Austin-Area Home Sales Hit Record High in February
published on April 21, 2014
Did you think the Austin-area real estate market couldn’t get any hotter? Think again. Homes from Barton Creek West to Falcon Pointe are selling like hotcakes.
According to a Multiple Listing Service (MLS) report released at the end of March by the Austin Board of REALTORS®, home sales and home prices both reached an all-time high in February of 2014.
“Sales are increasing year-over-year, and rising home starts have begun to offset Austin’s shrinking housing inventory. These factors taken together make it look like we will have a great real estate year in 2014,” said Bill Evans, President of the Austin Board of REALTORS®.
The median price for Austin-area homes rose to $230,530 in February: an 11 percent gain from February 2013. Also, 1,761 single-family homes were sold in the Austin area: nine percent more than one year prior.
In February 2014, even home inventory hit new numbers. Inventory remained at a historically low level of 2.0 months, compared to 2.6 months of inventory the year before. Plus, the market featured five percent fewer pending sales, eight percent fewer active listings, and one percent fewer new listings in compared to the prior year.
Austin-area homes continued to sell at an accelerated rate, spending an average of 16 fewer days on the market than in February 2013. “The Austin-area housing market continues to be strong, and home buyers remain aggressive,” said Evans.
Austin-area home also prices continue to rise. The average price in February saw a double-digit increase, hitting $293,746: a 12 percent rise from February 2013. The total dollar volume increased 21 percent to hit $517,286,706.
“Home starts are strong,” said Evans, “and the outlook for Austin-area home sales continues to be positive.”
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