Market Report September 2014
Published October 30 2014 / Team Price Real Estate
Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list.
New Austin Listings increased 2.5 percent to 2,881. Pending Sales were up 16.1 percent to 2,595. Inventory levels fell 0.8 percent to 7,630 units.
Prices continued to gain traction. The Median Sales Price increased 8.0 percent to $237,500. Days on Market was up 0.8 percent to 42 days. Sellers were encouraged as Months Supply of Inventory was down 3.2 percent to 2.9 months.
The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it's growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.
Townhouses & Condominiums : The volume of townhouses and condominiums (condos) purchased in the Austin area in September 2014 was 245, which is four percent less than September 2013. In the same time period, the median price for condos was $205,500, which is one percent more than the same month last year. These properties spent an average of 41 days on the market, two days fewer than September 2013.
Leasing: In September 2014, a total of 1,444 properties were leased in Austin, which is eight percent more than September 2013. The median price for Austin-area leases was $1,480, which is 10 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