Location, location, location — that's often what sells a home and it’s more so than ever right now in Austin.
Downtown Austin where median prices have increased 14 percent in the last year to $370,000 dollars leads the way in real estate demand.
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. 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.
Even those people living in the fastest selling neighborhoods see the good and bad of this booming housing market. High prices are great if you're selling or refinancing, but not if you're staying put and paying taxes.
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.