Austin-area home sales reach all-time high for June as listings increase; Mid-year results show 2014 on pace to exceed record sales volume in 2013

Midway through the year, Austin-area home sales continue to move at a record pace in 2014. Single-family home sales jumped a whopping 13% in June, ending up at 2,997 homes sold, a record for the month of June. We could be looking at a record year in home sales.

“The 2014 summer selling season in Austin was expected to be strong,” 2014 ABoR President Bill Evans explained. “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.”

As Evans alluded to, the high number of home sales could be attributed to a slightly higher number of listings on the market. The months of inventory clocked in at 2.8 months, which is higher than it’s been in recent months. Still, the 2.8 months of inventory is well below 6.5 months—the Real Estate Center at Texas A&M University’s cited number of a healthy housing market. Central Texas, overall, is still seeing some gains in housing development.

“For the first half of 2014, the shortage in Austin-area housing supply prevented the market from being able to grow,” said Madison Inselmann, Regional Director of Metrostudy’s Austin market. “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.”

Here’s a breakdown of the June 2014 and 2014 Mind-Year statistics:

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.

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.”

Stay tuned for the second half of 2014 to see if we do indeed have a record-breaking year on our hands. Looking to make sense of these numbers and see how it affects you and your family, if you’re looking to buy or sell a home? Contact your REALTOR® or find one on AustinHomeSearch.com.


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