Austin Area Home Stats – March 2016

Below please find the latest market statistics for the Austin area. Sales are up 9.3% from March 2015 and median single family home is now $278,000, a 7.8% increase from the prior year.

Bryan Faircloth
http://www.BryanSellsAustin.com
Keller Williams Realty
bryfair@kw.com
(512) 468-9791

Bryan Signature footer

ABoR calls attention to housing diversity issues in Central Texas amidst rising home prices

Austin Board of REALTORS® releases real estate statistics for March 2016

 

AUSTIN, Texas – April 21, 2016 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin-area single-family home sales increased 9.3 percent to 2,552 home sales in March 2016 compared to the same month the year prior. Median single-family home price also increased 7.8 percent year-over-year, reaching $278,000 in March 2016..
“Home sales continue to rise throughout the region, but for many Austin-area residents, homeownership is just not a feasible option,” said Aaron Farmer, 2016 President of the Austin Board of REALTORS­®. “Longtime Austin residents are being priced out of their homes and many are unable to live close to their work or school. As a city, we have to start being mindful of how our property development, appraisal and code enforcement decisions impact not only housing affordability, but also the diversity of our neighborhoods and communities.”
Demonstrating the need for additional housing supply, Austin-area monthly housing inventory was 2.0 months in March 2016, a decrease of 0.2 months from March 2015. This figure is still well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market. Homes spent 54 days on market in March 2016, unchanged from the year prior.
Farmer adds, “The City of Austin’s ineffective code enforcement and land development code are immediate barriers to achieving more diverse, affordable housing options throughout our city, both by failing to preserve existing housing stock through proper code enforcement and restricting infill and further development where additional housing options are needed most.”
Blanca Garcia, Owner and Broker with Casa Blanca Realty, specializes in rapid re-housing and serving traditionally underserved populations. She connects her clients with the financial education they need to get preapproved for a home purchase through groups that offer homebuyer education classes, such as those offered through Habitat for Humanity.
“Working families and young professionals have been priced out of the city for years and these affordability issues are now extending to surrounding areas of Central Texas like Manor and Kyle, with some current Austin residents looking as far out as Lockhart to find an affordable home” said Garcia. “We need creative and collaborative solutions to provide more housing inventory and help homeowners continue to call Central Texas home.”
New listings increased by 12.2 percent to 3,633 listings and active listings increased 1.5 percent year-over-year to 4,669 listings in March 2016. During the same time frame, pending sales increased 7.2 percent to 2,811 sales.
“The Austin Board of REALTORS® is taking action to encourage greater housing diversity in Central Texas by providing enhanced REALTOR® education on fair housing and diversity issues. We want homebuyers and sellers to know that REALTORS® can help them take advantage of homebuyer assistance programs and pre-purchase counseling to find their future home,” concludes Farmer.
March 2016 Statistics
2,552 – Single-family homes sold, 9.3 percent more than March 2015.
$278,000 – Median price for single-family homes, 7.8 percent more than March 2015.
$347,734 – Average price for single-family homes, 4.5 percent more than March 2015.
54 – Average number of days single-family homes spent on the market, unchanged compared to March 2015.
3,633 – New single-family home listings on the market, 12.2 percent more than March 2015.
4,669 – Active single-family home listings on the market, 1.5 percent more than March 2015.
2,811 – Pending sales for single-family homes, 7.2 percent more than March 2015.
2.0 – Months of inventory* of single-family homes, 0.2 months less than March 2015.
$887,419,074 – Total dollar volume of single-family properties sold, 14.1 percent more than March 2015.
The Austin Board of REALTORS® (ABoR) builds connections through the use of technology, education and advocacy to strengthen the careers of its 11,000 members and improve the lives of Central Texas families. We empower Austin REALTORS® to connect their clients to the region’s most complete, accurate and up-to-date listings data. For more, contact the ABoR Department of Public Affairs at marketing@abor.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.
* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Leave a comment

Home Sales Update – per CultureMap

More information about the state of the Austin area market. Contact me to sell your home, buy a new home, or invest in additional real estate.

Bryan

Bryan Faircloth
http://www.BryanSellsAustin.com
Keller Williams Realty
bryfair@kw.com
(512) 468-9791

Your referrals are appreciated!

 

REAL ESTATE UPDATE

Home sales continue to climb in Austin’s scorching real estate market

As if you needed another reminder, Austin’s real estate market has no plans to cool down anytime soon. The latest report from Austin Board of Realtors (ABoR) details the statistics for February home sales that are fueling our fiery housing market.

