Austin Real Estate Market Overview
Austin, Texas (PRWEB) March 26, 2014
Austin-area home sales and home prices hit an all-time high in February, according to the Multiple Listing Service report released today by the Austin Board of REALTORS®. In February 2014, 1,761 single-family homes were sold in the Austin area, which is nine percent more than one year prior, and the median price for Austin-area homes was $230,530, an 11 percent gain from February 2013.
Steve Turnquist, Broker of Turnquist Partners Realtors, Inc. had this to say on the rising values of home sales in the Austin area, “With Austin’s strong seller’s market and steady flow of residents moving to the greater Austin, area the trend of rising home values will continue through 2014.” With Recent reports showing that Austin new builds are at six year high which could be a sign of helping to ease the issue.
President of Turnquist Partners, Inc. Kathryn Scarborough went on to say, “With inventory near all-time lows, businesses and individuals are moving to the area due to Austin’s favorable business climate.” Kathryn adds “It would be helpful if the City of Austin streamlined the process of permitting new housing developments in order to help alleviate the low inventory.” Homes have reached peak values in Austin and listings are spending only 55 days on market which is 16 fewer than in 2013.
Below are the highlights of the Austin Board of REALTORS® Report:
- 1,761 – Single-family homes sold, nine percent more than February 2013.
- $230,530 – Median price for single-family homes, 11 percent more than February 2013.
- $293,746 – Average price for single-family homes, 12 percent more than February 2013.
- 55 – Average number of day’s single-family homes spent on the market, 16 days fewer than February 2013.
- 2,544 – New single-family home listings on the market, one percent fewer than February 2013.
- 4,724 – Active single-family home listings on the market, eight percent fewer than February 2013.
- 2,118 – Pending sales for single-family homes, five percent fewer than February 2013.
- 2.0 – Months of inventory* of single-family homes, 0.6 months less than February 2013.
- $517,286,706 – Total dollar volume of single-family properties sold, 21 percent more than February 2013.
Info Graphic and Stats Courtesy of Austin Board of REALTORS®