October Sales Were On The Rise, But So Were Home Prices
The Austin Board of Realtors recently reported that October 2014 sales are 16% higher than last year. Same is true for home prices with median and average prices increasing 11%. We all love to see record-breaking months in sales, but high demand leads to higher prices.
That means our clients who previously were in the market for a 2,400 sf property may now be lowering expectations to a smaller property due to the cost.
ARBOR reports October stats:
- 2,403 — Single-family homes sold, 16% more than October 2013
- $240,000 — Median price for single-family homes, 11% more than October 2013
- $311,028 — Average price for single-family homes, 11% more than October 2013
- 50 — Avg # of days single-family homes spent on the market, 2 days longer than October 2013
- 2,850 — New single-family home listings on the market, 11% more than October 2013
- 6,170 — Active single-family home listings on the market, 11% more than October 2013
- 2,255 — Pending sales for single-family homes, 9% more than October 2013
- $747,400,284 — Total $$ volume of single-family properties sold, 29% more than October 2013
Austin is an AMAZING city drawing hundreds of new residents every day. Realtors assisting in that relocation for 2015 may be called upon now more than ever in providing experience and industry acumen. Helping clients in determining affordablity may be the key to success in the new year.