Austin-area home sales volume hits seven-year high for March

Austin Board of REALTORS® releases real estate statistics for March 2014

AUSTIN, Texas  April 21, 2014 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin-area home sales volume hit a seven-year high in March 2014, rising seven percent year-over-year to 2,262 single-family homes sold.

Bill Evans, 2014 President of the Austin Board of REALTORS®, explained, “The Austin-area housing market continues its aggressive pace as housing demand continues to accelerate and outstrip supply. Austinites wanting to buy or sell a home this summer should start the planning process with their REALTOR® now.”

According to the report, monthly housing inventory decreased 0.4 months year-over-year to 2.2 months in March 2014. Austin-area homes also continued to sell at an accelerated rate, spending an average 51 days on the market and 13 days fewer than in March 2013.

The median price for single-family homes was $231,750 in March 2014, a six percent increase from the same month last year, whereas average price increased five percent to $296,640. The total dollar volume of single-family homes sold was $670,999,680, a 12 percent increase from March 2013.

In addition, the market featured two percent fewer new listings, five percent fewer active listings and three percent fewer pending sales in March 2014 compared to the prior year.

Evans concluded, “Housing development is up compared with the same period in 2013, but current trends indicate that the upcoming summer selling season could bring one of the most competitive markets Austin has seen. Austin must enforce housing development policies that allow for a healthy supply of housing options that are readily available and affordable for all members of our community.”

March 2014 Statistics

  • 2,262 – Single-family homes sold, seven percent more than March 2013.
  • $231,750 – Median price for single-family homes, six percent more than March 2013.
  • $296,640 – Average price for single-family homes, five percent more than March 2013.
  • 51 – Average number of days single-family homes spent on the market, 13 days fewer than March 2013.
  • 3,211 – New single-family home listings on the market, two percent fewer than March 2013.
  • 4,964 – Active single-family home listings on the market, five percent fewer than March 2013.
  • 2,669 – Pending sales for single-family homes, three percent fewer than March 2013.
  • 2.2 – Months of inventory* of single-family homes, 0.4 months less than March 2013.
  • $670,999,680 – Total dollar volume of single-family properties sold, 12 percent more than March 2013.

While these numbers are interesting and do reflect the general trend of increased sales, lower inventory and higher values, they do not tell the whole story. The Austin Real Estate is comprised on lots of micro markets and the real story of what’s happening in Austin Real Estate lies in the knowledge of these micro markets. (That’s why you depend on me for the most current and accurate market information!)

A few examples of the micro market activity are as follows:

Areas 8E and 8W, where the ever popular Eanes School District is located, netted an increase in new listings over last year of 4% in 8E and a decrease of 16.7% in 8W.  Closed sales in 8E were up 22.6% and 8W was down 31.2%.  As for median Sales Price, 8E showed a decline by 17% and 8W revealed just a 2.7% decrease.

Downtown sales showed new listings down 41.2% compared to March last year! On the other hand, closed sales were up 63.2 % with an increase in median value of 57.6%. The Downtown market is red hot!

Our neighbors up North in Georgetown are showing a flurry of sales with the Georgetown Eastside listings up 35.4%, sales up by 58.6% and the median sales price up 39.9%. The West side of Georgetown garnered an increase in median value of 25.7%.

These are just a few examples of the many areas in the Austin MLS. Each of these can be further broken down into subdivisions and even blocks or streets. If you are interested in any certain area of Austin or wish to receive a copy of the Austin MLS “Heat Maps” please feel free to contact us. We want to be your local area specialists and your number source of accurate and timely data.

 

March 2014 MLS Stats photo