Austin-area home prices, both median and average, hit an all all-time high in April 2014, with home sales trends continuing to keep a steady pace compared to last year’s record figures. Consumers can expect prices to continue to rise as the strong demand of the market continues. Bill Evans, 2014 President of the Austin Board of REALTORS®, explained, “We continue to see multiple offers on listings, often above listing price. This increasing valuation of Austin-area homes could encourage more listings to enter the market, indicating a strong summer selling season ahead.”
Looking at the figures, the median price for single-family homes rose six percent year-over-year to $239,900. While statistically unchanged from April 2013, average price rose slightly higher to $308,752. Overall, Austin-area home sales increased one percent, or 2,479 single-family home sales in April 2014.
According to the report, Austin-area homes continued to sell at a fast pace, decreasing the average days on market by five days year-over-year, spending an average of 45 days on the market in April 2014. During this same time, the housing inventory decreased 0.4 months year-over-year to 2.3 months, compared to 6.5 months of inventory, which is cited by The Real Estate Center at Texas A&M University as representing a market in which supply and demand for homes is balanced.
A full list of monthly statistics from the report can be found below.
April 2014 Statistics
- 2,479 – Single-family homes sold, one percent more than April 2013.
- $239,900 – Median price for single-family homes, six percent more than April 2013.
- $308,752 – Average price for single-family homes, statistically unchanged since April 2013.
- 45 – Average number of days single-family homes spent on the market, five days fewer than April 2013.
- 3,481 – New single-family home listings on the market, two percent fewer than April 2013.
- 5,305 – Active single-family home listings on the market, three percent fewer than April 2013.
- 2,805 – Pending sales for single-family homes, six percent fewer than April 2013.
- 2.3 – Months of inventory* of single-family homes, 0.4 months less than April 2013.
- $765,396,208 – Total dollar volume of single-family properties sold, one percent more than April 2013.
Based on the current market trends, if you’re looking to buy or sell real estate in the Austin area, make sure to work with a REALTOR®, who can guide you through this highly competitive and fast-paced market. Evans continued, “It can be tempting to think a market with high demand and rising prices is an ‘easy’ market, but that’s simply not true. Every market can be challenging and a ‘hot’ market like this one is no different. Sellers need the best property information available to determine accurate valuations and counsel for handling complicated situations, like multiple offers. Buyers need to know immediately when new properties come on the market, so they can act fast and make informed decisions about offers. Austin REALTORS® are skilled in all of these areas and can help homeowners navigate these complicated situations.”
Read the full real estate report online.