Key findings in the report reveal some major increases. In February, single-family home sales increased by 2.9 percent from the year prior, with a total of 1,783 properties sold. Median single-family home prices increased 8 percent year-over-year, reaching $269,900. Additionally, the average price for single-family homes in Austin rose to $333,011, 7.6 percent more than February 2015.

New properties also experienced an influx of growth. New listings increased by 11.1 percent to 2,793 listings in February 2016, and active listings increased by 10 percent year-over-year reaching 4,871 listings. In addition, pending sales increased by 12.3 percent for a total of 2,346 sales.

While Austin real estate agents and sellers are bringing home the bacon, ABoR points to some serious issues that are surfacing for the entire city with this continued growth.

“The challenges facing our region’s infrastructure are approaching critical mass,” said Aaron Farmer, ABoR president, in a release. “Austin-area residents are relocating farther and farther outside of Austin due to affordability issues and yet are spending more and more time stuck in traffic each year. With the rate our region’s population is growing, this is simply not sustainable.”

While city council continues to work on transportation problems and providing affordable housing options, we have our own ideas about how to cut down on traffic and slow the housing market. The next time you hear someone saying they want to move here, humbly inform them about our traffic (ahem, MoPac) and our unaffordability as you slip them this report.

 

 

Posted in For Buyers, For Sellers, Listings, Marketing Reports | Leave a comment

February 2016 Austin Area Housing Statistics

ABoR hones in on region’s mobility issues as Central Texas continues to grow

Austin Board of REALTORS® releases real estate statistics for February 2016

 

AUSTIN, Texas – March 21, 2016 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin-area single-family home sales increased by 2.9 percent to 1,783 home sales in February 2016 compared to the same month the year prior. Median single-family home price also increased 8.0 percent year-over-year, reaching $269,900 in February 2016.

This continued market growth further emphasizes the need for major improvements to reshape the transportation future of Central Texas.

 

Aaron Farmer, 2016 President of the Austin Board of REALTORS­®, explained, “The challenges facing our region’s infrastructure are approaching critical mass. Austin-area residents are relocating farther and farther outside of Austin due to affordability issues and yet are spending more and more time stuck in traffic each year. With the rate our region’s population is growing, this is simply not sustainable.”

ABoR’s Transportation Policy Team monitors city and regional transportation plans and projects and engages in transportation policy issues to ensure Central Texas residents have a variety of reliable and efficient modes of transportation.

“We stay on top of the main mobility initiatives in Central Texas, such as the MoPac Improvement Project, and get involved as projects are planned and developed,” said David Hood, ABoR Transportation Policy Team Chair. “ABoR represents a diverse group of Realtors and homeowners across Central Texas, so we look at how a transportation project or proposal will impact these unique populations and the entire region in the long term.”

As the market remains competitive, Austin-area monthly housing inventory was 2.1 months in February 2016, an increase of 0.1 months from February 2015. This figure is still well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market. Homes spent 62 days on market in February 2016, three days more than the year prior.

New listings increased by 11.1 percent to 2,793 listings in February 2016 and active listings increased by 10 percent year-over-year reaching 4,871 listings. Additionally, pending sales increased by 12.3 percent at 2,346 sales.

Farmer concluded: “The Austin Board of REALTORS® is glad to see Mayor Adler’s regional approach to solving the Austin area’s growing transportation challenges through the Mobility 20/20 Solution. Our region needs a variety of multi-modal transit solutions for our infrastructure to sustain future growth and it’s going to take collaboration between Austin leadership and surrounding cities to make that a reality.”

February 2016 Statistics

1,783 – Single-family homes sold, 2.9 percent more than February 2015.
$269,900 – Median price for single-family homes, 8.0 percent more than February 2015.
$333,011 – Average price for single-family homes, 7.6 percent more than February 2015.
62 – Average number of days single-family homes spent on the market, three days more than February 2015.
2,793 – New single-family home listings on the market, 11.1 percent more than February 2015.
4,871 – Active single-family home listings on the market, 10 percent more than February 2015.
2,346 – Pending sales for single-family homes, 12.3 percent more than February 2015.
2.1 – Months of inventory* of single-family homes, 0.1 months more than February 2015.
$593,758,953– Total dollar volume of single-family properties sold, 10.7 percent more than February 2015.
The Austin Board of REALTORS® (ABoR) builds connections through the use of technology, education and advocacy to strengthen the careers of its 11,000 members and improve the lives of Central Texas families. We empower Austin REALTORS® to connect their clients to the region’s most complete, accurate and up-to-date listings data. For more, contact the ABoR Department of Public Affairs at marketing@abor.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Posted in For Buyers, For Sellers, General Information, Listings | Leave a comment

Latest Austin Area Housing Statistics

Latest home statistics through January 31. Contact me to discuss your 2016 real estate goals!

