Austin-area home sales and home prices hit an all-time high in February, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®. In February 2014, 1,761 single-family homes were sold in the Austin area, which is nine percent more than one year prior, and the median price for Austin-area homes was $230,530, an 11 percent gain from February 2013.
A recent report from Metrostudy showed that Austin-area home starts hit a six-year high in 2013 and are on pace to exceed 2013 levels this year, which could replenish Austin’s housing stock with much-needed new homes. In February 2014, inventory remained at a historically low level of 2.0 months, compared to 2.6 months of inventory in February 2013.
Austin-area homes also continued to sell at an accelerated rate, spending an average of 55 days on the market in February 2014 and 16 days fewer than in 2013. The market also featured one percent fewer new listings, eight percent fewer active listings and five percent fewer pending sales in February 2014 compared to the prior year.
As Austin-area inventory remained unchanged and new and active listings decreased, home prices continued to rise. Average price also saw a double-digit increase, increasing 12 percent from February 2013 to $293,746. The total dollar volume in February 2014 was $517,286,706, a 21 percent increase from February 2013.
- 1,761 – Single-family homes sold, nine percent more than February 2013.
- $230,530 – Median price for single-family homes, 11 percent more than February 2013.
- $293,746 – Average price for single-family homes, 12 percent more than February 2013.
- 55 – Average number of days single-family homes spent on the market, 16 days fewer than February 2013.
- 2,544 – New single-family home listings on the market, one percent fewer than February 2013.
- 4,724 – Active single-family home listings on the market, eight percent fewer than February 2013.
- 2,118 – Pending sales for single-family homes, five percent fewer than February 2013.
- 2.0 – Months of inventory* of single-family homes, 0.6 months less than February 2013.
- $517,286,706 – Total dollar volume of single-family properties sold, 21 percent more than February 2013.
The following sections describe trends in other sectors of the Austin real estate market.
Townhouses & Condominiums
The number of townhouses and condominiums (condos) purchased in the Austin area in February 2014 was 217, which is 26 percent more than February 2013. In the same time period, the median price for condos and townhomes was $207,000, which is 11 percent more than the same month of the prior year. When compared to February 2013, these properties spent 26 percent less time on the market at an average of 50 days.
In February 2014, a total of 1,206 properties were leased in Austin, which is five percent more than February 2013. The median price for Austin-area leases was $1,400, which is six percent more than the same month of the prior year.
Info graph and statistics courtesy of Austin Board of Realtors
* The inventory of homes for a market is measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.