Despite a sharp decrease in inventory for much of the year, especially in the suburbs, Austin area home sales in 2015 reached historic levels. A report released by the Austin Board of REALTORS® shows that both the number of homes sold and the median sales price hit record highs in 2015. Home sales in December 2015 also set records for the highest number of homes sold and highest median sales price for homes sold in the month of December.
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.”
Over the course of 2015, the median sales price of a Central Texas home rose nearly $30,000, making affordability a prime concern. Many buyers were pushed out of the Austin market to only find that home prices in the suburbs had drastically increased as well. Despite record low mortgage interest rates increasing buying power, first-time home buyers couldn’t find much inventory under $200K unless they went even further away from the city center to areas like Leander, Hutto or Kyle.
According to the ABOR report, 29,068 single-family homes sold in the Austin area in 2015, a five percent increase from the year before and the highest seen. The median home price reached $263,900, an increase of nine percent from 2014. The total amount of sales dollar volume topped $9.6 billion in 2015, more than a billion more than the year before.
Housing inventory shortages were probably the only thing preventing the market from skyrocketing even further last year. The monthly housing inventory never strayed past 2.5 months with December remaining at 2.2 months. This is far below the 6.5 months considered a balanced housing market by the Real Estate Center at Texas A&M University.
Austin-area homes stayed on the market slightly longer in 2015 with days on market increasing by two days to 49. This extended time on market can partly be contributed to the increase of more luxury homes being on the market and the increase in home prices. Lack of lower priced inventory had many homes flying off the market after multiple offer situations, though homes at a higher price point were sitting on the market for longer in many cases.
Austin Area Home Sales in 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.
Austin Area Home Sales in 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.
The Austin housing market remains strong going into 2016 and, while it might be difficult to beat the record highs of 2015, there are still many eager buyers out there looking to make 2016 the year they move into a new home. Housing inventory in Round Rock especially remains incredibly low, so if you’re interested in selling your house, call us at 512.537.4977 to see how the RJF Team can help you net the most money for your home.
If you’re a buyer, we have a whole team of buyer agents ready to meet with you to discuss how to make the best of the current housing market. Let us set up a Buyer Instant Notification Program for you so you are one of the first to learn of new homes coming to the market that meet your criteria. Call us at 512.537.4977 to set up an appointment with a buying specialist today.
The RJF Team is always here to help you with any of your real estate needs. We’re blessed to be one of the top real estate teams in the area, and we’re able to achieve that by serving each of our clients through platinum customer support and being their advocate in the real estate market. If you ever have any question about real estate, please call us at 512.537.4977
Source: Austin Board of REALTORS®
