May marked what could be the beginning of change for the hot Austin market. According to a report released by the Austin Board of Realtors, Austin home sales in May 2015 decreased 2% from May 2014 with 2,797 homes sold, ending the eight month streak of sales increase in the Austin market. Though Austin saw a decrease in homes sold, the total dollar sales volume for single-family homes is still on the rise, with a 5% increase over May 2014 at $963,472,167. The median sales price of a home increased 9% from May 2014 to $271,000. Even with a decrease in total homes sold this month, it’s hard to say for sure whether this hot Austin market is really cooling off, so be sure to stay tuned! Take a look below at the latest market statistics from the Austin Board of Realtors.
May 2015 Austin Market Statistics
- 2% decrease in total single-family homes sold since May 2014 at 2,797 homes
- Median sales price of a home was $271,000 last month, which is 9% more than May 2014
- Total dollar sales volume for single-family homes increased 5% in May 2015 to $963,472,167
- 0.1 month increase in months of inventory available last May at 2.7 months
- Homes spent 2 more days on the market with an average of 42 days in April 2015
- 3% decrease in new listings for May 2015 at 3,865 listings
- 6% increase in active listings since May 2014 with 6,323 listings in May 2015
- 2,936 pending sales in May 2015, or about 1% more than May 2014
With a decrease in the number of new listings, now might be the perfect time to sell! While seller’s benefit from less inventory - it’s still important to market homes well to attract the most buyers. In a competitive market, buyers will benefit from having an experienced agent on their side. Our agents have all the tools and knowledge you need to stay up-to-date on the Austin market. If you have any questions about buying or selling a home in Austin, we’re your local experts - contact us today!