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AUSTIN, Texas – November 20, 2014 – According to the October 2014 Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area home sales soared 16 percent year-over year to 2,403 single-family home sales, the largest year-over-year increase in home sales to date this year and an all-time high for the month of October. Single-family home prices for the Austin area also set a record for the month of October.
Bill Evans, 2014 President of the Austin Board of REALTORS¬®, explained, “It’s always exciting to see a record-breaking month in real estate, but let’s remember that high demand often leads to high prices. For example, this month’s results show that it costs a typical homeowner $23,000 more to buy a home than one year ago. For some Austinites, that kind of price increase could mean looking at homes smaller in size, further outside the Austin area, or not being able to afford to buy a home at all. This just underscores the importance of housing affordability as a key issue going into 2015.”
Austin-area home prices for single-family homes returned to double-digit increases in October 2014. Both median and average price increased 11 percent year-over-year to $240,000 and $311,028, respectively – the highest figures ever recorded for the month of October.
In October 2014, active listings increased 11 percent year-over-year to 6,170 listings and new listings jumped 11 percent during the same time frame to 2,850 listings. Continued gains in single-family home listings over the last few months are having a positive effect on pending sales, which jumped nine percent year-over-year in October 2014 to 2,255 pending single-family home sales. Monthly housing inventory in the Austin area also continued to benefit from more listings entering the market, increasing 0.2 months year-over-year to 2.7 months in October 2014. This is still well below the Real Estate Center at Texas A&M University’s balanced housing inventory level of 6.5 months.
Evans added, “This additional housing inventory is encouraging, but we’ve got a long way to go before homeownership options and availability meet demand in our city. To get us there, we need a regulatory environment that supports all types of affordable housing options.”
While Austin-area homes continue to sell quickly, the average number of days single-family homes spent on the market increased year-over-year for the first time since August 2011. Homes spent an additional two days on the market in October 2014 compared to October 2013, or an average of 50 days.
Evans concluded, “Many of Austin’s City Council positions, including mayor, are yet to be decided. This is Austin’s last opportunity to choose a City Council that will ensure that Austinites can afford to buy a home in the neighborhoods where they live. ABoR urges Austinites to vote early December 1 through 12 or on Dec. 16 for City Council candidates who will prioritize housing development and affordability issues in 2015.”
October 2014 Statistics
2,403 – Single-family homes sold, 16 percent more than October 2013.
$240,000 – Median price for single-family homes, 11 percent more than October 2013.
$311,028 – Average price for single-family homes, 11 percent more than October 2013.
50 – Average number of days single-family homes spent on the market, two days longer than October 2013.
2,850 – New single-family home listings on the market, 11 percent more than October 2013.
6,170 – Active single-family home listings on the market, 11 percent more than October 2013.
2,255 – Pending sales for single-family homes, nine percent more than October 2013.
2.7 – Months of inventory* of single-family homes, 0.2 months more than October 2013.
$747,400,284 – Total dollar volume of single-family properties sold, 29 percent more than October 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 October 2014 was 272, which is three percent less than October 2013. In the same time period, the median price for condos was $225,000, which is eight percent more than the same month last year. These properties spent an average of 47 days on the market, which is unchanged from October 2013.
In October 2014, a total of 1,416 properties were leased in Austin, which is 17 percent more than October 2013. The median price for Austin-area leases was $1,450, which is five 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.