Austin Real Estate Breaks More Records
In November 2014, Austin home sales and median price reached the highest amounts ever for that month, according to a Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®. Single-family home sales reached a November high of 1,934 homes sold, an increase of six percent over 2013, and median price reached a November high of $245,000, an increase of 11 percent over November 2013.
The total dollar volume of single-family properties sold in November was $601,903,348, an increase of 12 percent compared to November 2013.
Inventory Continues to Increase Slightly
Austin-area housing inventory rose .1 months compared to last November, to reach a 2.4 month supply. New listings were up five percent compared to November 2013, and active listings rose nine percent.
Inventory has grown steadily, in small increments, in recent months. However, Austin home inventory is still over four months shy of the “balanced market” amount of 6.5 months noted by the Real Estate Center at Texas A&M University. Austin has remained below this level for more than three years.
“As the new year approaches, demand for Austin-area homes remains strong,” said ABOR President Bill Evans. “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.”
November 2014 Sold Homes
- Number of sold homes: 1,934 (Up 6% compared to November 2013)
- Average sold price: $311,222 (Up 6% compared to November 2013)
- Median sold price: $245,000 (Up 11% compared to November 2013)
- Days on the Market: 54 (Up 3 days compared to November 2013)
Single-Family Homes on the Market
- New listings: 2,067 (Up 5% compared to November 2013)
- Active listings: 5,561 (Up 9% compared to November 2013)
- Pending sales: 1,893 (Up 8% compared to November 2013)
Evans said, “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.”