Austin area home sales for September 2015According to numbers released by the Austin Board of REALTORS®, Austin area home sales in September continued to hit record highs for the month. The number of homes sold in the Austin area increased seven percent from September 2014 to a total of 2,603 homes sold. The media price increased eight percent year-over-year, hitting $258,000 and continuing to prove that affordability has become a real concern for Austin-area home owners.

Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained, “While current demand bodes well for home sales throughout the rest of year, affordability issues continue to impact Austin-area homebuyers. Fortunately, we have two strong solutions on the November ballot to help increase housing affordability and support Central Texas infrastructure growth.”

On the November ballot, two Propositions will be presented to Texas voters that would lower the amount of property taxes they would owe on their primary residence. Proposition 1 raises the homestead exemption from $15,000 to $25,000 for most homeowners and to $35,000 for homeowners who are disabled or over 65. This means that amount is deducted from the value of your home before property taxes are calculated. This would mean a permanent property tax reduction of $125 each year for the average homeowner in the state. Proposition 1 also creates a permanent ban on real estate transfer tax, preventing this fee from potentially increasing the cost of selling and buying real estate in the future.

Proposition 7 – while not real estate specific – would increase funding for transportation projects that with allow for more sustainability for state infrastructure.

“We need a combination of property tax relief, broader development of medium-density housing options, and funding for transportation projects to have a lasting impact on Central Texas affordability and infrastructure,” added Cooper. “Central Texas REALTORS® urge Austin-area voters to vote ‘yes’ on November 3 for both Proposition 1 and Proposition 7 to help ensure Texas is an affordable place to live and work in the future.”

As for Austin area home sales for September, the increased sales price began to push the time on market up to an average of 47 days, three days more than in September 2014. The number of new homes that came on the market increased 11 percent, allowing for current active inventory to increase four percent ass well for a total of 6,759 homes active on the market throughout Central Texas. Inventory remained the same at 2.8 months. Consider that the Real Estate Center at Texas A&M University considers a balanced inventory level to be 6.5 months, we are still most definitely in a seller’s market.

Austin Area Home Sales for September 2015 Statistics

  • 2,603 – Single-family homes sold, seven percent more than September 2014.
  • $258,000 – Median price for single-family homes, eight percent more than September 2014.
  • $324,150 – Average price for single-family homes, five percent more than September 2014.
  • 47 – Average number of days single-family homes spent on the market, three more days than September 2014.
  • 2,860 – New single-family home listings on the market, 11 percent more than September 2014.
  • 6,759 – Active single-family home listings on the market, four percent more than September 2014.
  • 2,391 – Pending sales for single-family homes, nine percent more than September 2014.
  • 8 – Months of inventory* of single-family homes, unchanged from September 2014.
  • $843,762,450 – Total dollar volume of single-family properties sold, 13 percent more than September 2014.

Homes in Austin are still selling quickly as are more moderately priced homes in the surrounding suburbs. Despite the record numbers that continue to be released month after month from the Austin Board of REALTORS®, certain segments of the market, especially in the suburbs like Round Rock, Cedar Park, Georgetown and Leander, are starting to see a slightly slowdown beyond what is normal for this time of year. Higher priced homes in the suburbs are taking much longer to sell and many homes are spending more time on the market no matter the price point. Even though inventory in Round Rock specifically has gone down in the last month, the multiple offer situations that were so common in the spring haven’t been as prevalent.

If you’re thinking of selling a home in Austin, Round Rock, Georgetown, or any of the other area suburbs, the RJF Team would like to serve you. Our team will make sure to position your home so that it stands out from the crowd with professional staging, photography and beautiful video tours. We fight for our clients every step of the way and the first step of that is making sure your house is the one everyone wants to see! Call us at 512.537.4977 to learn more about the services provided by the RJF Team that you won’t find with most other agents.

If you’re looking to buy a home, we have a great team of Buyer Specialists that would love to help you! The good news is that in many places the market is a little less hectic than it was a few months ago, but that doesn’t mean you don’t need a qualified area expert by your side! Buying a home is a stressful process and the RJF Team is here to provide you with expertise and platinum customer service every step of the way. Call us today at 512.537.4977 to meet with one of our fantastic Buyer Specialists!

 

Source: Austin Board of REALTORS®