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AUSTIN, Texas – July 21, 2014– According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area home sales reached an all-time high for the month of June, increasing 13 percent year-over-year to 2,997 single family home sales in June 2014. Mid-year statistics show Austin-area home sales increased three percent year-over-year to 13,426 homes sold, putting 2014 on pace to potentially exceed 2013’s all-time high in sales volume.
Bill Evans, 2014 President of the Austin Board of REALTORS®, explained, “The 2014 summer selling season in Austin was expected to be strong, and June 2014’s home sales activity did not disappoint. Austin’s housing stock is rising to meet the area’s continually strong housing demand, and as a result Austin saw a sharp rise in home sales in June 2014.”
The rise in housing stock has led to positive figures in both monthly housing inventory and home listings. In June 2014, the monthly housing inventory was 2.8 months, the highest level of inventory seen since August 2013. New and active listings also showed positive results in June 2014, with new listings increasing two percent year-over-year to 3,701 listings and active listings increasing six percent year-over-year to 6,246 listings.
Year-to-date, the monthly housing inventory has increased by almost a full month since the beginning of the year as home sales have remained strong. This is notably different from 2013, which showed consistently lower inventory figures throughout the year. In addition, new listings increased one percent, active listings decreased two percent and pending sales decreased three percent from the first six months of 2013.
Housing development has also been a driving factor in the housing stock increase. The final Q2-2014 data from Metrostudy shows that home starts in the Austin area have increased eight percent year-over-year to 9,782 homes, as well as 6,007 vacant developed lots that have been delivered to date in 2014. In addition, the number of new homes on the market has increased by more than 500 new homes year-over-year to 4,941 homes, with new homes under construction comprising about 80 percent of that figure.
Madison Inselmann, Regional Director of Metrostudy’s Austin market, commented, “For the first half of 2014, the shortage in Austin-area housing supply prevented the market from being able to grow. Developers are making great strides in both new home development and lot delivery to catch up with the area’s strong housing demand and are set to surpass last year’s development numbers.”
Evans continued, “Despite the steady increase in home prices, demand had not been affected. Homes are selling as soon as they hit the market, and if Austin continues to see increases in housing inventory, we could see corresponding increases in home sales activity.”
In June 2014, the median price for Austin-area single-family homes increased seven percent year-over-year to $252,520, whereas average price increased eight percent to $326,998. Single-family homes spent an average of 39 days on the market, a decrease of four days compared to June 2013. This the fastest homes have ever sold in the Austin-area housing market since 2001.
Price increases are similar for the first half of 2014, with median price increasing seven percent to $239,900 and average price increasing six percent to $308,298. At the same time, homes spent an average of 47 days on the market, seven fewer days than the same time last year.
Additionally, the total dollar volume of single-family properties sold was $980,013,006 in June 2014, a year-over-year increase of 21 percent. June 2014’s total dollar volume comprised nearly one-fourth of the total dollar volume for mid-year 2014, which increased eight percent year-over-year to $4,139,209,987.
Evans concluded, “2014 could very well turn out to be another ‘best year ever’ for Austin-area home sales, but it’s important that Austin continue to replenish and expand its housing stock so these strong figures can continue. In the meantime, both homebuyers and sellers can expect the rest of the summer selling season to be highly competitive.”
June 2014 Statistics
2,997 – Single-family homes sold, 13 percent more than June 2013.
$252,520 – Median price for single-family homes, seven percent more than June 2013.
$326,998 – Average price for single-family homes, eight percent more than June 2013
39 – Average number of days single-family homes spent on the market, four days fewer than June 2013.
3,701 – New single-family home listings on the market, two percent more than June 2013.
6,426 – Active single-family home listings on the market, six percent more than June 2013.
2,797 – Pending sales for single-family homes, one percent fewer than June 2013.
2.8 – Months of inventory* of single-family homes, 0.1 months less than June 2013.
$980,013,006 – Total dollar volume of single-family properties sold, 21 percent more than June 2013.
2014 Mid-Year Statistics
13,426 – Single-family homes sold, three percent more than the first half of 2013.
$239,900 – Median price for single-family homes, seven percent more than the first half of 2013.
$308,298 – Average price for single-family homes, six percent more than the first half of 2013.
47 – Average number of days single-family homes spent on the market, seven days fewer than the first half of 2013.
19,276 – New single-family home listings on the market, one percent more than the first half of 2013.
5,327 – Active single-family home listings on the market, two percent fewer than the first half of 2013.
15,263 – Pending sales for single-family homes, three percent fewer than the first half of 2013.
$4,139,209,987 – Total dollar volume of single-family properties sold, eight percent more than the first half of 2013.
The following sections describe trends in other sectors of the Austin real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in June 2014 was 308, which is one percent fewer than June 2013. In the same time period, the median price for condos was $209,000, which is eight percent more than the same month of the prior year. These properties spent an average of 31 days on the market, 10 days fewer than June 2013.
For the first half of 2014, 1,641 Austin condos were sold, which is 10 percent more than this time last year, while the median price was $213,500, or 10 percent more than the first half of 2013. Condos spent an average of 44 days on the market, 13 fewer days than the first half of 2013.
In June 2014, a total of 1,712 properties were leased in Austin, which is 14 percent more than June 2013. The median price for Austin-area leases was $1,500, which is three percent more than the same month last year. In the first half of 2014, a total of 7,967 properties were leased in Austin, which is five percent more than 2013, and the median lease price was $1,450, a four percent increase from the first half of 2013.
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 firstname.lastname@example.org 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.