are being sold, Mike Gonzalez, a chief growth officer at REMAX Posh in Austin, said, “The property will go on a Thursday when you have loads of exhibitions on Thursday and Friday. There will be offers from Saturday [and] We’ll joke until Sunday whether the property is still there and the agent has probably done something wrong. “

Offers well above listing are also becoming common across the DFW and Austin markets.

Here at DFW we often hear over $ 50, $ 60, and in some cases even $ 100,000 above the listing.

McMahon says the tallest she heard about in Austin is much higher. She said, “I just read about an offer that was $ 800,000 above list price.”

Unlike DFW, Austin real estate experts don’t have much space for new builds.

Gonzalez says they have geographic restrictions. “We had some challenges with the new building, but also just the layout,” he explained. “When you look at Austin the way it is designed, there are only so many areas to grow into.”

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Experts in both markets say home sales will remain hot, largely as investors and overseas buyers fuel the frenzy. Gonzalez says these people are real buyers with real money.