AUSTIN -- Thursday we'll get the latest look at Austin's housing market when the Austin Board of Realtors releasing the latest housing figures.
April saw the most home sales since 2004. Summer usually brings a spike in sales, so we wanted to show you hottest selling neighborhoods in Austin.
Location, location, location -- that's often what sells a home and it’s more so than ever right now in Austin.
"We have people knocking on the doors asking if we want to sell," said Tamara Finley.
Just down the street from Finley is a prime example. A three bedroom home on Tortuga Trail near 2222 with a backyard pool and a view of Lake Austin sold within 24 hours for more than a million dollars.
"It moved very quickly,” said Real Estate Agent Eric Copper.
Copper works for Keller Williams, the largest real estate company in Austin.
"Most of the homes I've sold this year have been multiple offer situations," said Copper.
KVUE wanted to know the fastest selling areas around Austin. Copper said these are the top four:
- Downtown Austin where median prices have increased 14 percent in the last year to $370,000 dollars.
- Central Austin just north of West Campus -- median prices are about the same -- up 15 percent to $360,000.
- West Austin near MoPac which includes Tarrytown, Pemberton Heights and Clarksville -- median prices rose 16 percent to $640,000.
- Prices jumped the most in East Austin between MLK and Riverside – 17 percent -- yet they're still among the most affordable with the median at $205,000.
"East Austin's doing very well,” said Copper. “It had the highest increase in median sales price from April of last year to this year."
However the real estate market isn't all rosy including areas around Lake Travis. Low lake levels, distance from the city and bigger properties have been a tough sell. However, with that comes opportunity.
"Particularly people interested in purchasing lakefront property or properties surrounding the water, I think now is the time to buy," said Copper.
Even those people living in the fastest selling neighborhoods see the good and bad of this booming housing market.
"That's good for selling if not you're paying taxes,” said Finley.
Interest rates remain relatively low, and so is Austin's inventory. The latest figures show if no new homes went on the market, we'd run out in less than three months.