Numbers, in this case, do not lie: Austin is setting records in
the housing market, almost monthly. And the population seems to approve –
the area grows by 110 people every day. That’s not people moving here, it’s
net growth (accounting for the few who leave, probably for job relocation or
family reasons, because everyone loves this town).
There is the good news/bad news trade to an accelerated market
like Austin’s real estate environment. The bad: Inventory remains a
challenge for buyers and seller expectation are beginning to slide above
reality (every seller wants a dozen offers at more than 10% above their list
price). Good advice and consulting with a broker or agent who knows the market
and the business will neutralize these elements. The good: Sellers are moving
homes in an absurd average of 39 days (June 2014 numbers) for maximum value and buyers are getting
in on a market that project sustained health for years to come. I can’t
tell you how many of my buyer clients have shared how happy they are for buying
three years ago, two years ago, six months ago.
Here's the breakdown with mid-year stats:
- New listings increased for June 2014 two percent year-over-year
to 3,701 listings and active listings increasing six percent year-over-year to
- The number of new homes on the market increased by more than 500
new homes to 4,941 homes, with new homes under construction comprising about 80
percent of that figure.
- Also for June 2014, the median price for Austin-area
single-family homes has increased 7% year-over-year to $252,520; alongside
which average price rising 8% to $326,998.
- Average sales price up 6% to $308,298
- And on average, homes spend about 47 days on the market, seven
days fewer days than the same time last year (June 2014 is 39 days, four days less than June 2013).
Special thanks to ABOR for providing the stats.