Bryan

Bryan Faircloth  http://www.BryanSellsAustin.com
Keller Williams Realty
bryfair@kw.com
(512) 468-9791

Your referrals are appreciated!

January 2016 Statistics

  • 1,459 – Single-family homes sold, 1.9 percent less than January 2015.
  • $254,999 – Median price for single-family homes, 6.3 percent more than January 2015.
  • $322,620 – Average price for single-family homes, 3.8 percent more than January 2015.
  • 56 – Average number of days single-family homes spent on the market, seven days less than January 2015.
  • 2,399 – New single-family home listings on the market, 8.0 percent more than January 2015.
  • 4,751 – Active single-family home listings on the market, 11.4 percent more than January 2015.
  • 2,207 – Pending sales for single-family homes, 16.6 percent more than January 2015.
  • 2.0 – Months of inventory* of single-family homes, 0.1 months more than January 2015.
  • $470,702,965 – Total dollar volume of single-family properties sold, 1.9 percent more than January 2015.

ABOR Jan 16

 

 

Posted in For Buyers, For Sellers, Listings, Marketing Reports | Leave a comment

How Is The Market Doing?

The following are excerpts from Gary Keller’s Vision Speech at our recent convention (Family Reunion) in New Orleans. Contact me to discuss your 2016 real estate plans!

Bryan
bryfair@kw.com

Every year at Family Reunion, attendees get a detailed look at U.S. and Canadian housing trends, as well as what market trends can be anticipated for the year. Gary Keller kicked of his information-packed vision speech with the numbers that drive the U.S. real estate market on February 14.

Home Sales

In 2015, 5.26 million homes were sold, making it the best year for home sales since 2006. In 2016, some slowdown in sales is expected as interest rates slowly pick up and sales projected to be around 5 million by the end of the year.

Home Price

The median home price for 2015 was $222,400, an increase of 6.8 percent from 2014. This bump was largely attributable to lower interest rates in 2015, compared to 2014. This figure puts home prices right on the edge of what is considered a sustainable rate. Price growth is estimated to be between 3 to 6 percent in 2016.

Inventory

Monthly supply of inventory tightened in 2015 due to increased demand from lower rates and continued lag in new home construction. Inventory averaged 4.8 months in 2015 compared to 5.2 months in 2014. It is expected to be between 5 to 6 months this year.

Mortgage Rates

Mortgage rates averaged 3.85 percent in 2015, down 32 base points from the 2014 average. Interest rates were below 2014 levels for most of 2015, as global events placed downward pressure on rates. With the Federal Reserve now actively raising the federal funds rate, it is expected there will be upward pressure on mortgage rates in 2016.

Affordability

Due to persistently low mortgage rates, affordability was flat in 2015, despite growing home prices. It was estimated that the monthly mortgage payment for the average family was 15 percent of their income.

For first-time home buyers, it was 25 percent. This is essentially unchanged from 2014. Looking to 2016, affordability will likely continue to slowly worsen as interest rates and prices continue to rise.

After the complete analysis of the state of the market, Keller launched into a detailed discussion of the U.S. economy. Keller, along with Jay Papasan and members of the Keller Williams Realty International research team Ruben Gonzalez and Adi Pavlovic, discussed GDP, state forecast, unemployment and inflation.

Gross Domestic Product (GDP)

GDP is defined as consumption plus investment, government spending and net exports. “Real” GDP calculates out inflation from growth. The United States does not have a designated target level for GDP, but generally growth between 2.5 and 3.5 percent is considered healthy. GDP grew by 2.4 percent in 2015 and is expected to be between 2 to 3 percent in 2016.

State Forecast

States whose economies rely heavily on oil, mining or manufacturing will likely face some difficulty in 2016 due to low oil prices, which are expected to continue throughout the year.

Unemployment

In 2015, unemployment averaged 5.3 percent, continuing the trend toward moving the economy back to full employment. It’s unlikely we will see any substantial decrease in the unemployment rate in 2016.

