No disguising the red hot housing competition in South Austin

AUSTIN – South Austin is one of the most competitive
neighborhoods in the United States for buying a house, according to national
brokerage and research company Redfin Corp.

About 30 percent of the houses sold in that area are
fetching more than the asking price, and the average sale-to-list-price is 99
percent.

South Austin homes are selling in an average of 11 days,
Redfin reported, and more than 52 percent of their offerings were subject to
bidding wars. The median sales price is $292,500 — an increase of about 13 percent
over the past year.

South Austin is known for some of the city’s most iconic
businesses, such as Broken Spoke, Lucy in Disguise with Diamonds and Maria’s
Taco Express.

Two other Austin neighborhoods are particularly popular. One
may come as a surprise: Southeast Austin, where value hunters apparently are
striking gold.

About 30 percent of the homes sold are closing for more than
the list price, though the median price is just $197,000. Houses are selling in
an average of 14 days, though only 10 percent are subject to bidding wars.
However, about 46 percent of the sales are all cash — indicating, perhaps,
strong investor activity in an area of modest, aging housing stock.

The third particularly competitive market is Northwest
Austin where 29 percent of house sales are closing for more than the list
price. The median sales price is comparatively high: $360,000. Nearly 60
percent of those listings are receiving multiple offers, driving up prices.

Compared with other major U.S. cities, Austin
still appears to be quite a bargain. According to Redfin’s data, Boston,
Seattle, San Francisco and Portland, Oregon, have the most competitive
neighborhoods in the country.