Real Estate Market Conditions: June Housing Overview
Summer is in full swing and high temperatures aren’t the only thing fluctuating this season. The growing housing market in Austin continues to rise in 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.
Inventory of Homes:
In the Austin and surrounding area, the inventory of homes has decreased by 3.7% from last year while the number of homes on the market decreased 7.2% from May to June. Potential buyers should be aware of the competitive environment if they plan to purchase this summer.
Number of Homes Sold:
Fewer homes were sold in June when compared to last June. 3,699 homes were sold in the Austin area this June. This is a 2.4% increase from last month and a 3.7% decrease from last June.
Average Sold Price:
The average price of a home is currently $400,773 which is a 2.8% increase from last month and a 4.1% increase from last June. An increase in selling price is an indicator of competition growing and property values. Homeowners are on average making more money off 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 $188 and has increased 5.0% from last June and 2.7% from May 2018. This increase in value indicates that Austin is becoming more valuable which will then encourage homeowners to sell.
Average Sale-to-List Ratio:
In addition, homes are being sold near their original estimated value. On average, homeowners are making 97.8% of their home’s original asking price. This great rate has only decreased 0.1% from last month by 0.2% from last year. 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 45 days before being sold. Closings are occurring 2.2% slower than May 2018 and are just 2.2% slower than last year. An average of 45 days is quick and this tight market competition will continue to drive the real estate market going forward.