Real Estate Market Conditions: Housing Overview
Summer is hot, and so it the housing market! The growing housing market in Austin continues to increase the average closing price of homes. MLS data shows an increase in the number of homes on the market which gives prospective buyers more options to consider when purchasing a home. In addition, homes are being sold at higher prices due to increasing property value in the Austin area. Summer is the perfect season to take advantage of the housing market! The data below shows the health of the housing market.
Number of Homes Sold:
More homes were sold in July 2019 when compared to July 2018. In July, 3,471 homes were sold in the Austin area. This is a short decrease of 0.14% from last month, but a 6.08% increase from last year.
Average Sold Price:
The average price of a home is currently $320,00 which is a 2.94% decrease from last month and a 1.59% increase from last year. A decrease in selling price is an indicator that there is a decrease of growing competition and property values. Homeowners are on average still receiving more money selling their homes than in previous years which is encouraging homeowners to sell.
Average Sale-to-List Ratio:
In addition, homes are being close to their original asking price. On average, homeowners are making 99.3% of their home’s original asking price. This rate is a .20% increase from last year and a 1.05% decrease from last month.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 45 days before being sold. An average of 45 days is quick, and this tight market competition will continue to drive the real estate market going forward.
Inventory of Homes:
In Austin and the surrounding area, the inventory of homes has decreased by 4.53% from last year while the number of homes on the market increased by0.74% from June to July. Potential buyers should be aware of the competitive environment if they plan to purchase this Summer.