Before we get to our monthly real estate statistics, we have some exciting news! For the past year, we have been working hard behind the scenes to create the best home search in the city – and we now announce its launch! You’ll find increased searching capabilities, more photos and written context to support your research of different neighborhoods, and easier location-based mapping. Read more about our new, nifty features here, and then begin a new search! We’d love to hear what you think about it!
Austin Home Sales Hit Seven-Year High
Austin-area home sales volume hit a seven-year high in March 2014, rising seven percent year-over-year to a total of 2,262 single-family homes sold, according to an Austin Board of REALTORS® Multiple Listing Service (MLS) report. In February, home sales and home prices reached an all-time high.
“Austinites wanting to buy or sell a home this summer should start the planning process with their REALTOR® now,” said ABOR President Bill Evans. “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.”
What brings this increased competition?
According to the U.S. Bureau of Labor Statistics, Austin holds the second lowest unemployment rate among large U.S. metros and the fastest rate of job growth. Austin also was named the number eight city in the nation for women entrepreneurs.
“It’s remarkable the amount of positive attention Austin is receiving,” said Regent Property Group broker Brian Talley. “It is well deserved, of course, but we simply think of Austin as ‘home.’ For those moving here, Austin represents economic potential, a launching pad, a second chance – and also, a home.”
The total dollar volume of sold single-family homes was $670,999,680, up 12 percent from March 2013, and monthly housing inventory decreased 0.4 months, bringing the housing supply to only 2.2 months (a balanced supply is 6.5 months, according to The Real Estate Center at Texas A&M University.)
Evans noted, “The Austin-area housing market continues its aggressive pace as housing demand continues to accelerate and outstrip supply.”
March 2014 Sold Homes
Number of sold homes: 2,262 (Up 7% compared to March 2013)
Average sold price: $296,640 (Up 5% compared to March 2013)
Median sold price: $231,750 (Up 6% compared to March 2013)
Days on the Market: 51 (Down 13 days compared to March 2013)
Single-Family Homes on the Market
New listings: 3,211 (Down 2% compared to March 2013)
Active listings: 4,964 (Down 5% compared to March 2013)
Pending sales: 2,669 ( Down 3% compared to March 2013)
Year to Date
Gracy Title uses slightly different methods of calculation compared to ABOR, but this graphic is a good indicator of this year's real estate sales in Austin: