The May 2014 MLS Statistics are in and it’s clear that the summer home buying season is upon us! As you can see from the stats below, the real estate market in the Austin and Dripping Springs areas are heating up! May 2014 saw an average increase in sold prices of almost 10% in the Dripping Springs area, and about a 7.5% increase in all Austin MLS areas. Average days on the market (DOM) increased in the Dripping Springs area about 11% from 62 days on the market in 2013, to about 70 days on the market in 2014. In all Austin MLS areas average days on the market increased about 10% from 38 days on the market in 2013 to 42 days in 2014.
So what does that mean for you? If you’re a buyer, it means it might be time to buy as prices are increasing and expected to continue to rise throughout the summer. If you’re a seller, it may mean that it takes a little longer to sell your home than it would have last year, however, the good news is that prices are up so you may be able to list your home for more than you could have last year at this time.
Whether you’re thinking about buying or listing your home, be sure to contact a local agent to help you determine all your options. Since every market, neighborhood, and area is different, it’s important to speak with a Realtor that specializes in your area and can give you the best advice based on his/her experience.
The Mallett Integrity Team Specializes in Dripping Springs and SW Austin areas, and we would love to discuss your real estate needs and help you determine the best options for you and your family. Contact one of our local area experts today!