Just like the springtime temperatures, Austin’s housing market is getting hotter February was another record-setting month for Austin real estate with 1,761 single-family homes sold. That’s a 9 increase over February 2013, according to the latest numbers from the Austin Board of Realtors. The median price of an Austin area home also rose 11 from last year to a price of $230,530. The months of inventory in Austin remained low in February, as well, with just 2 months of inventory available. Despite low inventory last month, buyers didnt wait around. Austin homes spent 16 days fewer on the market than this time last year at just 55 days on average. There were also 2,118 pending sales for the month of February. Things are definitely heating up for Austin real estate. Here’s a breakdown of the latest market statistics from the Austin Board of Realtors:
1,761 single-family homes sold in February 2014, which is 9 more than February 2013
The median price for a home in February 2014 was $230,530, up 11 from last year
21 increase in the total dollar volume of homes sold in February 2013 to $517,286,706 last month
February 2014 had 0.6 fewer months of inventory compared to 2013 at just 2.0 months
Homes spent 55 days on the market on average last month, or 16 fewer days than February 2013
1 decrease in new listings from February 2013 to 2,544 listings in February 2014
4,724 active listings in February 2014, which is a 8 decrease from last year
5 decrease of pending sales from February 2013 to 2,118 for February 2014
While it seems like the cycle of rising prices and low inventory will never end, the Austin market is making progress. New homes slated to be built in areas like Leander and Round Rock will no doubt bring some relief to the dwindling inventory of Austin homes. The key for Austin buyers and sellers in this hot market is to move quickly. Homes are spending fewer days on the market and prices are rising, so buyers shouldn’t hesitate to make an offer on their perfect home. If you’re thinking about selling your Austin home, don’t wait to put your home on the market. The shrinking inventory of homes and fewer pending sales means Austin homes are in demand Whether you’re buying or selling a home in the Austin area, we have the expert agents who can help you be successful in this hot market. Contact us today to get started working with one of our top agents.