2013 Market Outlook
Posted by Michael Reilly on Monday, March 4th, 2013 at 6:54am.
March is already here and tagging along is the annual (Spring-Summer) upswing the in the real estate market. Austin’s real estate market remained strong throughout the Fall and Winter of 2012-13 and based on January’s home sales statistics, this year is already setting itself up as the best year in real estate since 2006. As we look forward to another busy season in Austin real estate, we thought we’d give you a recap of what’s happened recently to our job and housing markets and what we can expect in the year ahead.
In 2012, Austin welcomed over 65,000 new residents to the city. The primary force behind the substantial migration to Austin is our healthy job market, with unemployment figures hovering around 5%. The city also created more than 26,000 new jobs in 2012, with many of these new careers being related to healthcare or education. Major companies such as Apple and General Motors also recently announced their plans to create new jobs in Austin and voters decided to build the University of Texas Medical School. The real estate market also grew tremendously during 2012. New home construction and housing inventory are now trying to catch up with the pent up demand for Austin homes.
Keeping these things in mind, what can we predict will happen in 2013? We expect that Austin will see the construction of more than 16,000 new housing units and the addition of nearly 30,000 new jobs to the market this year. Apple Inc. will create more than 10,000 jobs as they set up shop in Austin, and other companies like Visa and Samsung will add to our job creation. With inventory now playing catch up with demand and more people moving to Austin every day, home prices will continue to rise throughout the summer and likely on into the Fall/Winter of 2013. 2012 was a great year for Austin real estate and our housing market is already stronger than it was a year ago today. If you’re planning on buying a home in Austin, our best advice is to do so quickly as prices will continue to rise. Click here to start your search for Austin homes for sale or contact us for more information.
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