December Home Sales Clinch Record-Setting Year for Austin Housing
Austin housing market conditions continue to favor home sellers as December put the finishing touches on a year that saw the Austin real estate market set new annual records for home sales and home prices.
According to the recent housing market reports published by the Austin Board of Realtors and Real Estate Center at Texas A&M University, the 2,283 single family homes sold in Austin for the month of December represented a seven percent increase over the same month last year while setting a new record for the month. As a result of the strong finish, home sale volume for 2014 eclipsed 2013 levels by two percent, en route to establishing an all-time for Austin area homes sold.
Despite an increase in the number of new listings at the end of the year, Austin home buyers continue to purchase homes at a record clip. The 1697 new listings in the month of December represented an 8% increase over December 2013, leading to a 12% increase in active home listings. However, pending sales (new contracts) jumped 19.4% over the same timespan, almost doubling up on the pace of new active home listings and squashing any thought of increased availability levels. The Austin real estate market sat at 2.3 months of available inventory at the end of the month / year. That number showed a nominal decline over inventory levels at the end of 2013.
Prices in December followed the year-long trajectory with average sale price rising 6.8% to $310,811 and median price rising 10% to $246,650 for the month of December. Each of those two numbers also set high-marks for December sale pricing. On average, homes sold in December yielded 97% of their original list price at closing.
Austin Homes spent an average of 52 days on market in December, a 12% decrease (-7 days) compared to the same month in 2013.
Austin Condo Market | December 2014 – the volume of condominiums and townhomes purchased in the month of December rose slightly (+6%) over the same month in 2013. Average sale price ($295,929) was up 3% year over year and median sale price rose 5% to $229,750. In December, it took 54 days to sell the average unit, an eight percent increase over the year prior. Total Sales of Austin area condos showed no volume increase over 2013. However, sale prices climbed between 7-10% for the year.
Austin Multi-Family Market | December 2014 – the fifty multi-family units sold in December reflected no increase in year over year sale volume. That did not stop median price ($252,500) and average price ($331,980) from rising 12 and 29 percent respectively. The average MF listing was on the market for 29 days ahead of contract for the month, a 29% decrease in time on market compared to last year. For the year, the multi-family market showed a 6 percent increase in sale volume and a 12-15% increase in prices.
Austin Rental Market | December 2014 – December was a strong month for the rental market as residential leases were up 17% year over year. A total of 1,214 rental units were leased in Austin for the month of December. Both median lease price ($1450) and average lease price ($1593) were up as well. On average, units rented in 48 days, twelve percent longer than 2013. For the year, lease activity was up a modest four percent, prices were up 5-6% and days on market were up 9 percent.
DMTX Realty provides expert real estate services to buyers and sellers of residential, land and ranch properties in Austin it’s surrounding communities. Contact us today for more information and professional assistance navigating this sometimes complex Austin real estate market