Austin, Texas Real Estate Market Update and Statistics January 2014
published on January 17, 2014
We knew this was coming, didn’t we? Austin just broke its record of number of homes sold in a year, with 2013 closing out at 27,298 homes sold. (Too bad the cedar count is trending almost as high!) The number of homes sold eclipses the pre-recession previous record of 26,958 sales, set in 2006. We think it’s safe to say Austin real estate has not only recovered, it has rebounded, thanks to a strong economy and a brilliant quality of life.
Are you one of those frenzied buyers in the market for a home? You know, the ones who rush to new listings the morning they appear in the MLS? Actual numbers back that level of competition up, as the Austin Board of Realtors® revealed available houses also are at a historic low, down to only two months of inventory. (Check listings here.)
The forecast for 2014 is more of the same: more people, robust economy, higher home prices, and tougher bidding wars for homes. But, never fear! New homes eventually will be completed, and not everyone can move to Austin … right?
Year to Year Market Snapshot
4.6% decrease in homes for sale, compared to 1/9/2013
35.98% decrease in homes pending sale, compared to 1/9/2013
10.35% increase in the number of single-family homes sold
9.8% increase in median sold price (total dollars)
30.76% decrease in the time it is taking to sell a home
Year to Year Statistics
2013-2014 Year to Date: January 1, 2013 to January 9, 2014 Sold Homes
Number of sold homes: 11,610
High sold price: $5,860,000 ($2,358.33 per square foot)
Average sold price: $372,868 ($160.08 per square foot)
Median sold price: $285,500 ($136.69 per square foot)
2012-2013 Year to Date: January 1, 2012 to January 9, 2013 Sold Homes
Number of sold homes: 10,521
High sold price: $7,750,000 ($1,418.71 per square foot)
Average sold price: $342,526 ($145.70 per square foot)
Median sold price: $260,000 ($125.54 per square foot)
This Year: Between January 1, 2013 and January 9, 2014, there were 11,610 single-family homes sold within the Austin city limits, with a median sold price of $136.69 per square foot ($285,500) and averaging 36 days on the market.
Last Year: During the same time period in 2012, there were 10,521 homes sold with a median sold price of $125.54 per square foot ($260,000) and averaging 52 days on the market.
How it compares: This is a 10.35% increase in the number of homes sold, an 8.9% increase in the median sold price per square foot, a 9.8% increase in sold prices (total dollars), and a 30.76% decrease in days on the market compared to the same time period in 2012.
Month to Month Comparison
December 2013 Sold Homes
Number of sold homes: 816
High sold price: $3,590,000 ($600 per square foot)
Average sold price: $380,951 ($163.57 per square foot)
Median sold price: $290,000 ($140.34 per square foot)
December 2012 Sold Homes
Number of sold homes: 842
High sold price: $3,150,000 ($575.40 per square foot)
Average sold price: $346,999 ($149.38 per square foot)
Median sold price: $255,000 ($125.61 per square foot)
Active Listings: There were 1,318 single-family homes for sale within the city limits of Austin, Texas on 1/9/2014, averaging 100 days on the market. This is a 4.6% decrease from the 1,382 single-family homes for sale on 1/9/2013.
Homes Pending Sale: There were 813 houses under contract in Austin on 1/9/2014, averaging 53 days on the market. Comparatively, 1,270 homes were pending sale on 1/9/2013.