By: Arden Ward
The Austin real estate market could see its highest sales numbers ever this year.
According to the Austin Board of Realtors, in June 2014 Austin-area home sales reached an all-time high — increasing 13 percent over June 2013. That impressive number is met with equally impressive mid-year statistics. Home sales for the first half of 2014 are 3 percent higher than home sales from the first half of 2013, meaning that 2014 has the potential to exceed last year’s record-breaking sales volume.
While home prices are rising at a somewhat alarming rate, the market isn’t showing signs of slowing down. In June 2014, the average home price increased eight percent over June 2013 to $326,998. At the same time, single-family homes spent an average of four days less on the market than June 2013.
“Despite the steady increase in home prices, demand had not been affected,” explains Bill Evans, president of the Austin Board of Realtors. “Homes are selling as soon as they hit the market, and if Austin continues to see increases in housing inventory, we could see corresponding increases in home sales activity.”
If Austin’s housing stock continues to increase, Evans says, “2014 could very well turn out to be another ‘best year ever’ for Austin-area home sales.” While the year-end numbers can’t be predicted, Evans remains confident that the summer housing market will remain hot.
“Both homebuyers and sellers can expect the rest of the summer selling season to be highly competitive,” he says.