According to the November 2014 report released today by the Austin Board of REALTORS® (ABoR), using information pulled from the Multiple Listing Service (MLS), single-family home sales in the Austin-area kept on breaking records over the last month. Home sales and median price posted their highest-ever recordings in the month of November for the Austin area. In November 2014, single-family home sales jumped up six percent over the last year to a total of 1,934 homes sold. Median price also rose, 11 percent, for Austin-area homes up to $245,000.
Housing inventory was 2.4 months in November 2014. This is a minuscule increase of 0.1 months compared to the prior year. Austin-area housing inventory has consistently stayed tight despite new listings going up five percent over the prior year. The report also showed an increase in active listings of nine percent compared to November 2013. Single-family housing inventory in Austin has remained below 6.5 months of inventory for more than three years. The 6.5 month scale 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. The average days on the market went up just three days year-over-year, to a total of 54 days on market.
Bill Evans, 2014 President of the Austin Board of REALTORS®, explained,
“As the new year approaches, demand for Austin-area homes remains strong. Fortunately, listings are up year-over-year to meet some of that need, but demand continues to outpace supply, placing a continued strain on housing inventory and pushing up home values. That’s great news for Austin homeowners looking to sell, but as we’ve discussed all year, it continues to present challenges for affordability in our market. With the newly elected Austin Mayor and City Council, ABoR looks forward to continuing to advocate for the interests of all homeowners, ensuring our market can meet the needs of our residents and Austinites can continue to afford property in this great city.”