Inflation

Inflation remained low in 2015, as oil prices continued to decline substantially year-over-year. However, core inflation levels have begun to move back toward the target level of 2 percent.

Leave a comment

2015 Year End Statistics

Contact me to discuss your 2016 real estate plans.

Bryan
bryfair@kw.com

infographic_dec15

 

 

2015 Year-End Totals

29,068 – Single-family homes sold, five percent more than 2014.
$263,900 – Median price for single-family homes, nine percent more than 2014.
$333,558 – Average price for single-family homes, eight percent more than 2014.
49 – Average number of days that single-family homes spent on the market, two days more than 2014.
36,810 – New single-family home listings on the market, four percent more than 2014.
6,044 – Active single-family home listings on the market, five percent more than 2014.
29,839 – Pending sales for single-family homes, five percent more than 2014.
$9,695,852,178 – Total dollar volume of single-family properties sold, 13 percent more than 2014.

Leave a comment

Do I need a Realtor when buying a builder home?

This is a reprint from an agent in Florida about working with builders. I do think there are some good points. Contact me if you are looking to build. Our local builders are very professional and also appreciate when a buyer has realtor representation in a transaction.
Bryan Faircloth
bryfair@kw.com

1. If you don’t have an agent – Builder makes more money

As you ride around new neighborhoods looking at homes you stop and go into a model home. There to greet you is a sales person there who works for the builder. Now here is the secret – the builder has budgeted for there to be both a commission for their agent and an agent to represent the buyer. Now if you work directly with the company agent then the Builder makes more money because they didn’t have to pay an additional Realtor fee. So the truth is if you allow me to represent you, it cost you nothing since the Builder has in their budget my fees.

2. Price is Negotiable

I know you look in a window in a model home and there is a floor plan and a price. Most people assume that is the price. But the secret is that just like existing homes for sale this is a negotiable price also. Granted there won’t be as much bargaining room, but the home is for sale and the Builder wants to sell it. One thing to remember is that Builders are in the business and understand they can’t over price homes. But, the answer is always NO until you ask.

3. They will include Options

New Homes now have larger windows and more of them. But, they don’t have blinds. Many lawns front and rear have sprinkler systems. But, they don’t have privacy fences. Kitchens are now more upscale with better appliances and granite counters. But, you will need a refrigerator. However, builders often will give you some or all of these if you pay the stated price. Why? They need to maintain the values since they will build more homes and have to sell them for the same or a slightly increased price. Window treatments, fences and refrigerators don’t show up in the price on the settlement statement. If you have a good Realtor representing you they should know what options the builder is offering and the total amount offered.

4. They will pay some or all of your Closing Cost

Almost daily I get emails from Builder Reps stating that if I bring them buyers they will pay much of your closing cost. However, if you are just riding around and enter a model home you don’t know this and may not know to ask. Builders know which Realtors bring the most buyers to them and keep them informed of special pricing, feature options and closing cost offered. Many of them have preferred finance companies that offer them additional fees paid for the buyer. Some of the time this is mentioned, but again the answer is NO unless you ask.

5. The Longer a Home is in the Inventory – The More Discounts

A builders favorite kind of buyer is one who selects a lot and a model to be built on that lot. Then the builder has a firm contract for price and terms and knows that when a home is completed there is a closing. The builder gets their money and the buyer gets their home. However, in today’s market this is far more rare. Most of the time the builder constructs several Spec homes (homes for sale but with not contract to close). As time goes on and these homes don’t sale they cost the builder more and more money. Also, most builders are like you and your credit cards. You have a limit they will allow you not to go over. Builders are similar. Their lenders will only allow them to borrow so much money for spec homes. Then they have to sell some to allow more money to be released. This is when the most discounts, options and closing cost are offered. Every week I get emails with the list of homes offering the best homes to select for the most savings.

Here is the REAL SECRET. If you select me to be your Realtor for a new home it cost you nothing. The builder has budget to pay me already. And, you get my knowledge of location, pricing and homes available for the most savings.

Posted in For Buyers, For Sellers, Marketing Reports | Leave a comment

Northwoods At Avery Ranch-why move there in 2016

Hello friends and clients,
More info available at www.BryanSellsAveryRanch.com – bryfair@kw.com

One of my favorite areas of NW Austin consists of the 78717 zip code. This would include Avery Ranch, Davis Springs, and now Northwoods at Avery Ranch. Northwoods is another new community being built out in the sought after Avery Ranch subdivision. The homes in Northwoods begin with the Cottages built by Grand Haven Homes, who is also building the newest Avery Ranch neighborhood, Pearson Place. Other builders going into the Avery Station/Northwoods area include David Weekley, Scott Felder and Standard Pacific. In addition, D.R. Horton continues to build in the western part of the development and has really opened up their latest section with newly released lots. Oh yeah, there is also a pretty good golf course right there as well.

