Austin-area home sales maintain last year’s pace, listings increase for first time in three years

AUSTIN, Texas - July 23, 2014 - PRLog -- AUSTIN, Texas – June 20, 2014– According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin-area home sales continued last year’s competitive pace in May 2014 while prices increased. Also, for the first time in more than three years, the number of active listings on the market grew compared to the prior year.

Bill Evans, 2014 President of the Austin Board of REALTORS¬®, explained, “The Austin market has been in need of housing stock for some time now, so it’s encouraging to see an increase in listings over last year. With sales volumes remaining strong, the market is still competitive, but the options for buyers are beginning to increase.”

The total inventory* of Austin-area homes in May 2014 was 2.6 months, the highest rate of inventory seen in Austin since last September but still a slight decrease of 0.1 months from May 2013. Measured in months, Austin’s monthly housing inventory is the result of the current number of active listings divided by the average home sales per month of the prior 12 months.

Evans explained, “The May 2014 increase in active listings was not quite enough to offset Austin’s continual year-over-year decrease in housing inventory, which looks at homes sales over a 12-month period. However, if active listings continue to increase on a monthly basis, we will eventually see an increase in Austin’s housing inventory level.”

Active listings increased by four percent and new listings increased by seven percent in May 2014 compared to the prior year. Homes also continued to sell quickly, spending an average of 40 days on the market, which is four days less than one year prior.

In terms of sales volume, 2,943 homes were sold in the Austin area in May 2014, which is three percent more than the same month last year. In the same time period, the median price for single-family homes rose eight percent, to $249,000.The Austin market has featured year-over-year increases in median price every month for almost two-and-a-half years.

Evans concluded, “While more properties are beginning to come on the market, the price appreciation we’ve seen in recent years is continuing as well, so buyers and sellers should both expect a busy summer selling season.”

May 2014 Statistics

2,943–Single-family homes sold, three percent more than May 2013.

$249,000– Median price for single-family homes, eight percent more than May 2013.

$325,926–Average price for single-family homes, eight percent more than May 2013.

40–Average number of days single-family homes spent on the market, four days fewer than May 2013.

4,002–New single-family home listings on the market, seven percent more than May 2013.

5,949–Active single-family home listings on the market, four percent more than May 2013.

2,928 –Pending sales for single-family homes, two percent more than May 2013.

2.6 –Months of inventory of single-family homes, 0.1 months less than May 2013.

$959,200,218–Total dollar volume of single-family properties sold, 11 percent more than May 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 May 2014 was 368, which is 14 percent more than May 2013. In the same time period, the median price for condos and townhomes was $214,900, which is 11 percent more than the same month of the prior year. These properties spent an average of 41 days on the market, nine days fewer than May 2013.

Leasing
In May 2014, a total of 1,540 properties were leased in the Austin area, which is six percent more than May 2013. The median price for Austin-area leases was $1,500, which is seven percent more than the same month of the prior year.

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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 marketing@abor.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.