May Market Update
Market Conditions are Prime for Selling a Home: Monthly Overview
Austin has seen an increase in the number of homes sold in May as well as an increase in the number of listings on the market. The average price of a home has increased since last year, and on average, sellers are retaining 95% of their original asking price. The Austin housing market’s increasing home saturation and sales price trends are creating a competitive selling market for homeowners. The Austin Board of REALTORS® (ABoR) recently commented on this trend in their Central Texas Housing Market Report indicating that market conditions are prime for selling a home. Homeowners are on average selling their home within 46 days of putting it on the market. These and other statistics show that market conditions are prime for selling a home. The individual breakdown of each statistic is shown below.
Inventory of Homes:
In the surrounding Austin area, the home listings have decreased 1.77% from last year while listings have increased 10.44% from last month. At about 7,721 homes in the market, this market saturation means that potential buyers have more homes to choose from. A saturated market creates flexibility and options for buyers.
Average Sold Price:
The average price of a home is currently at $389,690 which is a 1.85% decrease from last month and a +1.8% increase from last May. Homeowners are on average making more money off their homes than in previous years. This increase in price will continue to encourage homeowners to sell their property.
More homes are being sold each month. 3,613 homes were sold in the Austin area this May. This is a 20.88% increase from last month and a 1.4% increase from last year. Austin is a growing community and the housing market is increasing to match the developing need.
Average Sale-to-List Ratio:
Homes are selling near their original estimated value. This is great news for homeowners because it assures that the value of their home will stay consistent. On average, homeowners are making 97.9% of their home’s original asking price. This great rate has only increased by 0.2% from last month and 0.2% from last year.
Average Days-on-Market Before Sale:
Homes are staying on the market an average of 46 days before being sold. Closings are occurring 4.55% slower than last May but are occurring 9.8% faster than last month. Homes are being sold more quickly indicating there is a high demand in the market.