Real Estate Market Conditions: July Housing Overview
Summer is coming to a close. The growing housing market in Austin continues to increase homes price per square foot. 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 time to either buy or sell a home! The data below shows the health of the housing market.
Number of Homes Sold:
Fewer homes were sold in July when compared to last July. 3,308 homes were sold in the Austin area this July. This is a 5.08 % increase from last month and a 6.03% decrease from last July.
Average Sold Price:
The average price of a home is currently $394,827 which is a 2.55% increase from last month and a 5.11% increase from last year. An increase in selling price is an indicator of growing competition and property values. Homeowners are on average receiving more money selling their homes than in previous years which is encouraging homeowners to sell.
Average List Price per Square Foot:
The average price per square foot in Austin is $189 and has increased 5.59% from last year and 2.72% from June. This increase in value indicates that Austin homes are becoming more valuable, encouraging homeowners to sell.
Average Sale-to-List Ratio:
In addition, homes are being sold near their original asking price. On average, homeowners are making 97.20% of their home’s original asking price. This rate has only decreased .60% from last month. Any percentage over 95% is excellent news for homeowners because it assures sellers that the value of their home will be kept throughout the selling process.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 44 days before being sold. Closings are occurring -2.2% slower than June 2018 and are just 2.2% slower than last year. An average of 44 days is quick, and this tight market competition will continue to drive the real estate market going forward.
Inventory of Homes:
In the Austin and surrounding area, the inventory of homes has decreased by 5.58% from last year while the number of homes on the market increased by 1.91% from June to July. Potential buyers should be aware of the competitive environment if they plan to purchase this fall.