The Austin-area housing market continues to be on fire as many properties are receiving multiple offers. Current trends suggest that the upcoming summer selling season could bring on one of the most competitive markets Austin has seen. If you are planning on buying or selling a home this summer, you should start the planning process with your Realtor right away!
The Austin Board of Realtors (ABoR) recently released their market data for March 2014. It shows Austin-area home sales volume hitting a 7-year high in March 2014, rising 7% year-over-year to 2,262 single-family homes sold. According to the report, monthly housing inventory decreased 0.4 months to 2.2 months in March.
Austin-area homes also continue to sell at an accelerated rate, spending an average of 51 days on the market - 13 days fewer than March 2013. The median price for single-family homes was $231,750 in March 2014, a 6% increase from the same month last year, whereas average price increased 5% to $296,640. Supply continues to outpace demand, with over $670,000,000 worth of single-family properties sold in March, that’s 12% more than last March.
If you’d like to take advantage of this hot housing market, you can find out what your home is worth here. If you’re looking to begin your home search, use our advanced search tool to find your perfect home!
Watch our market update video featuring Seth Thompson - Broker and Sales Director for HomeCity!