It’s July in Austin and our weather matches our real estate market… HOT! July marks the middle of the year for 2014, and the Austin Board of Realtors (ABoR) has released their market statistics. Let’s take a look at what has taken place over the first six months of this year.
Austin-area home sales increased 3% year over year to 13,426 homes sold. We are currently on pace to exceed 2013’s all-time high in sales volume! The average number of days on the market was 47, which is seven days fewer than the first half of 2013. The median price for single-family homes rose 7% year over year to around $239,900. Additionally, the average home price increased 6% to $308,298. Over four billion dollars ($4,139,209,987) worth of single-family properties sold in the first six months of 2014, which is 8% more than the first half of 2013.
The town home and condo market was also strong with 10% more units sold than this time last year (1,641 units). The median price for these was also 10% higher at $213,500. Condos spent 13 days fewer on the market than the first half of 2013, with an average of 44 days on the market.
In this sellers’s market, it is imperative that anyone planning on buying a home in the Austin area enlists the help of a Realtor. Search our database of homes and begin your search today! If you are considering selling, find out how much your home is worth here!