Team Price > Search > Market Statistics > February 2014

Market Report February 2014

Published March 31, 2014 / Team Price Real Estate

A recent report from Metrostudy showed that Austin-area home starts hit a six-year high in 2013 and are on pace to exceed 2013 levels this year, which could replenish Austin’s housing stock with much-needed new homes.

As Austin-area inventory remained unchanged and new and active listings decreased, home prices continued to rise. Average price also saw a double-digit increase, increasing 12 percent from February 2013 to $293,746. The total dollar volume in February 2014 was $517,286,706, a 21 percent increase from February 2013. 

  • New Austin Listings decreased 1.1 percent to 2,936
  • Pending Sales were up 4.9 percent to 2,511
  • Inventory levels shrank 14.9 percent to 5,564
  • Median Sales Price increased 10.0 percent to $225,000
  • Days on Market was down 22.1 percent to 51 days
  • Months Supply of Inventory was down 25.4 percent to 2.21 months

Detailed Market Statistics Report

Townhouses & Condominiums: The number of townhouses and condominiums (condos) purchased in the Austin area in February 2014 was 217, which is 26 percent more than February 2013. In the same time period, the median price for condos and townhomes was $207,000, which is 11 percent more than the same month of the prior year. When compared to February 2013, these properties spent 26 percent less time on the market at an average of 50 days.

Leasing: In February 2014, a total of 1,206 properties were leased in Austin, which is five percent more than February 2013. The median price for Austin-area leases was $1,400, which is six 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.

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