Austin’s real estate market had its hottest March in more than a half-decade.
Year-over-year home sales increased 7 percent in March with 2,262 single-family homes sold in the area, according to figures released April 21 by Austin Board of Realtors. That figure represents a seven-year high for home sales in March.
“The Austin-area housing market continues its aggressive pace as housing demand continues to accelerate and outstrip supply,” said Bill Evans, ABOR president, in a news release.
Housing inventory decreased another 0.4 months compared to this same time last year, resulting in 2.2 months worth of homes available in the Austin metro, according to ABOR figures. Homes are also selling faster—13 days fewer than March 2013—and for more money—6 percent year-over-year, meaning demand is still rising, Evans said.
“The upcoming summer selling season could bring one of the most competitive markets Austin has seen,” he said. “Austin must enforce housing development policies that allow for a healthy supply of housing options that are readily available and affordable.”
March 2014 Statistics
2,262—Single-family homes sold, seven percent more than March 2013.
$231,750—Median price for single-family homes, six percent more than March 2013.
$296,640—Average price for single-family homes, five percent more than March 2013.
51 — Average number of days single-family homes spent on the market, 13 days fewer than March 2013.
3,211 — New single-family home listings on the market, two percent fewer than March 2013.
4,964 — Active single-family home listings on the market, five percent fewer than March 2013.
2,669 — Pending sales for single-family homes, three percent fewer than March 2013.
2.2 — Months of inventory* of single-family homes, 0.4 months less than March 2013.
$670,999,680 — Total dollar volume of single-family properties sold, 12 percent more than March 2013.