The temperature is not the only thing heating up in Austin this time of year; the central Texas real estate market is HOT, HOT, HOT! Last week, the Austin Board of REALTORS released the July 2019 home sales report; it revealed that the median sales price increased year over year for single family homes located within the city limits and those in the greater Austin area. Additionally, Austin area home sales set an all time high for any July on record with total sales topping out at 3,439 for the entire greater Austin area.
Within the greater Austin area, the median sales price for single family homes increased 3% from last year to $325,000. Simultaneously, the sales dollar volume increased 15.4% to $1,407,009,110.
Within the city limits, a shortage of supply is keeping the total number of homes sold lower. Last month, 943 homes sold in the city limits down just slightly from 952 homes sold in July of 2018. Additionally, those homes that are on the market are staying there for less time. The average days on market for homes in the city limits dropped to 29 days last month. Within the city limits, the median sales price increased 3% year over year to $410,000.
However, this figure is still lower than the median sales price for homes that sold within the city limits last month. In June, the median sales price of single family homes within the city of Austin was $420,000. This is not surprising, as historically you tend to see highest sales prices in the Austin area throughout the spring and early summer months.
All in all these stats show that the Austin market is still going strong. As long as there are homes to buy, people will keep buying them, and they are willing to pay a premium in order to do so!
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