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Austin Housing Market Update

Click to view the February 2014 Statistics Infographic

Austin-area home sales, prices hit record high for the month of February
Austin Board of REALTORS® releases real estate statistics for February 2014 

AUSTIN, Texas – Feb. 21, 2014 – The Austin real estate market showed a solid start to 2014, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). In January 2014, 1,449 single-family homes were sold in the Austin area, which is four percent more than January 2013, and the median price for Austin-area homes was $211,800, which is seven percent more than the same month in 2013. ??Bill Evans, 2014 President of the Austin Board of REALTORS®, explained, “The Austin real estate market was strong in 2013 and showed steady growth in sales volume and price. We expected to see that trend continue at the start of 2014 and are encouraged to see stable growth for the Austin area in the first month of the year.”??This month, Forbes magazine cited Austin as the fastest growing city in the country for the fourth year in a row. That growth has driven demand for housing in Austin and contributed to decreasing housing inventory. In January 2014, the Austin market featured 2.0 months of inventory, compared to 2.5 months of inventory in January 2013. In contrast, the Real Estate Center at Texas A&M University cites 6.5 months of inventory as a market in which supply is balanced with demand, meaning demand for Austin homes continues to significantly outstrip demand.??Evans continued, “Indications are Austin’s growth will not slow anytime soon, so we must support housing development policies that ensure Austinites have supply of safe, affordable places to live. We should exercise caution in considering any policies that restrict housing availability, such as decreasing occupancy limits, without also committing to solid plans for how to replace that housing stock.”??Austin homes also continued to sell faster than in years past, spending an average of 63 days on the market in January 2014, which is a decrease of 9 days from one year prior. The market also featured four percent more new listings, seven percent fewer active listings and five percent fewer pending sales in January 2014 compared to the prior year.?
AUSTIN, Texas – March 20, 2014 – Austin-area home sales and home prices hit an all-time high in February, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®. In February 2014, 1,761 single-family homes were sold in the Austin area, which is nine percent more than one year prior, and the median price for Austin-area homes was $230,530, an 11 percent gain from February 2013.

Bill Evans, 2014 President of the Austin Board of REALTORS®, explained, “The Austin-area housing market continues to be strong and home buyers remain aggressive. Sales are increasing year-over-year and rising home starts have begun to offset Austin’s shrinking housing inventory. These factors taken together make it look like we will have a great real estate year in 2014.”

A recent report from Metrostudy showed that Austin-area home starts hit a six-year high in 2013 and are on pace to exceed 2013 levels this year, which could replenish Austin’s housing stock with much-needed new homes. In February 2014, inventory remained at a historically low level of 2.0 months, compared to 2.6 months of inventory in February 2013.

Austin-area homes also continued to sell at an accelerated rate, spending an average of 55 days on the market in February 2014 and 16 days fewer than in 2013. The market also featured one percent fewer new listings, eight percent fewer active listings and five percent fewer pending sales in February 2014 compared to the prior year.

As Austin-area inventory remained unchanged and new and active listings decreased, home prices continued to rise. Average price also saw a double-digit increase, increasing 12 percent from February 2013 to $293,746. The total dollar volume in February 2014 was $517,286,706, a 21 percent increase from February 2013.

Evans concluded, “Austin needs to be aggressive in the promotion of housing development policies that contribute to a consistent, healthy increase of housing stock for all members of our community. Home starts are strong and the outlook for Austin-area home sales continues to be positive, and we need to provide safe, affordable housing options quickly in order to keep up with Austin’s continuing demand.” 

February 2014 Statistics
  • 1,761 – Single-family homes sold, nine percent more than February 2013.
  • $230,530 – Median price for single-family homes, 11 percent more than February 2013.
  • $293,746 – Average price for single-family homes, 12 percent more than February 2013.
  • 55 – Average number of days single-family homes spent on the market, 16 days fewer than February 2013.
  • 2,544 – New single-family home listings on the market, one percent fewer than February 2013.
  • 4,724 – Active single-family home listings on the market, eight percent fewer than February 2013.
  • 2,118 – Pending sales for single-family homes, five percent fewer than February 2013.
  • 2.0 – Months of inventory* of single-family homes, 0.6 months less than February 2013.
  • $517,286,706 – Total dollar volume of single-family properties sold, 21 percent more than February 2013.
The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums
The number of townhouses and condominiums (condos) purchased in the Austin area in February 2014 was 217, which is 26 percent more than February 2013. In the same time period, the median price for condos and townhomes was $207,000, which is 11 percent more than the same month of the prior year. When compared to February 2013, these properties spent 26 percent less time on the market at an average of 50 days.

Leasing
In February 2014, a total of 1,206 properties were leased in Austin, which is five percent more than February 2013. The median price for Austin-area leases was $1,400, which is six percent more than the same month of the prior year.

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The Austin Board of REALTORS® (ABoR) is a non-profit, voluntary organization dedicated to educating and supporting Central Texas REALTORS®. ABoR proudly serves more than 9,000 members, promotes private property rights, and provides accurate, comprehensive property listing information for the Greater Austin area. Home sales statistics are released by ABoR on a monthly basis. For more information, please contact the ABoR Marketing Department at marketing@abor.com or 512-454-7636. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market.

* The inventory of homes for a market is measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.