The Austin-area real estate market got off to a solid start in January 2014, with increases in volume and price. 2014 President of the Austin Board of REALTORS® Bill Evans explained, “The Austin real estate market was strong in 2013 and showed steady growth in sales volume and price. We expected to see that trend continue at the start of 2014 and are encouraged to see stable growth for the Austin area in the first month of the year.”
In January 2014, 1,449 single-family homes were sold in the Austin area, or four percent more than January 2013, while the median price for Austin-area homes was $211,800, which is seven percent more than the same month in 2013.
Consumers who are buying or selling real estate in the Austin area should be prepared for a competitive and fast-paced market. In fact, Forbes magazine cited Austin as the fastest-growing city in the country for the fourth year in a row. The continued rise in demand for Austin housing has contributed to a tight and decreasing inventory. In fact, the Austin market featured 2.0 months of inventory in January 2014, down .5 months of inventory in January 2013. For reference, a balanced market between supply and demand is 6.5 months of inventory. As you can see, the market is tight right now.
January 2014 Statistics
- 1,449 – Single-family homes sold, four percent more than January 2013.
- $211,800 – Median price for single-family homes, seven percent more than January 2013.
- 63 – Average number of days single-family homes spent on the market, nine days fewer than January 2013.
- 2,337 – New single-family home listings on the market, four percent more than January 2013.
- 4,591 – Active single-family home listings on the market, seven percent fewer than January 2013.
- 1,946 – Pending sales for single-family homes, five percent fewer than January 2013.
- 2.0 – Months of inventory* of single-family homes, 0.5 months less than January 2013.
- $393,536,808 – Total dollar volume of single-family properties sold, eight percent more than January 2013.
Looking forward, we don’t anticipate Austin to slow down anytime soon. Evans continued, “… we must support housing development policies that ensure Austinites have supply of safe, affordable places to live. We should exercise caution in considering any policies that restrict housing availability, such as decreasing occupancy limits, without also committing to solid plans for how to replace that housing stock.”
Read the full real estate report online.