The Austin Board of REALTORS® have compiled the Austin real estate market statistics for the month of October, 2014 using information pulled from the Multiple Listing Service (MLS) report. October, 2014 saw the biggest year-over-year increase in home sales to date for 2014. Austin-area home sales soared 16, to the tune of 2,403 single-family home sales in the month of October. That number is an all-time high for the month of October.
Single-family home prices for the Austin area also set a record for the month of October.
Bill Evans, 2014 President of the Austin Board of REALTORS¬®, stated:
“It’s always exciting to see a record-breaking month in real estate, but let’s remember that high demand often leads to high prices. For example, this month’s results show that it costs a typical homeowner $23,000 more to buy a home than one year ago. For some Austinites, that kind of price increase could mean looking at homes smaller in size, further outside the Austin area, or not being able to afford to buy a home at all. This just underscores the importance of housing affordability as a key issue going into 2015.”
Austin-area home prices for single-family, both median and average price, increased 11 percent year-over-year to $240,000 and $311,028, respectively. These are the highest figures that have ever been recorded for the month of October.
Active listings were also up during the month of October, with an increase of 11 percent year-over-year to 6,170 listings. New listings jumped 11 percent as well up to 2,850 listings. Continued gains in single-family home listings over the last few months are having a positive effect on pending sales. The gains helped pending sales increase by nine percent year-over-year in October 2014 to 2,255 pending single-family home sales. Monthly housing inventory in the Austin area increased 0.2 months year-over-year, and now sits at 2.7 months in October 2014. The Real Estate Center at Texas A&M University states a balanced housing inventory level is 6.5 months.
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.
Evans ended with:
“This additional housing inventory is encouraging, but we’ve got a long way to go before homeownership options and availability meet demand in our city. To get us there, we need a regulatory environment that supports all types of affordable housing options.
Many of Austin’s City Council positions, including mayor, are yet to be decided. This is Austin’s last opportunity to choose a City Council that will ensure that Austinites can afford to buy a home in the neighborhoods where they live. ABoR urges Austinites to vote early December 1 through 12 or on Dec. 16 for City Council candidates who will prioritize housing development and affordability issues in 2015.”