February 2014 was one for the books: Austin-area home sales and home prices hit an all-time high, according to the Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®. In February 2014, 1,761 single-family homes were sold in the Austin area, nine percent more than one year prior, and the median price for Austin-area homes was $230,530, an 11 percent increase from February 2013.
Consumers will find that the Austin-area housing marketing is solid and competitive. Home buyers remain aggressive, with sales increasing year-over-year and Austin’s housing inventory shrinking. Austin inventory is expected to be replenished in the coming year. In fact, a recent report from Metrostudy showed that Austin-area home starts hit a six-year high in 2013 and are on pace to exceed 2013 levels this year. However, the market is still tight for the foreseeable future. In February 2014, inventory remained at a historically low level of 2.0 months, compared to 2.6 months of inventory in February 2013.
Austin-area homes are still continuing to sell at fast pace, spending an average of 55 days on the market in February 2014—16 days fewer than in 2013. While Austin-area inventory remained unchanged, new and active listings decreased and home prices continued to rise. Average price also saw a double-digit increase, increasing 12 percent from February 2013 to $293,746.
February 2014 Statistics
- 1,761 – Single-family homes sold, nine percent more than February 2013.
- $230,530 – Median price for single-family homes, 11 percent more than February 2013.
- $293,746 – Average price for single-family homes, 12 percent more than February 2013.
- 55 – Average number of days single-family homes spent on the market, 16 days fewer than February 2013.
- 2,544 – New single-family home listings on the market, one percent fewer than February 2013.
- 4,724 – Active single-family home listings on the market, eight percent fewer than February 2013.
- 2,118 – Pending sales for single-family homes, five percent fewer than February 2013.
- 2.0 – Months of inventory* of single-family homes, 0.6 months less than February 2013.
- $517,286,706 – Total dollar volume of single-family properties sold, 21 percent more than February 2013.
Overall, Evans recommends for Austin “to be aggressive in the promotion of housing development policies that contribute to a consistent, healthy increase of housing stock for all members of our community. Home starts are strong and the outlook for Austin-area home sales continues to be positive, and we need to provide safe, affordable housing options quickly in order to keep up with Austin’s continuing demand.”
Read the full real estate report online.