Central Texas is officially a hot spot. Well, it probably already was, but the September 2014 MLS Report released by the Austin Board of REALTORS® shows that more people are moving here, and more homes are being sold. Single-family home sales bounced back from two consecutive months of decreases with a 10% increase year-over-year.
“September’s 10% increase in home sales, despite ongoing issues in housing affordability, is a testament to the strong population and job growth that the Austin area and its economy continue to enjoy,” 2014 ABoR President Bill Evans said. “However, these records in home prices also show that area homes continue to become more and more unaffordable for Austin homebuyers. ABoR encourages Austinites to take action on Nov. 4 by voting for City Council candidates who will prioritize housing development and affordability issues in 2015.
The upcoming election (a historic one) is a chance for local voters to choose candidates that will tackle the ongoing affordability issue. September 2014 marked the highest prices, both median and average, have been in the month of September. With a high number of people moving to the Austin area everyday, our region is seeing unprecedented growth in a number of areas. But, due to the growth being driven by jobs, a “bubble” is unlikely.
“Recent reports from a national real estate advertising company have claimed that the Austin-area housing market is overvalued, but local economic experts continue to point to our region’s strong economic and population growth as foundations of a healthy market and indicators that those claims are not true,” Evans said. “The 110 people who the City of Austin says move to Austin every day need homes to live in, and the real issue at hand is whether those people can afford those homes.”
Here’s a closer look at the September 2014 statistics:
- 2,524 – Single-family homes sold, 10 percent more than September 2013.
- $240,000 – Median price for single-family homes, eight percent more than September 2013.
- $308,514 – Average price for single-family homes, seven percent more than September 2013.
- 44 – Average number of days single-family homes spent on the market, unchanged from September 2013.
- 2,586 – New single-family home listings on the market, four percent more than September 2013.
- 6,469 – Active single-family home listings on the market, eight percent more than September 2013.
- 2,201 – Pending sales for single-family homes, 11 percent more than September 2013.
- 2.8 – Months of inventory* of single-family homes, 0.1 months more than September 2013.
- $778,689,336 – Total dollar volume of single-family properties sold, 18 percent more than September 2013.
Working with your REALTOR® is one of the best ways to determine how this massive growth will affect will your home search. With a low housing inventory and rising prices, having an expert on your side can make the difference in finding your dream home.