AUSTIN (KXAN) - It's no secret the housing market in Austin has been hot for a while with the population of the metro area still growing.
"It's incredible, unprecedented, I've never seen anything like it," said veteran realtor Patrick Dixson, with Private Label Realty.
According to the latest multiple listings from the Austin Board of Realtors, 2,391 single family homes were sold in Austin in September, up 34 percent from September 2012.
The average time on the market dropped from 66 days to 44 days. And while the number of active listings (the available housing pool) has dropped, sales volume in dollars year to year is up 47 percent.
Martha-Cary Sadler of TruBlue Realty had some would-be buyers in Washington, D.C. growing increasingly frustrated.
"We had to up quite a bit, because what they were looking for, and what they thought they could spend on what they were looking for, were two different things," Sadler said.
The couple eventually purchased a home in the Cat Mountain neighborhood that had been on the market only eight days, after only seeing it by an iPad tour.
"I was ecstatic because it met my needs in terms of timing and the price was fair," said seller Dr. Pauline Albert.
Realtor Patrick Dixson says he's even seeing would-be buyers bidding against each other or trying to buy the other out to remove competition.
"The house will go on market Friday and by Sunday there are multiple offers," Dixson said. "Buyers review the offers and let you know Monday night.
"As soon as you say it will never sell for that, somebody will walk in and it will sell for that."
The median price for a home in Austin (with half the market above and half below) is $223,000, up 13 percent from a year ago.
The advice to buyers: Be patient, be ready and be pre-approved for a loan so you can move quickly.
There is one caveat. An Austin seller who wants to buy something else here, is about to run into the same buzz saw.
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