To decide what builder is best for you, choose ME as your buyer representative and get your best deal possible.

Bryan

Leave a comment

Austin Area December 2015 Housing Statistics

webheader_dec2015

AUSTIN, Texas – Jan. 21, 2016 – Austin-area single-family home sales and prices set all-time records in 2015, as well as records for the month of December 2015, according to the December 2015 and Year-End 2015 Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®.

Aaron Farmer, 2016 President of the Austin Board of REALTORS®, explained, “Demand for Austin-area real estate was stronger than ever in 2015, primarily due to our region’s job and ongoing population growth. However, low housing inventory levels, rising home prices and high housing development costs have brought Austin’s housing affordability issues to critical levels. Median price for single-family homes in the Austin area increased nearly $30,000 in the last year alone.”
According to the report, 29,068 single-family homes were sold in the Austin area in 2015, a five percent increase from 2014 and an all-time high for Austin-area home sales. Single-family home sales for the Austin area also set a monthly record in December 2015, increasing five percent year-over-year to 2,390 home sales.

Over the course of 2015, median price for Austin-area single-family homes increased nine percent from 2014 to $263,900. In December 2015, the median price for Austin-area homes was $270,000, 10 percent higher than December 2014. As a result, the total sales dollar volume for single-family homes in 2015 topped $9.6 billion, an increase of more than $1 billion from 2014.

Farmer continued, “The Austin Board of REALTORS® plans to build upon the past year’s efforts to advocate for a more affordable Austin, which included supporting Mayor Adler’s Housing Our Heroes initiative and advocating for permanent tax relief for Austin homeowners at the polls last November. It’s crucial that Austin continues to make strides with pivotal policy issues in 2016 to improve the land development code through CodeNEXT and take next steps to achieve more stringent code enforcement.”

The Austin area’s housing affordability challenges were intensified by a continued shortage of housing inventory in 2015. Monthly housing inventory in December 2015 remained unchanged from 2014 at 2.2 months, less than half of what the Real Estate Center at Texas A&M University considers a balanced housing inventory level of approximately 6.5 months.

Austin-area homes spent two more days on the market in 2015 as the year prior, or an average of 49 days. In December 2015, the average amount of time homes spent on the market was 57 days, one day more than December 2014. Pending sales for single-family homes decreased one percent year-over-year to 1,601 pending sales, but pending sales for all of 2015 rose five percent from 2014 to 29,839 pending sales.

Active listings in December 2015 rose three percent year-over-year to 5,214 listings, while new listings increased six percent to 1,646 new listings from December 2014. Throughout the year, active listings rose five percent in 2015 to 6,044 listings and new listings increased four percent to 36,810 listings.

“There are many opportunities, as well as many challenges, ahead in 2016,” Farmer concluded. “Austin residents can count on the Austin Board of REALTORS® to continue to work with the community and city leaders to advocate for policies that ensure everyone in Austin’s communities have a safe, affordable place to live.”

December 2015 Statistics

2,390 – Single-family homes sold, five percent more than December 2014.
$270,000 – Median price for single-family homes, 10 percent more than December 2014.
$348,904 – Average price for single-family homes, 13 percent more than December 2014.
57 – Average number of days single-family homes spent on the market, one day more than December 2014.
1,646 – New single-family home listings on the market, six percent more than December 2014.
5,214 – Active single-family home listings on the market, three percent more than December 2014.
1,601 – Pending sales for single-family homes, one percent less than December 2014.
2.2 – Months of inventory* of single-family homes, unchanged compared to December 2014.
$833,880,560 – Total dollar volume of single-family properties sold, 19 percent more than December 2014.

