Austin Real Estate Feb. 2014 YTD Market Update

This is not your father's real estate market. If you are in the market to buy or sell this spring--you should read this article.

1 in 4 homes that have sold this year have gone under contract in 4 days or less on the market. Many of these homes sold in less than 24 hours. As a Buyer's Agent and as a Listing Agent, I have witnessed the beginnings of a tornadic real estate season ahead. I have written 10 contract this year already, but I have written twice that many offers. Offers over list price and I have listed homes that have sold for well above the listing price already this year. I have seen my listings getting dozens of showings during the first 36 hours on the market and up to 9 offers per home! Substantial offers.

The Austin market in 2014 is going to be a hard one for buyers to comprehend and just as challenging for sellers to price at the right market price without leaving money on the table or pricing their home too high and have buyers walk away without making an offer. I have already seen some sellers take bad advice on the listing price of staging of their home and they have seen their house languish on the market for months. In a seller's market, that should almost never happen--but it does. Unfortunately, this happens in fast markets and in slow markets. Sellers, make sure you are getting good advice. Read the data. Ask questions. Understand why your house is worth what you are being told it is worth. Don't let your listing languish on the market.

Now to the numbers:

So, here are the numbers for Jan. & Feb 2014 for the Greater Austin Area:

  • Homes sold/closed during Feb 2014: 3,410
  • Homes sold/closed during Feb 2013:  3,329
  • Currently pending homes: 3,711
  • Over 7000 contracts in 2.5 months!
  • 2014 is already passing the record numbers of 2013 and as of 3/18 there are more houses under contract to close than have already closed!
  • Median Price per square foot, Jan 2014: $117 psf
  • Median Days on Market (DOM): 29 days
  • Inventory remains extremely low in most communities
  • Days on market (DOM) in many communities is just a few days on market
  • Price is going up and DOM is going down--YTD
Q: How fast are houses really selling in Greater Austin? 
A: 26.5% of homes this year have sold in under 4 days on the market!  Many of these homes sold on the first day on the market.

Let's look at what happened in the first two months of 2014 in various parts of Austin, Single Family Homes only:
  •  Austin addresses, including ETJ: 1622 homes sold
    • Median price: $268k
    • Median DOM: 21 days
    • Median size: 1738 sf
  • Cedar Park: 166 homes sold
    • Median price: $230k
    • Median DOM: 12 days
    • Median size: 2236 sf
  • Round Rock: 284 homes sold
    • Median price: 193k
    • Median DOM: 25 days
    • Median size: 2074 sf
  • Steiner Ranch, River Place, Westminster Glen and Vandegrift High: 57 homes sold
    • Median price: $427k
    • Median DOM: 43 days
    • Median size: 3075 sf
  • McNeil High School communities, including Avery Ranch: 80 homes sold
    • Median price: $249k
    • Median DOM: 9 days
    • Median size: 2052 sf
  • Westwood High communities in NW Austin: 62 homes sold
    • Median price: $301k
    • Median DOM: 5 days
    • Median size: 2114 sf
  • Eanes Westlake High communities in West Austin: 63 homes sold
    • Median price: $850k
    • Median DOM: 38 days
    • Median size: 3300 sf
  • Bowie High communities in SW Austin: 114 homes sold
    • Median price: $326k
    • Median DOM: 24 days
    • Median size: 2389 sf
  • Lake Travis High communities: 148 homes
    • Median price: $370k
    • Median DOM: 55 days
    • Median size: 2566 sf
  • $MM Luxury Market over $1M: 50 homes sold
    • Median price: $1.287M
    • Median DOM: 66 days
    • Median size: 4298 sf
    • Most expensive home sold: $3.77M in Westlake
  • Only Condo/Townhouse Market in Greater Austin: 401 units sold
    • Median price: $209k
    • Median DOM:  23 days
    • Median size: 1280 sf



Your Bonafide Austin Area Realtor®.

Tim Thornton
Realtor
® , Zip Realty, inc.Austin, Texas
(512) 914-4665

                                           
              
     

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