May statistics are out, and reports from MLS locally and around the country show that Austin continues to be one of the hottest markets in the country. Housing inventory increased slightly for the first time in three years, hopefully indicating that more sellers are starting entering the market will create balance.
The May real estate statistics for Austin released last week by the Austin Board of Realtors showed a continuing fast-paced marketplace. One of the industry standards for measuring market pace and stability is “months of inventory.” This is measured by taking the current number of active listings and dividing it by the average home sales per month in the prior 12 months – generally indicating the length of time it would take on average for the current inventory to sell. Six to six and a half months of inventory is considered “stable” or “normal.” Austin currently has about 2.6 months of inventory which is much lower than the national average of 5.1 months. Still, it’s the highest inventory we’ve had since September of last year, and hopefully indicates a trend of more new and existing homes entering the market.
“The Austin market has been in need of housing stock for some time now, so it’s encouraging to see an increase in listings over last year. With sales volumes remaining strong, the market is still competitive, but the options for buyers are beginning to increase.” said Bill Evans, 2014 President of the Austin Board of REALTORS®.
Here are some highlights from the ABOR MLS report:
- Median home price is $249,000 – $10,000 higher than April 2014, 8% higher than May 2013
- 2,943 single family homes sold – almost 500 more than April 2014, 3% higher than May 2013
- 368 condos and townhomes sold – 46 more than April 2014, 14% higher than May 2013
- Average days on the market are down to 40 days – 5 days fewer than April 2014, 4 days fewer than last year
It’s proving to be a busy season in Austin real estate! Houses, condos and townhomes are selling faster than ever at higher prices – and this means both buyers and sellers need a real estate professional making sure they are getting the best possible deal. Buyers may never know the home of their dreams could be available, and never listed on the MLS. In a market this competitive, the most desirable homes and neighborhoods often move so quickly that only the insiders ever know about it. Sellers are likely to find themselves in multiple offer situations, which can be difficult to navigate.
The Shannon Schmitz Group are here for you – we love our city, and we KNOW Austin. We offer our clients specialized service and personal attention with integrity.