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AUSTIN, Texas – December 19, 2014 – The Austin-area continued to break records in home sales and median price for single-family homes last month, according to the November 2014 Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). In November, home sales and median price were the highest ever recorded in the month of November for the Austin area. During the month, single-family home sales increased six percent over the prior year to 1,934 homes sold and the median price for Austin-area homes was $245,000, an 11 percent increase from November 2013.
Additionally, Austin-area housing inventory was 2.4 months in November 2014, a small increase of 0.1 months compared to the prior year. Housing inventory remains consistently tight despite an increase in new listings of five percent over the prior year and an increase in active listings of nine percent compared to November 2013. Housing inventory in Austin has remained below 6.5 months of inventory for more than three years, which is the inventory figure cited by the Real Estate Center at Texas A&M University as a market in which supply is balanced with demand. In November 2014, homes spent an average of 54 days on the market, three days longer than the same month of the prior year.
Bill Evans, 2014 President of the Austin Board of REALTORS®, explained, “As the new year approaches, demand for Austin-area homes remains strong. Fortunately, listings are up year-over-year to meet some of that need, but demand continues to outpace supply, placing a continued strain on housing inventory and pushing up home values. That’s great news for Austin homeowners looking to sell, but as we’ve discussed all year, it continues to present challenges for affordability in our market. With the newly elected Austin Mayor and City Council, ABoR looks forward to continuing to advocate for the interests of all homeowners, ensuring our market can meet the needs of our residents and Austinites can continue to afford property in this great city.”
November 2014 Statistics
1,934 – Single-family homes sold, six percent more than November 2013.
$245,000 – Median price for single-family homes, 11 percent more than November 2013.
$311,222 – Average price for single-family homes, six percent more than November 2013.
54 – Average number of days single-family homes spent on the market, three days longer than November 2013.
2,067 – New single-family home listings on the market, five percent more than November 2013.
5,561 – Active single-family home listings on the market, nine percent more than November 2013.
1,893 – Pending sales for single-family homes, eight percent more than November 2013.
2.4 – Months of inventory* of single-family homes, 0.1 months more than November 2013.
$601,903,348 – Total dollar volume of single-family properties sold, 12 percent more than November 2013.
The following sections describe trends in other sectors of the Austin-area real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in November 2014 was 162, which is 24 percent less than November 2013. In the same time period, the median price for condos was $221,000, which is 13 percent more than the same month last year. These properties spent an average of 49 days on the market, five days less than November 2013.
In November 2014, a total of 1,175 properties were leased in Austin, which is six percent more than November 2013. The median price for Austin-area leases was $1,420, which is two percent more than the same month last 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 10,000 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 email@example.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.