In case you couldn’t tell by these scorching temps, summer is in full swing! For most that means kids out of school and frequent trips to the pool, but did you know summer is also a busy season for real estate? It’s true.
Last month’s real estate statistics show a 25% increase in sales compared to this time last year. The Austin market is seeing strong signs of recovery much due to our city’s healthy job market and growing population.
On average, Austin gains 151 new residents per day entering a red-hot housing market with extremely low inventory. Here’s where the Austin Real Estate market stands compared to just one year ago —
|$652,520,700||Total dollar volume of single-family properties sold, 31 percent more than May 2011|
|$215,000||Median price for single-family homes, 10 percent more than May 2011|
|2,340||Single-family homes sold, 25 percent more than May 2011|
|62||Average number of days that single-family homes spent on the market, 19 days less than May 2011|
|3,375||New single-family home listings on the market, eight percent more than May 2011|
|7,551||Active single-family home listings on the market, 23 percent less than May 2011|
|2,592||Pending sales for single-family homes, 20 percent more than May 2011|
|4.4||Months of inventory* of single-family homes, 2.4 months less than May 2011|
The competition for Austin properties is intensifying, as May 2012 became the 12th straight month with sales volume increases and the fourth straight month of price increases. While homebuilder’s confidence is improving, they are really just getting started again, which is leaving buyers competing for a very small inventory of available homes.
If you are thinking about putting your house on the market, there hasn’t been a better time to sell since 2007, as there are more buyers in the market and 23% fewer properties than summer. However, the market varies widely by area, so be sure to work with an Austin real estate expert who can provide a comprehensive analysis of your home’s value.