Austin-area home sales set records for December and for 2014
Austin-area homes sold at a record volume in December 2014 and for 2014 as a whole, according to a Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®. December sales were 14 percent higher than in December of 2013, with 2,283 single-family homes sold. Yearly sales were two percent higher than in 2013, with 27,768 homes sold. This was the fourth straight year of increases in annual home sales.
“The Austin area experienced a strong, stable housing market in 2014, with year-end 2014 showing similar market conditions to those one year ago,” said ABOR President Barb Cooper. “Last month, the U.S. Census Bureau named Austin the third-fastest growing big city in America since 2000. That steady job and population growth has continued to drive increases in home sales volume and, combined with low housing inventory levels, home prices as well.”
Median prices for Austin homes rose eight percent in 2014, to a median price of $242,500. For the month of December, median prices rose 10 percent compared to December 2013, to $246,530. These rising prices resulted in record-setting sales dollar volume for Austin in 2014: over $8.6 billion in sales, an increase of more than $673 million from 2013. December sales were up 21 percent, to $710,200,206.
While the Austin area did break an 18-month trend of declining housing inventory, the area still has low inventory levels. Inventory has inched its way up to a 2.2 month supply, as of December, but this is still over four months shy of what is considered a balanced supply, 6.5 months (according to the Real Estate Center at Texas A&M University.)
Active listings in the second half of 2014 helped inventory levels, with December active listings 12 percent higher compared to the previous December and new listings up 10 percent. For the year, new and active listings each rose four percent.
Homes spent an average of 47 days on the market for 2014, three fewer than 2013. However, in December 2014, homes spent 55 days on the market, up three days compared to December 2013.
December 2014 Sold Homes
- Number of sold homes: 2,283 (Up 14% compared to December 2013)
- Average sold price: $311,082 (Up 6% compared to December 2013)
- Median sold price: $246,530 (Up 10 % compared to December 2013)
- Days on the Market: 55 (Up 3 days compared to December 2013)
Single-Family Homes on the Market
- New listings: 1,546 (Up 10% compared to December 2013)
- Active listings: 5,077 (Up 12% compared to December 2013)
- Pending sales: 1,623 (Up 18% compared to December 2013)
“The Austin-area housing market is consistent, but so are its challenges,” said Cooper. “More homes on the market, at all price ranges and throughout all areas of Austin, will be crucial to maintaining Austin’s affordability in 2015.”
2014 Year-End Totals
- 27,768 single-family homes sold, two percent more than 2013
- Median price of $242,500, eight percent more than 2013
- Average price of $309,975, seven percent more than 2013
- Homes spent an average of 47 days on the market, three days fewer than 2013.