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Market Report January 2014

Published Febuary 26, 2014 / Team Price Real Estate

The same factors that catalyzed widespread market recovery in 2012 and 2013 are likely to continue in 2014, though perhaps at a more moderate pace. That's not a bad thing, since the market is returning to a stable, healthy state. Potential trends to watch for in 2014 include increased seller activity, more new construction and fewer foreclosures on the market. Inventory is another metric to watch this year.

This month, Forbes magazine cited Austin as the fastest growing city in the country for the fourth year in a row. That growth has driven demand for housing in Austin and contributed to decreasing housing inventory. In January 2014, the Austin market featured 2.0 months of inventory, compared to 2.5 months of inventory in January 2013. In contrast, the Real Estate Center at Texas A&M University cites 6.5 months of inventory as a market in which supply is balanced with demand, meaning demand for Austin homes continues to significantly outstrip demand.

  • New Austin Listings increased 3.6 percent to 2,698
  • Pending Sales were up 7.5 percent to 2,309
  • Inventory levels shrank 16.5 percent to 5,394
  • Median Sales Price increased 7.1 percent to $210,000
  • Days on Market was down 10.7 percent to 59 days
  • Months Supply of Inventory was down 27.9 percent to 2.1 months

Detailed Market Statistics Report

Townhouses & Condominiums: The number of townhouses and condominiums (condos) purchased in the Austin area in January 2014 was 198, which is 13 percent more than January 2013. In the same time period, the median price for condos and townhomes was $210,570, which is seven percent more than the same month of the prior year. These properties spend an average of 53 days on the market, or 20 less time, than in January 2013.

Leasing: In January 2014, a total of 1,317 properties were leased in Austin, which is 15 percent more than January 2013. The median price for Austin-area leases was $1,370, 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.

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