Austin, Texas (PRWEB) July 23, 2014
Austin-area home sales reached an all-time high for the month of June, increasing 13 percent year-over-year to 2,997 single family home sales in June 2014. Mid-year statistics show Austin-area home sales increased three percent year-over-year to 13,426 homes sold, putting 2014 on pace to potentially exceed 2013’s all-time high in sales volume.
Kathryn Scarborough, Turnquist Partners Realtors, Inc. President, said, “With more homes coming on the market as the summer hits it comes as no surprise that the market is reacting with a larger volume of sales.” As we have seen in Austin for the past couple years, homes that are competitively priced receive multiple offers within the first couple days on market many being full or above asking price!”
According to a report released by the Austin Board of REALTORS® (ABoR), the rise in housing stock has led to positive figures in both monthly housing inventory and home listings. In June 2014, the monthly housing inventory was 2.8 months, the highest level of inventory seen since August 2013. New and active listings also showed positive results in June 2014, with new listings increasing two percent year-over-year to 3,701 listings and active listings increasing six percent year-over-year to 6,246 listings.
Year-to-date, the monthly housing inventory has increased by almost a full month since the beginning of the year as home sales have remained strong. This is notably different from 2013, which showed consistently lower inventory figures throughout the year. In addition, new listings increased one percent, active listings decreased two percent and pending sales decreased three percent from the first six months of 2013.
Bill Evans, 2014 President of the Austin Board of REALTORS®, explained, “2014 could very well turn out to be another ‘best year ever’ for Austin-area home sales, but it’s important that Austin continue to replenish and expand its housing stock so these strong figures can continue. In the meantime, both homebuyers and sellers can expect the rest of the summer selling season to be highly competitive.”
June 2014 Statistics
2014 Mid-Year Statistics
The following sections describe trends in other sectors of the Austin real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in June 2014 was 308, which is one percent fewer than June 2013. In the same time period, the median price for condos was $209,000, which is eight percent more than the same month of the prior year. These properties spent an average of 31 days on the market, 10 days fewer than June 2013.
For the first half of 2014, 1,641 Austin condos were sold, which is 10 percent more than this time last year, while the median price was $213,500, or 10 percent more than the first half of 2013. Condos spent an average of 44 days on the market, 13 fewer days than the first half of 2013.
In June 2014, a total of 1,712 properties were leased in Austin, which is 14 percent more than June 2013. The median price for Austin-area leases was $1,500, which is three percent more than the same month last year. In the first half of 2014, a total of 7,967 properties were leased in Austin, which is five percent more than 2013, and the median lease price was $1,450, a four percent increase from the first half of 2013.
For more information on the Austin, Houston, and Texas real estate market contact Turnquist Partners Realtors, Inc. a locally run real estate firm with over 25 years’ experience in the Texas market - http://www.turnquistpartners.com or by phone at 512.328.3939.
Information and graph courtesy of: The Austin Board of REALTORS® (ABoR)
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.