Austin Real Estate Market Report for February 2015

The Austin real estate market started 2015 with higher listing inventory, higher pending sales and higher home sales than this time last year. With 19.4% more of homes on the market this year than last year at this time, this is good news for many home buyers who’ve been competing with multiple offers and rising prices. If inventory continues to increase, this could mean more good news for buyers as prices may stabilize after the usual spring surge in home sales.

Pending home sales are also higher as the number of buyers in the market are absorbing the inventory. In fact, we had the highest number of January pending home sales in 7 years.  New appraisal rules that went into effect at the end of January may increase the time that it takes to get mortgage approvals. If that happens, homes may stay pending longer prior to closing and cause this pending home sales number to increase more than normal.

January home sales are also up over the same time last year, again the highest number in 7 years at just over 1400 sales out of a 4813 market inventory of single family homes. That means that there is 3.42 months of inventory available. Generally, 3-6 months of inventory is considered a seller’s market.  The lower the inventory, the more the seller has the advantage and we have appreciating prices.

To see all of the statistics in the Austin real estate market in January, take a look at the full report where we have the statistics outlined by price band and zip code.  We are also happy to give you a complete assessment of your home’s value in our market.

Posted by Laura Duggan, President, West Austin Properties, 3312 River Road, Austin, Texas, 78703, homes@westaustin.com