Austin-area home sales and prices both broke records in February, continuing a trend for 2014-2015. A Multiple Listing Service (MLS) report released by the Austin Board of REALTORS® showed that 1,775 single-family homes sold in February 2015, which resulted in a five percent increase compared to February 2014 and the highest number of homes ever sold for that month.
Many REALTORS® have been seeing increased competition among buyers for Austin’s listings, with homes in the most popular areas and neighborhoods going under contract at or over list price within a few days of listing. As Austin enters the most active period of the year for home sales, this same influence looks to be in place for a busy spring-summer.
Along with rising sales, Austin homes saw continued price increases. The median price for homes increased to $248,640, eight percent more than February 2014, and the average price increased to $307,928, five percent more than February 2014. However, these increases are milder than the many months of double digit increases that Austin has experienced. The historical norm for February’s rate of appreciation is about four and half percent.
The total dollar volume of single-family properties rose 10 percent compared to February 2014, to $546,572,200.
Home inventory remained steady compared to recent months at 2.2 months but increased .2 months compared to February 2014. This is still a little over four months less in inventory than a “balanced market” – the 6.5 month threshold cited by the Real Estate Center at Texas A&M University.
Listings were up nine percent to 5,142, and new listings increased three percent to 2,619. Pending sales were up eight percent to 2,278. Homes did spend three days longer on the market, on average, compared to February 2014, for a total of 58 days.
“The Austin area continues to see more homes on the market, rising housing inventory, and homes spending more time on the market,” said Austin Board of REALTORS® President Barb Cooper.
February 2015 Sold Homes
- Number of sold homes: 1,775 (Up 5% compared to February 2014)
- Average sold price: $307,928 (Up 5% compared to February 2014)
- Median sold price: $248,640 (Up 8% compared to February 2014)
- Days on the Market: 58 (Three more days than February 2014)
Single-Family Homes on the Market
- New listings: 2,619 (Up 3% compared to February 2014)
- Active listings: 5,142 (Up 9% compared to February 2014)
- Pending sales: 2,278 (Up 8% compared to February 2014)