The winter months usually signal a slow down in the average housing market. Well, Central Texas isn’t your average housing market, and it’s remaining hot. According to the November 2014 MLS Report, both home sales and median price set records for the month of November. There were 1,934 single-family homes sold and median price rose 11% to $245,000.
“As the new year approaches, demand for Austin-area homes remains strong,” 2014 ABoR President Bill Evans said. “Fortunately, listings are up year-over-year to meet some of that need, but demand continues to outpace supply, placing a continued strain on housing inventory and pushing up home values. That’s great news for Austin homeowners looking to sell, but as we’ve discussed all year, it continues to present challenges for affordability in our market. With the newly elected Austin Mayor and City Council, ABoR looks forward to continuing to advocate for the interests of all homeowners, ensuring our market can meet the needs of our residents and Austinites can continue to afford property in this great city.
As Evans mentions above, the ongoing issue of affordability continues to be an issue and concerns of Central Texans. With a housing inventory of just 2.4 months, well below the 6.5 month “healthy” inventory, the tighter market means homes are selling quickly, and there are many competitive offers.
Here’s a closer look at the November 2014 statistics:
- 1,934 – Single-family homes sold, six percent more than November 2013.
- $245,000 – Median price for single-family homes, 11 percent more than November 2013.
- $311,222 – Average price for single-family homes, six percent more than November 2013.
- 54 – Average number of days single-family homes spent on the market, three days longer than November 2013.
- 2,067 – New single-family home listings on the market, five percent more than November 2013.
- 5,561 – Active single-family home listings on the market, nine percent more than November 2013.
- 1,893 – Pending sales for single-family homes, eight percent more than November 2013.
- 2.4 – Months of inventory* of single-family homes, 0.1 months more than November 2013.
- $601,903,348 – Total dollar volume of single-family properties sold, 12 percent more than November 2013.
Due to the competitive housing market (and one that might not slow down anytime soon), it’s best to work with a REALTOR®. Your REALTOR® will navigate the market with expertise and find the home that works best for you and your family. Thank you for using AustinHomeSearch.com for your home searching needs. Happy house hunting!