Leave a comment

Austin Area 2014 Housing Statistics

Good morning,

Below please find the 2014 year end statistics for the Austin metro area.  In summary, we have a 2.2 month supply of available homes and the average time on the market is now 47 days.  Contact me  if you are looking to buy a home, sell your home, or invest in real estate.
Bryan Faircloth  www.BryanSellsAustin.com
Keller Williams Realty
bryfair@kw.com
(512) 468-9791
Texas Law requires all real estate licensees to give the above information about brokerage services.
Your referrals are appreciated!
Austin-area home sales set records for the month of December, annual home sales volume in 2014
Austin Board of REALTORS® releases real estate statistics for December 2014 and 2014 year-end totals

 

AUSTIN, Texas – January 21, 2014– According to the December 2014 and Year-End 2014 Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, the Austin-area housing market set a record for single-family home sales volume for the month of December, as well as a record for annual home sales volume in 2014. This marked the fourth-straight year of annual home sales increases.Barb Cooper,2015 President of the Austin Board of REALTORS®, explained, “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.”According to the report, 2,283 single-family homes were sold in the Austin area in December 2014, a 14 percent increase compared to December 2013 and an all-time high for Austin-area home sales in the month of December. In 2014, home sales volume slightly exceeded 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.

Over the course of 2014, median price increased eight percent over 2013 to $242,500. In December 2014, the median price for Austin-area homes was $246,530, 10 percent higher than December 2013. As a result, the total sales dollar volume for single-family homes in 2014 topped $8.6 billion, 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, 0.2 months higher than December 2013 but still well below the 6.5-month inventory level the Real Estate Center at Texas A&M University cites as a balanced housing market.

This slow rise in housing inventory was driven by an influx of listings throughout the last half of 2014. Active listings in December 2014 jumped 12 percent year-over-year to 5,077 listings, while new listings rose 10 percent to 1,546 new listings 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, or three days fewer than homes sold in 2013, while pending sales increased one percent from 2013 to 28,325 sales. Homes sold in December 2014 spent three more days on the market than December 2013, or an average of 55 days, and pending sales increased 18 percent to 1,623 sales during the same time frame.

Cooper concluded, “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.”

December 2014 Statistics

  • 2,283 – Single-family homes sold, 14 percent more than December 2013.
  • $246,530 – Median price for single-family homes, 10 percent more than December 2013.
  • $311,082 – Average price for single-family homes, six percent more than December 2013.
  • 55 – Average number of days single-family homes spent on the market, three days more than December 2013.
  • 1,546 – New single-family home listings on the market, 10 percent more than December 2013.
  • 5,077 – Active single-family home listings on the market, 12 percent more than December 2013.
  • 1,623 – Pending sales for single-family homes, 18 percent more than December 2013.
  • 2.2 – Months of inventory* of single-family homes, 0.2 month more than December 2013.
  • $710,200,206 – Total dollar volume of single-family properties sold, 21 percent more than December 2013.

2014 Year-End Totals

  • 27,768 – Single-family homes sold, two percent more than 2013.
  • $242,500 – Median price for single-family homes, eight percent more than 2013.
  • $309,975 – Average price for single-family homes, seven percent more than 2013.
  • 47 – Average number of days that single-family homes spent on the market, three days fewer than 2013.
  • 35,423 – New single-family home listings on the market, four percent more than 2013.
  • 5,734 – Active single-family home listings on the market, four percent more than 2013.
  • 28,325 – Pending sales for single-family homes, one percent more than 2013.
  • $8,607,385,376 – Total dollar volume of single-family properties sold, nine percent more than 2013.

The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums

The volume of townhouses and condominiums (condos) purchased in the Austin area in December 2014 was 222, which is six percent more than December 2013. In the same time period, the median price for condos was $229,750, which is five percent more than the same month of the prior year. When compared to December 2013, these properties spent five additional days on the market, or an average of 55 days.

Over the course of 2014, 3,150 Austin condos were sold, which is statistically unchanged compared to 2013; the median price was $215,000, or 10 percent more than 2013; and condos spent an average of 43 days on the market, nine days fewer than 2013.

Leasing

In December 2014, a total of 1,214 properties were leased in Austin, which is 17 percent more than December 2013. The median price for Austin-area leases was $1,450, which is five percent more than the same month of the prior year. In all of 2014, a total of 16,960 properties were leased in Austin, which is four percent more than 2013, and the median lease price was $1,480, or six percent more than 2013.The Austin Board of REALTORS® (ABoR) builds connections through the use of technology, education and advocacy to strengthen the careers of its 11,000 members and improve the lives of Central Texas families. We empower Austin REALTORS® to connect their clients to the region’s most complete, accurate and up-to-date listings data. For more, contact the ABoR Marketing Department at marketing@abor.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

 

Posted in For Buyers, For Sellers, General Information, Listings, Marketing Reports | Leave a comment