Austin-area real estate has done it again. In March 2014, Austin-area home sales volume hit a seven-year high, rising seven percent year-over-year to 2,262 single-family homes sold, according to the Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®. The Austin-area housing market continues at an aggressive pace with housing demand constantly rising and inventory shrinking.
Specifically, monthly housing inventory decreased 0.4 months year-over-year to 2.2 months in March 2014, while Austin-area homes also continued to sell at an accelerated rate, spending an average 51 days on the market—13 days fewer than in March 2013. Bill Evans, 2014 President of the Austin Board of REALTORS®, noted, “Austinites wanting to buy or sell a home this summer should start the planning process with their REALTOR® now.”
The median price for single-family homes was $231,750 in March 2014, a six percent increase from the same month last year, whereas average price increased five percent to $296,640. A full list of monthly statistics from the report can be found below.
March 2014 Statistics
- 2,262 – Single-family homes sold, nine percent more than March 2013.
- $231,750 – Median price for single-family homes, 11 percent more than March 2013.
- $296,640 – Average price for single-family homes, 12 percent more than March 2013.
- 51 – Average number of days single-family homes spent on the market, 16 days fewer than March 2013.
- 3,211 – New single-family home listings on the market, one percent fewer than March 2013.
- 4,964 – Active single-family home listings on the market, eight percent fewer than March 2013.
- 2,669 – Pending sales for single-family homes, five percent fewer than March 2013.
- 2.2 – Months of inventory* of single-family homes, 0.6 months less than March 2013.
- $670,999,680 – Total dollar volume of single-family properties sold, 21 percent more than March 2013.
If you’re looking to buy or sell this summer, be prepared for a competitive market. Evans explained, “Housing development is up compared with the same period in 2013, but current trends indicate that the upcoming summer selling season could bring one of the most competitive markets Austin has seen. Austin must enforce housing development policies that allow for a healthy supply of housing options that are readily available and affordable for all members of our community.” Be prepared for the aggressive market by working with a REALTOR® that can use their expert knowledge to ensure you end up with the right home for you and your family.
Read the full real estate report online.