Even though the median price for a single-family home hit record highs for the month of November, sales continued at a record-setting pace, according to the Austin Board of REALTORS.
The median price climbed to $245,000 — an 11 percent increase from November 2013. But despite the prices, 1,934 single-family homes sold, besting last year by 6 percent.
“As the new year approaches, demand for Austin-area homes remains strong,” Bill Evans, ABoR’s 2014 president, said. “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.”
Even with 5 percent growth in listings compared to November 2013, figures show that there was limited inventory in November 2014 to meet the needs of such high demand. The city’s 2.4 months of housing inventory remains far below the 6.5 months of inventory the Real Estate Center at Texas A&M University recommends for a balanced housing market.
Condos and townhouses sold at a slower pace in November 2014 than they did last year. The 162 purchases was 24 percent below November 2013 figures. That could be in part due to the rising cost of condos, now holding a median price of $221,000 — or 13 percent more than a year ago.
Condos averaged 49 days on the market in November 2014, five days less than a year earlier. Single-family homes, meanwhile, averaged 54 days on the market, three days more than November 2013.
The new figures come at a time of transition for Austin. The city held its first ever mayor and city council elections under the new 10-district, 1-mayor form of government. Austin had previously been one of the last remaining major cities where council members were elected at-large. The new system provides district representation.
“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,” Evans said.