Across the nation home prices have been soaring. Austin, Texas is no exception to the rule. The housing industry is in a state that is being celebrated around the world, and everyone is getting involved in the buying spirit. The economy is more stable than it has been in years, interest rates are low, and market values continue to increase. It is the ideal time to buy and sell, as the stats on the Austin, Texas real estate nicely outline below. Let’s take a look.
Total inventory for May 2013 is at 2,082 available homes on the market. This is down slightly from a month ago when to the figure of total homes available on the market was at 2,075. When compared to a year ago, we see a decrease of 35 percent when the total homes available on the market was at 3,193.
The median home list price is also up at $424,402. When compared to last month, we see an increase of 6 percent when the median home list price was at $399,900. When compared to a year ago we see an increase of 31 percent at $322,900.
The median days on market- DOM is currently at 40 days. This is up 11 percent from last month at 36 days. When compared to a year ago, the median DOM is down 15 percent at 47 days.
The median house size in May 2013 is at 2,496 square feet. When compared to a month ago we see a jump of 3 percent at 2,412. When we look back a year, we see an increase of 14 percent at 2,190 square feet.
The median price per square foot is also up at $188 per square foot. When we compare the cost per square foot to April 2013, we see a 6 percent increase at $177 per square foot. When we look back a year, we see an increase of 23 percent when the median price per square foot was at $153 per square foot.
While many factors stayed the same- such as the resale inventories, on a month over month basis, the median listing price in Austin, Texas went up on a month over month basis. In total, there were 209 price increases.
The Austin real estate market continues to show to be one of the nation’s hottest markets. Home prices have been on a steady increase since July 2012. Inventories are down when compared to a year ago, and for buyers and sellers, it is a great time in the real estate market.