The Austin Board of REALTORS® (ABoR) compiled the year-end statistics for the 2014 Austin Real Estate market using data pulled from the Multiple Listing Service (MLS). The Austin-area housing market set the record for single-family home sales during both the month of December as well as the entire year of sales volume.
2014 marks the fourth consecutive year that annual home sales increased year-over-year.
Barb Cooper, the 2015 President of the Austin Board of REALTORS®, stated:
“The Austin area experienced a strong, stable housing market in 2014, with year-end 2014 showing similar market conditions to those one year ago. Last month, the U.S. Census Bureau named Austin the third-fastest growing big city in America since 2000. That steady job and population growth has continued to drive increases in home sales volume and, combined with low housing inventory levels, home prices as well.”
The report showed that 2,283 single-family homes were sold in the Austin area during the month of December, 2014. That figure is a 14 percent increase when comparing to December 2013 and the highest amount for Austin-area home sales. Home sales volume slightly beat out the 2013 levels to set a new record for the number of Austin-area homes sold in a year with 27,768 homes sold, a two percent increase from 2013.
Median price increased eight percent over 2013 to $242,500 for the whole year. In December 2014, the median price for Austin-area homes was $246,530, That number is up 10 percent from the month of December 2013. The total sales dollar volume for single-family homes in 2014 topped $8.6 billion; which was an increase of more than $673 million from 2013.
Housing inventory levels remained low in 2014, despite breaking an 18-month trend of monthly decreases in the second quarter of 2014. In December, Austin-area monthly housing inventory was 2.2 months, which was still well below the 6.5-month inventory level the Real Estate Center at Texas A&M University cites as a balanced housing market.
The influx of listings throughout the last half of 2014 was driven by the slow rising of the housing inventory. Active listings in December 2014 were up 12 percent year-over-year to 5,077 listings. New listings rose 10 percent, up to 1,546, from December 2013. Throughout the year, new and active listings each rose four percent in 2014 to 35,423 and 5,734 listings, respectively.
In 2014, homes spent an average of 47 days on the market, which was three days fewer than homes sold in 2013. Pending sales increased by one percent to 28,325 sales.
Cooper ended with;
“The Austin-area housing market is consistent, but so are its challenges. More homes on the market, at all price ranges and throughout all areas of Austin, will be crucial to maintaining Austin’s affordability in 2015. As one of the fastest growing metropolitan areas in the U.S. we must look to our new city council for a regulatory environment that stimulates and grows housing stock in a healthy, sustainable way.”