Bill Evans, 2014 President of the Austin Board of REALTORS®, explained, “The Austin real estate market was strong in 2013 and showed steady growth in sales volume and price. We expected to see that trend continue at the start of 2014 and are encouraged to see stable growth for the Austin area in the first month of the year.”
This month, Forbes magazine cited Austin as the fastest growing city in the country for the fourth year in a row. That growth has driven demand for housing in Austin and contributed to decreasing housing inventory. In January 2014, the Austin market featured 2.0 months of inventory, compared to 2.5 months of inventory in January 2013. In contrast, the Real Estate Center at Texas A&M University cites 6.5 months of inventory as a market in which supply is balanced with demand, meaning demand for Austin homes continues to significantly outstrip demand.
Evans continued, “Indications are Austin’s growth will not slow anytime soon, so we must support housing development policies that ensure Austinites have supply of safe, affordable places to live. We should exercise caution in considering any policies that restrict housing availability, such as decreasing occupancy limits, without also committing to solid plans for how to replace that housing stock.”
Austin homes also continued to sell faster than in years past, spending an average of 63 days on the market in January 2014, which is a decrease of 9 days from one year prior. The market also featured four percent more new listings, seven percent fewer active listings and five percent fewer pending sales in January 2014 compared to the prior year.
January 2014 Statistics
1,449 – Single-family homes sold, four percent more than January 2013.
$211,800 – Median price for single-family homes, seven percent more than January 2013.
63 – Average number of days single-family homes spent on the market, nine days fewer than January 2013.
2,337 – New single-family home listings on the market, four percent more than January 2013.
4,591 – Active single-family home listings on the market, seven percent fewer than January 2013.
1,946 – Pending sales for single-family homes, five percent fewer than January 2013.
2.0 – Months of inventory* of single-family homes, 0.5 months less than January 2013.
$393,536,808 – Total dollar volume of single-family properties sold, eight percent more than January 2013.
The following sections describe trends in other sectors of the Austin real estate market.
Townhouses & Condominiums
The number of townhouses and condominiums (condos) purchased in the Austin area in January 2014 was 198, which is 13 percent more than January 2013. In the same time period, the median price for condos and townhomes was $210,570, which is seven percent more than the same month of the prior year. These properties spend an average of 53 days on the market, or 20 less time, than in January 2013.
In January 2014, a total of 1,317 properties were leased in Austin, which is 15 percent more than January 2013. The median price for Austin-area leases was $1,370, which is seven percent more than the same month of the prior year.
The Austin Board of REALTORS® (ABoR) is a non-profit, voluntary organization dedicated to educating and supporting Central Texas REALTORS®. ABoR proudly serves more than 9,000 members, promotes private property rights, and provides accurate, comprehensive property listing information for the Greater Austin area. Home sales statistics are released by ABoR on a monthly basis. For more information, please contact the ABoR Marketing Department at email@example.com or 512-454-7636. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market.
* The inventory of homes for a market is measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.