The Austin Metro has been experiencing a very active real estate market - particularly over the last six months. In fact, in just the last month I have been involved in 10 multiple offer situations. This tells me that buyers who want to be in the most desirable areas better get ready to compete, sellers will enjoy higher prices (and perhaps appraisal issues in the closing process), and outlying areas will see increased attention and higher prices combined with lower days on market.
Supporting this - Community Impact News put out this story today re: new housing starts being up around 30% area-wide. Just as this blog states: Blue Skies Here in Central Texas!