Austin is fast becoming the new city for "flash sales," with home sales and prices rising rapidly.
Reports from Austin Business journals suggest that more than 150 people relocate to Austin each day and because of this sales of houses in the city have risen rapidly. This demand has also pushed up prices making it the newest city for "flash sales." Flash sales happen when listed homes go under contract within 24 hours.
Last month 110 homes in Austin were sold in a matter of hours, reports Keye TV. Tazia Salinas, a homeowner in Austin, said that she sold her house so fast last year that she didn't even have time to find a new home and so is currently leasing her own home from the new buyers. She also revealed that the new buyer offered her $10,000 over the asking price.
Redfin conducted a survey last month and Austin was ranked 11th out of 22 large markets for fast selling of homes. However, it was ranked among the top five cities for flash sales. Others included San Francisco, Ventura, Calif.; Sacramento, Calif; and Denver.
According to data provided by Redfin, 46 percent of all listings have a contract within two weeks, and 35 percent of all listings have a contract within a week.
Realtor Ricky Cain revealed to reporters that pending and closing sales are up more than 25 percent in Austin from one year ago and sale prices have also risen. The average price of an Austin home is $304,481. Last year it was $263,545.
