Austin, TX (PRWEB) January 06, 2015
In November, home sales and median price were the highest ever recorded in the month of November for the Austin area. During the month, single-family home sales increased six percent over the prior year to 1,934 homes sold and the median price for Austin-area homes was $245,000, an 11 percent increase from November 2013.
Additionally, Austin-area housing inventory was 2.4 months in November 2014, a small increase of 0.1 months compared to the prior year. Housing inventory remains consistently tight despite an increase in new listings of five percent over the prior year and an increase in active listings of nine percent compared to November 2013.
“As new listings have seen a steady increase heading into 2015 it is a good sign for the consistent demand to buy homes in the greater Austin-area continues to increase!” says Michele Turnquist, CEO of Turnquist Partners Realtors. She goes on to say, “With more corporate relocation to Austin planned in 2015 and population growth to follow we expect another very strong year of sales and more sellers to come to the market.”
Housing inventory in Austin has remained below 6.5 months of inventory for more than three years, which is the inventory figure cited by the Real Estate Center at Texas A&M University as a market in which supply is balanced with demand. In November 2014, homes spent an average of 54 days on the market, three days longer than the same month of the prior year.
November 2014 Statistics
- 1,934 – Single-family homes sold, six percent more than November 2013.
- $245,000 – Median price for single-family homes, 11 percent more than November 2013.
- $311,222 – Average price for single-family homes, six percent more than November 2013.
- 54 – Average number of days single-family homes spent on the market, three days longer than November 2013.
- 2,067 – New single-family home listings on the market, five percent more than November 2013.
- 5,561 – Active single-family home listings on the market, nine percent more than November 2013.
- 1,893 – Pending sales for single-family homes, eight percent more than November 2013.
- 2.4 – Months of inventory* of single-family homes, 0.1 months more than November 2013.
- $601,903,348 – Total dollar volume of single-family properties sold, 12 percent more than November 2013.
Statistical information and graph provided by: Austin Board of REALTORS®