For the Third Straight Month, Austin Sets New Records for Home Sales and Median Sale Price
The Austin Board of Realtors and the Real Estate Center at Texas A&M University recently released statistical data for the month of November 2014. For the third straight month, Austin-area home sales and median sale prices set new records for Austin housing.
According to the November 2014 Austin MLS report, 1934 single family homes sold for the month, representing a six percent increase over last November. Not surprisingly, median sale price followed suit with a eleven percent year over year increase to $245,000. Average sale price came in at $311,222 for the month, a bump of six percent over twelve months ago. Homes spent an average of 54 days on market ahead of sale in November, three days longer than the same period last year.
Through eleven months of 2014, the Austin real estate market is trending one percent above last year’s record sales pace. At the same token, median home price ($242,000) and average home price ($309,923) are up eight and seven percent respectively.
Despite the fact that new listing inventory has risen in seven of the last twelve months (compared to 2013), available inventory levels remain very tight. At the end of the month of November, Austin-area housing inventory was 2.4 months. In other words, if no additional properties were listed, the market would dry up in just about two and half months. That number remains well below the market “equilibrium” of 6.5 months of inventory. The Austin market has now been in a seller’s market cycle for three straight years, putting significant upward pressure on affordability for Austin home buyers.
Austin Real Estate Market Stats for November 2014
- Closed single-family sales (1934) were up six percent over November 2013
- Pending sales (1893) showed an eight percent increase over November 2013
- Median single-family sale price ($245,000) was up eleven percent compared to last year
- New single-family listings (2067) were up five percent year over year
- Homes took 54 days to sell, 3 days longer than last year. Median = 28 days.
- Inventory sat at 2.4 months of availability at the end of November, slightly more than the same time last year.
Austin Condo Market | November 2014 – the volume of condominiums and townhomes purchased in the month of November was down considerably (-24%) over the same month in 2013. Ironically, while the median sale price ($221,000) was up 13% year over year, average sale price was actually down by 10% to $241,704. This indicates that fewer high priced units sold this past month. For the year condo and townhome sales are down 1%, while prices are up between 7-10% depending on the metric. In November, it took 49 days to sell the average unit, a nine percent decrease over the year prior.
Austin Multi-Family Market | November 2014 – after a torrid pace through the first 6-7 months of the year, multi-family activity has leveled off significantly. For the month of November, sale volume was down 32% with just 36 units selling during that period. That did not stop median price ($267,000) and average price ($337,991) from rising 30 and 50 percent respectively. That said, while the multi-family market is small compared to the single family market, it encompasses a larger mix of property types and sizes. Thus, these numbers indicate an increase in volume of 4+ unit sales and fewer duplex sales in November. For the year M-F sales volume is up 6%, prices are up 14-15% and it’s taking only 38 days to sell a property.
Austin Rental Market | November 2014 – a total of 1,175 rental units were leased in Austin for the month of November. That number represents a six percent increase in volume, year over year. Both median lease price ($1420) and average lease price ($1568) were up two percent for the month. On average, units rented in 45 days, five percent longer than 2013. Year to date, lease activity is up three percent, prices are up 6% and days on market are up 9 percent.