Austin, TX (PRWEB) December 02, 2014
Austin-area home prices for single-family homes returned to double-digit increases in October 2014. Both median and average price increased 11 percent year-over-year to $240,000 and $311,028, respectively – the highest figures ever recorded for the month of October.
Michele Turnquist, Owner of Turnquist Partners Realtors, Inc., said, “News that October has shown highs in sales and home prices is great after a couple months of numbers sliding back towards a normal trend. This spike is due in part to low unemployment across Central Texas and many large companies like Dropbox, Facebook and Google continuing to add jobs to name just a few. We expect sales to take a slight dip over the coming month with the holidays coming, but the outlook for 2015 looks very promising for both buyers and sellers in Austin, TX.
In October 2014, active listings increased 11 percent year-over-year to 6,170 listings and new listings jumped 11 percent during the same time frame to 2,850 listings. Continued gains in single-family home listings over the last few months are having a positive effect on pending sales, which jumped nine percent year-over-year in October 2014 to 2,255 pending single-family home sales. Monthly housing inventory in the Austin area also continued to benefit from more listings entering the market, increasing 0.2 months year-over-year to 2.7 months in October 2014. This is still well below the Real Estate Center at Texas A&M University’s balanced housing inventory level of 6.5 months.
While Austin-area homes continue to sell quickly, the average number of days single-family homes spent on the market increased year-over-year for the first time since August 2011. Homes spent an additional two days on the market in October 2014 compared to October 2013, or an average of 50 days.
October 2014 Statistics
- 2,403 – Single-family homes sold, 16 percent more than October 2013.
- $240,000 – Median price for single-family homes, 11 percent more than October 2013.
- $311,028 – Average price for single-family homes, 11 percent more than October 2013.
- 50 – Average number of days single-family homes spent on the market, two days longer than October 2013.
- 2,850 – New single-family home listings on the market, 11 percent more than October 2013.
- 6,170 – Active single-family home listings on the market, 11 percent more than October 2013.
- 2,255 – Pending sales for single-family homes, nine percent more than October 2013.
- 2.7 – Months of inventory* of single-family homes, 0.2 months more than October 2013.
- $747,400,284 – Total dollar volume of single-family properties sold, 29 percent more than October 2013.
The following sections describe trends in other sectors of the Austin-area real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in October 2014 was 272, which is three percent less than October 2013. In the same time period, the median price for condos was $225,000, which is eight percent more than the same month last year. These properties spent an average of 47 days on the market, which is unchanged from October 2013.
In October 2014, a total of 1,416 properties were leased in Austin, which is 17 percent more than October 2013. The median price for Austin-area leases was $1,450, which is five percent more than the same month last year.
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.