November 2014 Real Estate Market Statistics

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“Austin-area home sales, median price break records for third straight month in November”

• 1,934 – Single-family homes sold, 6% more than November 2013
• $245,000 – Median price for single-family homes, 11% more than November 2013
• $311,222 – Average price for single-family homes, 6% 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, 5% more than November 2013
• 5,561 – Active single-family home listings on the market, 9% more than November 2013
• 1,893 – Pending sales for single-family homes, 8% 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% more than November 2013

The Austin-area continued to break records in home sales and median price for single-family homes last month, according to the November 2014 Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). 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. 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.

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.”

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