Market Report August 2014
Published September 23 2014 / Team Price Real Estate
New Austin Listings increased 4.3 percent to 3,719. Pending Sales were up 6.9 percent to 2,886. Inventory levels rose 1.3 percent to 8,057 units.
Austin-area home sales declined for the second consecutive month in August 2014 as rising home prices and housing affordability issues continue to affect the Austin-area housing market. According to this report, median price for single-family homes jumped 11 percent year-over-year to $247,500 and average price rose nine percent year-over-year to $311,414. Single-family homes continued to sell quickly as they spent an average 42 days on the market, one day fewer than August 2013.
Prices continued to gain traction. The Median Sales Price increased 11.6 percent to $242,000. Days on Market was down 0.1 percent to 39 days. Sellers were encouraged as Months Supply of Inventory was down 1.4 percent to 3.1 months. In August 2014, active listings jumped 10 percent year-over-year to 6,707 listings and new listings rose four percent during the same time frame to 3,310. In addition, pending sales increased one percent to 2,430 single-family home sales.
Townhouses & Condominiums : The volume of townhouses and condominiums (condos) purchased in the Austin area in August 2014 was 308, which is 13 percent less than August 2013. In the same time period, the median price for condos was $212,000, which is nine percent more than the same month of the prior year. These properties spent an average of 34 days on the market, six days fewer than August 2013.
Leasing : In August 2014, a total of 2,109 properties were leased in Austin, which is three percent more than August 2013. The median price for Austin-area leases was $1,500, which is seven percent more than the same month last 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