The number of homes being sold in the Austin area continues to increase year-over-year. In addition, the median price is also up from last year.
The increase in the home sales is largely attributed new home sales as opposed to resales. The stats that jump out to me from the infograph below are:
- The number of new listings - up 6%
- The number of pending home sales (under contract) - also up 6%
- The number of active listings - up 17%
The number of active homes for sale is way up from this past year and compared to new listings and pendings. This tells us that homes are staying on the market longer, likely due to overpricing.
So what does this mean to me?
In today's market, buyers are value-conscience. I've said this in prior Market Update posts and it continues to be true based on the numbers again this month.
Buyers are willing to pay top dollar (hence the increase in median price) for homes that they see the value in. If they do not see the value, the home will sit for longer on the market.
We see this play out everyday. Homes that are overpriced do not sell. In fact, it's our experience that not only does overpricing not cause a home to sell, that it usually will sell for less than it might have had it started at the correct price.
This graphic confirms what we're feeling in the market - that it's a great time to sell & even buy a home in the Austin area. Yes, you're getting top dollar and only those homes that have a good value are commanding the highest prices. Buyers can feel good that they are receiving a good value for their purchase.
Bottom line, if you're considering selling your home or buying a home, now is a great time to do both. Schedule an appointment with me to talk about the real estate questions you have.