According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin-area home sales volume hit a seven-year high in March 2014, rising seven percent year-over-year to 2,262 single-family homes sold.
Bill Evans, 2014 President of the Austin Board of REALTORS®, explained, “The Austin-area housing market continues its aggressive pace as housing demand continues to accelerate and outstrip supply. Austinites wanting to buy or sell a home this summer should start the planning process with their REALTOR® now.”
According to the report, monthly housing inventory decreased 0.4 months year-over-year to 2.2 months in March 2014. Austin-area homes also continued to sell at an accelerated rate, spending an average 51 days on the market and 13 days fewer than in March 2013.
The median price for single-family homes was $231,750 in March 2014, a six percent increase from the same month last year, whereas average price increased five percent to $296,640. The total dollar volume of single-family homes sold was $670,999,680, a 12 percent increase from March 2013.
In addition, the market featured two percent fewer new listings, five percent fewer active listings and three percent fewer pending sales in March 2014 compared to the prior year.
Evans concluded, “Housing development is up compared with the same period in 2013, but current trends indicate that the upcoming summer selling season could bring one of the most competitive markets Austin has seen. Austin must enforce housing development policies that allow for a healthy supply of housing options that are readily available and affordable for all members of our community.”
March 2014 Austin Real Estate Market Statistics
- 2,262 – Single-family homes sold, seven percent more than March 2013.
- $231,750 – Median price for single-family homes, six percent more than March 2013.
- $296,640 – Average price for single-family homes, five percent more than March 2013.
- 51 – Average number of days single-family homes spent on the market, 13 days fewer than March 2013.
- 3,211 – New single-family home listings on the market, two percent fewer than March 2013.
- 4,964 – Active single-family home listings on the market, five percent fewer than March 2013.
- 2,669 – Pending sales for single-family homes, three percent fewer than March 2013.
- 2.2 – Months of inventory* of single-family homes, 0.4 months less than March 2013.
- $670,999,680 – Total dollar volume of single-family properties sold, 12 percent more than March 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 March 2014 was 281, which is five percent more than March 2013. In the same time period, the median price for condos and townhomes was $225,000, which is 24 percent more than the same month of the prior year. When compared to March 2013, these properties spent 38 percent less time on the market at an average of 53 days.
In March 2014, a total of 1,262 properties were leased in Austin, which is 10 percent more than March 2013. The median price for Austin-area leases was $1,450, which is five percent more than the same month of the prior year.
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.
* 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.