March 2014 Austin Market Report

Posted on Monday, April 21st, 2014 at 4:25pm.

March 2014 Austin Market Report

Austin’s real estate market is going strong! According to the latest numbers released by the Austin Board of Realtors, March was another solid month for Austin real estate. Last month recorded a seven year high for home sales in March with 2,262 homes sold. That’s a 7% rise since this time last year. Buyers aren’t waiting around to purchase an Austin area home. The available months of inventory in Austin dropped 0.4 months to just 2.2 months since March 2013. Homes also spent 13 fewer days on the market in March compared to the same time last year. March 2014 recorded a 5% drop in active home listings with 4,964 listings and a 3% decrease in pending sales at 2,669 sales. The median price of a single-family home in Austin also rose 6% over last year to $231,750. The Austin market is holding steady for the first quarter of 2014. Here’s a roundup of the latest statistics from the Austin Board of Realtors:

March 2014 Austin Area Market Statistics

  • 2,262 single-family homes sold in March 2014, or 7% more than last March
  • Homes spent 13 fewer days on the market than March 2013, with an average of 51 days
  • The median sales price of a home was $231,750, up 6% since March 2013
  • Total sales volume of $670,999,680 for single-family homes sold, which is a 12% increase from March 2013
  • 2% decrease in new single-family home listings in March 2014 with 3,211 new listings
  • 5% decrease in active single-family home listings compared to March 2013 with 4,964 listings
  • 2,669 pending single-family home sales in March 2014, or 3% less than last year
  • 2.2 months of inventory for March 2014, which is 0.4 fewer than March 2013

The Austin market is gearing up for a hot summer. With the kids out of school, summer is the most popular time of year to buy or sell a home. Fewer months of inventory available and a continuous rise in prices in March show Austin’s market will remain competitive during the summer season. Austin area sellers shouldn’t hesitate to list their home and be prepared to negotiate with multiple offers. Buyers, don’t be intimidated by Austin’s competitive market. Bring a reasonable offer to the table and have a strong Realtor on your side to help secure the home of your dreams. Whether you’re planning to buy or sell a home in Austin this summer, we have the top agents than can help you prepare for the competitive summer market. Contact us today to start working with one of our expert real estate agents.

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