Team Price > Search > Market Statistics > April 2014

Market Report April 2014

Published May 23, 2014 / Team Price Real Estate

Austin-area home prices hit an all-time high in April 2014 while home sales trends continue to keep pace with last year’s. Austin-area home prices are rising as the strong demand of the market continues. We continue to see multiple offers on listings, often above listing price. This increasing valuation of Austin-area homes could encourage more listings to enter the market, indicating a strong summer selling season ahead.

Sellers need the best property information available to determine accurate valuations and counsel for handling complicated situations, like multiple offers. Buyers need to know immediately when new properties come on the market, so they can act fast and make informed decisions about offers.

  • New Austin Listings decreased 2.4 percent to 3,946
  • Pending Sales were up 5.3 percent to 3,367
  • Inventory levels shrank 13.7 percent to 6,113 
  • The Median Sales Price increased 4.2 percent to $233,500
  • Days on Market was down 9.6 percent to 42 days
  • Absorption rates improved as Months Supply of Inventory was down 21.6 percent to 2.4 months

Detailed Market Statistics Report  

April's job growth was above expectaions. Growth is likely to accelerate through the year, but the types of jobs being created is also important. We're producing more low-wage jobs as opposed to high-wage jobs. That's not conducive to increasing the number of potential buyers. It also means less disposable income sloshing around. Even so, some local markets may pause but are unlikely to falter thanks to suppressed supply levels and an improving sales mix. Don't confuse temporarily weak demand indicators for stagnation.

Townhouses & Condominiums :  The number of townhouses and condominiums (condos) purchased in the Austin area in April 2014 was 322, which is 32 percent more than April 2013. In the same time period, the median price for condos and townhomes was $215,000, which is seven percent more than the same month of the prior year. These properties spent an average of 42 days on the market, the same number of days spent on the market in April 2013.

Leasing : In April 2014, a total of 1,264 properties were leased in Austin, which is five percent more than April 2013. The median price for Austin-area leases was $1,500, which is seven percent more than the same month of the prior year.

Home sales statistics are released on a monthly basis. For more information, please contact Team Price Real Estate at 512-213-0213. 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. Statistics from ABoR Marketing Department. All rights reserved. © Copyright 2014

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