Team Price > Search > Market Statistics > July 2014

Market Report July 2014

Published August 21 2014 / Team Price Real Estate

After a double-digit surge in home sales last month, Austin-area home sales dipped three percent to 2,944 single-family home sales in July 2014, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). This is the first decrease in home sales since May 2011. At the same time, monthly housing inventory increased on a year-over-year basis for the first time in three years as more listings entered the market.

New Austin Listings increased 6.6 percent to 4,227. Pending Sales were up 0.8 percent to 3,113. Inventory levels fell 1.1 percent to 7,892 units. Prices forged onward. The Median Sales Price increased 9.9 percent to $245,000. Days on Market was down 7.8 percent to 36 days. Absorption rates improved as Months Supply of Inventory was down 4.9 percent to 3.1 months.

Despite higher home prices, Austin-area homes continued to sell at a faster pace. In July 2014, single-family homes spent an average 39 days on the market, two fewer days compared to July 2013. In addition, pending sales decreased four percent to 2,660 single-family home sales.

Detailed Market Statistics Report 

Townhouses & Condominiums :  The volume of townhouses and condominiums (condos) purchased in the Austin area in July 2014 was 336, which is four percent less than July 2013. In the same time period, the median price for condos was $204,000, which is 12 percent more than the same month of the prior year. These properties spent an average of 37 days on the market, 10 days fewer than July 2013.

Leasing : In July 2014, a total of 2,110 properties were leased in Austin, which is five percent more than July 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

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