July 2014 Austin Market Report

Posted on Thursday, August 21st, 2014 at 4:56pm.

July 2014 Austin Area Market Statistics

According to the latest numbers from the Austin Board of Realtors, July was an active month for Austin real estate. The Austin market saw its first decrease in home sales in three years last month with 2,944 single-family homes sold. That’s 3% less than July 2013, which was a record-setting month for home sales. July 2014 was also the first time that the Austin housing inventory increased in three years. A solid 3 months of available inventory was posted in July, which is 0.2 months more than last year. Austin area home sellers stayed busy in July, which recorded a 12% increase in active listings and 8% increase in new listings on the market. The median price of an Austin area home also rose 9% to $250,000. Despite a dip in home sales last month, the Austin market continues to be one of the hottest in the country. Take a look at July’s statistics from the Austin Board of Realtors:

July 2014 Austin Area Market Statistics

  • 3% decrease in single-family homes sold in July 2014 to 2,944 homes
  • $250,000 median price of a single-family home in July 2014, or 9% more than July 2013
  • Homes spent 39 days on the market on average, which is 2 days fewer than July 2013
  • 0.2 month increase in available months of inventory in July 2014 to 3 months
  • 6,859 active listings in July 2014, which is a 12% increase over July 2013
  • 3,788 new listings in July 2014, or 8% more than July 2013
  • 4% decrease in pending sales from July 2013 to 2,660 listings in July 2014
  • 4% increase in total dollar sales volume in July 2014 to $938,706,176

We asked one of our top agents, Courtney Phelps, to share his thoughts about the latest market statistics. He believes it’s unlikely that July’s decrease in home sales is a sign of a declining market. “People are moving to Austin for a variety of reasons, including jobs, school, weather, lifestyle, which is providing a true growth opportunity,” Courtney says. “The bottom line is there are people moving here and they all need places to live.” So what can Austin area buyers do to be successful in Austin’s market? “Since the market is very competitive, [buyers] need to have themselves prepared to submit an offer quickly if they have a genuine interest in a property,” Courtney commented. “Having a good understanding of what criteria you are looking for and a realistic expectation on price is imperative to being able to make a quick decision on putting an offer on a home.” In a market as varied as Austin’s, it’s important to have a strong agent on your side whether you’re buying or selling an Austin home. Contact us today to start working with one of our top agents.

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