According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area home sales reached an all-time high for the month of June, increasing 13 percent year-over-year to 2,997 single family home sales in June 2014. Mid-year statistics show Austin-area home sales increased three percent year-over-year to 13,426 homes sold, putting 2014 on pace to potentially exceed 2013’s all-time high in sales volume.
Tim Heyl, Owner of The Heyl Group at Keller Williams, explained, “With the rise in inventory we are experiencing this summer compared to 2013, it does not come as a surprise that we are seeing an all-time high in home sales. With the constant influx of people moving to Austin and demand still skyrocketing as long as homes come on the market and are priced to sell they will see multiple offers, sometimes within hours of being on market!”
The rise in housing stock has led to positive figures in both monthly housing inventory and home listings. In June 2014, the monthly housing inventory was 2.8 months, the highest level of inventory seen since August 2013. New and active listings also showed positive results in June 2014, with new listings increasing two percent year-over-year to 3,701 listings and active listings increasing six percent year-over-year to 6,246 listings.
Year-to-date, the monthly housing inventory has increased by almost a full month since the beginning of the year as home sales have remained strong. This is notably different from 2013, which showed consistently lower inventory figures throughout the year. In addition, new listings increased one percent, active listings decreased two percent and pending sales decreased three percent from the first six months of 2013.
Housing development has also been a driving factor in the housing stock increase. The final Q2-2014 data from Metrostudy shows that home starts in the Austin area have increased eight percent year-over-year to 9,782 homes, as well as 6,007 vacant developed lots that have been delivered to date in 2014. In addition, the number of new homes on the market has increased by more than 500 new homes year-over-year to 4,941 homes, with new homes under construction comprising about 80 percent of that figure.
Madison Inselmann, Regional Director of Metrostudy’s Austin market, commented, “For the first half of 2014, the shortage in Austin-area housing supply prevented the market from being able to grow. Developers are making great strides in both new home development and lot delivery to catch up with the area’s strong housing demand and are set to surpass last year’s development numbers.”
In June 2014, the median price for Austin-area single-family homes increased seven percent year-over-year to $252,520, whereas average price increased eight percent to $326,998. Single-family homes spent an average of 39 days on the market, a decrease of four days compared to June 2013. This the fastest homes have ever sold in the Austin-area housing market since 2001.
Price increases are similar for the first half of 2014, with median price increasing seven percent to $239,900 and average price increasing six percent to $308,298. At the same time, homes spent an average of 47 days on the market, seven fewer days than the same time last year.
June 2014 Statistics
- 2,997 – Single-family homes sold, 13 percent more than June 2013.
- $252,520 – Median price for single-family homes, seven percent more than June 2013.
- $326,998 – Average price for single-family homes, eight percent more than June 2013
- 39 – Average number of days single-family homes spent on the market, four days fewer than June 2013.
- 3,701 – New single-family home listings on the market, two percent more than June 2013.
- 6,426 – Active single-family home listings on the market, six percent more than June 2013.
- 2,797 – Pending sales for single-family homes, one percent fewer than June 2013.
- 2.8 – Months of inventory* of single-family homes, 0.1 months less than June 2013.
- $980,013,006 – Total dollar volume of single-family properties sold, 21 percent more than June 2013.
2014 Mid-Year Statistics
- 13,426 – Single-family homes sold, three percent more than the first half of 2013.
- $239,900 – Median price for single-family homes, seven percent more than the first half of 2013.
- $308,298 – Average price for single-family homes, six percent more than the first half of 2013.
- 47 – Average number of days single-family homes spent on the market, seven days fewer than the first half of 2013.
- 19,276 – New single-family home listings on the market, one percent more than the first half of 2013.
- 5,327 – Active single-family home listings on the market, two percent fewer than the first half of 2013.
- 15,263 – Pending sales for single-family homes, three percent fewer than the first half of 2013.
- $4,139,209,987 – Total dollar volume of single-family properties sold, eight percent more than the first half of 2013.
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Info and graph courtesy of: Austin Board of REALTORS®