February sales stats are in and it looks like we are in for a very pleasant 2014! Sales are ever increasing and rising home starts are beginning to relieve Austin’s shrinking housing inventory. What does this mean for you?
If you are looking to sell – your home is desperately wanted by buyers! For many home owners, this means being in a position to make a handsome profit, whereas only a few years ago, they may have been underwater.
For buyers, our market is strong and prices have only continued to climb. It’s a good time to buy, as Austin area homes are a great investment.
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Take a look at the February numbers or for a full overview, check out the numbers in Current Market Trends below.
Current Market Trends:
New Listings in the Austin region decreased 1.1 percent to 2,936.
Pending sales were up 4.9 percent to 2,511.
Inventory levels shrank 14.9 percent to 5,564 units.
Prices marched higher.
The Median Sales Price increased 10.0 percent to $225,000.
Days on Market was down 22.1 percent to 51 days.
Absorption rates improved as Months Supply of Inventory was down 25.4 percent to 2.2 months.
Active Homes – The number of properties available for sale in active status
Pending Sales – A count of properties on which offers have been accepted. Based on a rolling 12 month total. at the end of the most recent month. Based on one month of activity.
Days on Market – Average number of days between when a property is listed and when an offer is accepted. Based on a rolling 12 month average.
Percent of Original List Price – Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties sold not accounting for seller concessions. Based on a rolling 12 month average.
Months of Supply of Inventory – The inventory of homes for sale at the end of the most recent month, based on one month of activity, divided by the average monthly pending sales from the last 12 months.
Source: All data comes from the ABOR Multiple Listing Service, Provided by Austin Board of Realtors, released 3/10/14