According to the February 2015 MLS Report released by the Austin Board of REALTORS®, single-family home sales and prices hit an all-time high for the month of February. What does that mean for you? Your REALTOR® knows best about what this means for your specific home search needs, but in general, it means home sales and prices continue to rise quickly.
“The first two months of 2015 have broken monthly records for single-family home sales, yet nearly half of the homes sold in the Austin area in February 2015 were purchased outside of Austin’s city limits,” Barb Cooper, 2015 President of the Austin Board of REALTORS®, said. “This growing urban sprawl has put a strain on our region’s infrastructure. Long-term and sustainable solutions for statewide transportation funding in addition to policies that allow more affordable housing options inside Austin’s city limits will be critical to making Austin an affordable place to live for all residents.”
Here’s a look at some of the high level numbers from February 2015:
- 1,775 – Single-family homes sold, five percent more than February 2014.
- $248,640 – Median price for single-family homes, eight percent more than February 2014.
- $307,928 – Average price for single-family homes, five percent more than February 2014.
- 58 – Average number of days single-family homes spent on the market, three days more than February 2014.
- 2,619 – New single-family home listings on the market, three percent more than February 2014.
- 5,142 – Active single-family home listings on the market, nine percent more than February 2014.
- 2,278 – Pending sales for single-family homes, eight percent more than February 2014.
- 2.2 – Months of inventory* of single-family homes, 0.2 months more than February 2014.
- $546,572,200 – Total dollar volume of single-family properties sold, 10 percent more than February 2014.
Cooper concluded, “The Austin area continues to see more homes on the market, rising housing inventory and homes spending more time on the market. While these trends would typically create more favorable market conditions for buyers, most all of the available housing stock within Austin proper continues to be unaffordable for the typical homebuyer. The Austin Board of REALTORS® urges statewide and city leaders to enact solutions now that will ensure the long-term sustainability of our region’s housing market and economy.”
With a continuing low housing inventory of 2.2 months and more people moving to Central Texas everyday, a home searcher must be on top of the ball when it comes to finding the right home. The best way to do that is to trust your REALTOR®, whose job is to find the best fit for you and your family. Happy house hunting!