Spring 2014 – Austin Housing Market Update
Austin-area home sales volume hits seven-year high for March
Austin Board of REALTORS® releases real estate statistics for March 2014
AUSTIN, Texas – April 21, 2014 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin-area home sales volume hit a seven-year high in March 2014, rising seven percent year-over-year to 2,262 single-family homes sold.
What does the changing market mean for buyers, sellers, and agents?
Buyers will need to be on top of their game as we head into the busy summer season. Your credit needs to be squared away, pre-approval in hand, and your best foot forward in any offer. Buyers will need to be ready to pounce on that perfect house that pops up in the search. Demand is high and inventory is low and decreasing. Lending conditions are still favorable, so don’t shy away from buying…just make sure you have a good agent on your side to help you position yourself and your offer to be competitive.
Sellers are in a great spot this year. After waiting a number of years for the market to turn around, we are seeing sales increase and inventory decrease. There are a lot of buyers and not a lot of inventory. Desirable houses will sell quickly, for top dollar, and often with multiple offers. Sellers need to be prepared to navigate the multiple offer scenario and need an experience agent on their side to do so.
Realtors will be using their expertise heavily this year, helping clients with positioning and negotiation as well as explaining market expectations. Buyers and sellers will want an Broker who is quick to respond and experienced in handling transactions smoothly. Catalano & Associates, Realty has that experience and can help you stay on top of the market! Call today for more information (512) 413-3554.
March 2014 Statistics
- 2,262 – Single-family homes sold, seven percent more than March 2013.
- $231,750 – Median price for single-family homes, six percent more than March 2013.
- $296,640 – Average price for single-family homes, five percent more than March 2013.
- 51 – Average number of days single-family homes spent on the market, 13 days fewer than March 2013.
- 3,211 – New single-family home listings on the market, two percent fewer than March 2013.
- 4,964 – Active single-family home listings on the market, five percent fewer than March 2013.
- 2,669 – Pending sales for single-family homes, three percent fewer than March 2013.
- 2.2 – Months of inventory* of single-family homes, 0.4 months less than March 2013.
- $670,999,680 – Total dollar volume of single-family properties sold, 12 percent more than March 2013.