Austin, Texas Real Estate Market Update and Statistics March 2014

We know Austin is an awesome place to live – and clearly so does everyone else! For the fourth year in a row, Austin has ranked number one on Forbes’ list of the country’s fastest-growing cities. The 2.5 percent estimated population growth in 2013 was the highest in the country, with 110 net people per day moving here, which means Austin is flirting with the two million people mark. But, it’s not just people – Austin’s economy also grew, at 5.9 percent.

Awesome economy, awesome people and live music and culture and … Admittedly, we’re pretty proud these days, even tempted to act Austin-tatious, some might say. Instead, we play it cool, slip on our flip flops and shades and enjoy it all!

Property owners in Austin likely feel equally cool. Homes are continuing their consistent nine to ten percent increases in median and average prices. If you own a median priced home, you’ve seen about a $25k increase in your net worth over the last year alone. (Check out price changes via our MLS map.) Let’s take a look at the year to date comparisons for this year and last year and the month to month comparisons for this year and last year.

2014 to 2013 Market Snapshot

• 7.09% decrease in the number of single-family homes sold
• 9.17% increase in median sold price (total dollars)
• 18.51% decrease in the time it is taking to sell a home

Year to Year Statistics

2014 Year to Date (January 1 to March 10, 2014) Sold Homes

• Number of sold homes: 1,388
• High sold price: $3,773,000 ($790.75 per square foot)
• Average sold price: $366,208 ($172.16 per square foot)
• Median sold price: $286,250 ($145.84 per square foot)

2013 Year to Date (January 1 to March 10, 2013) Sold Homes

• Number of sold homes: 1,494
• High sold price: $3,700,000 ($546.88 per square foot)
• Average sold price: $334,012 ($148.52 per square foot)
• Median sold price: $260,000 ($127.80 per square foot)

This Year: Between January 1, 2014 and March 10, 2014, there were 1,388 single-family homes sold within the Austin city limits with a median sold price of $145.84 per square foot ($286,250) and averaging 44 days on the market.

Last Year: During the same time period in 2013, there were 1,494 homes sold with a median sold price of $127.80 per square foot ($260,000) and averaging 54 days on the market.

Comparison: This is a 7.09% decrease in the number of homes sold, a 12.36% increase in the median sold price per square foot, a 9.17% increase in sold prices (total dollars), and an 18.51% decrease in the days on market compared to the same time period in 2013.

February 2014 to February 2013 Market Snapshot

• 9.5% decrease in homes for sale compared to 3/10/2013
• 21.27% decrease in homes pending sale compared to 3/10/2013

Month to Month Comparison

February 2014 Sold Homes

• Number of sold homes: 725
• High sold price: $3,773,000 ($654.06 per square foot)
• Average sold price: $377,881 ($175.13 per square foot)
• Median sold price: $297,000 ($149.18 per square foot)

February 2013 Sold Homes

• Number of sold homes: 702
• High sold price: $3,250,000 ($537.50 per square foot)
• Average sold price: $326,068 ($147.59 per square foot)
• Median sold price: $259,000 ($127.27 per square foot)

Homes on the Market

Active: There were 1,335 single-family homes for sale within the city limits of Austin, Texas as of 3/10/2014, averaging 85 days on the market. This is a 9.5% decrease from the 1,476 single-family homes for sale on 3/10/2013.

Pending Sale: There were 1,221 houses pending sale in Austin as of 3/10/2014, averaging 40 days on the market, which is a 21.27% decrease to the 1,551 homes that were pending sale on 3/10/2013.

Would you like to search available Austin homes? Regent Property Group has the best available searching capabilities! Or, Contact Regent Property Group at 512.215.0565 to learn about your choices for buying and selling real estate in Austin.