Austin-area home sales in February 2015 hit an all-time high yet again for the month of February while prices continue to rise, according to the report for February 2015 home sales released by the Austin Board of Realtors® late last week.
The number of home sales continue to rise throughout Austin and the surrounding areas despite tight inventory. A total of 1,775 homes sold in February, a 5 percent increase from the year before, while the median sold price increased 8 percent to $248,640. This is the most homes sold in the month of February on record along with the highest median price seen for February home sales in the area. Last month 69 percent of single-family homes sold in the Austin area were priced at $200,000 or higher, which many see as outside the affordable price range of many first time buyers.
Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained, “The first two months of 2015 have broken monthly records for single-family home sales, yet nearly half of the homes sold in the Austin area in February 2015 were purchased outside of Austin’s city limits. This growing urban sprawl has put a strain on our region’s infrastructure. Long-term and sustainable solutions for statewide transportation funding in addition to policies that allow more affordable housing options inside Austin’s city limits will be critical to making Austin an affordable place to live for all residents.”
Austin-area housing inventory ticked up a little to 2.2 months of available homes for sale. This is 0.2 months more than February 2014, though a balanced housing market is considered one with 6.5 months of available inventory. Home sales took a little longer last month, averaging 58 days on market, most likely due to higher prices leaving homes on the market longer.
Statistics for Austin Area Home Sales in February 2015
- 1,775 – Single-family homes sold, five percent more than February 2014.
- $248,640 – Median price for single-family homes, eight percent more than February 2014.
- $307,928 – Average price for single-family homes, five percent more than February 2014.
- 58 – Average number of days single-family homes spent on the market, three days more than February 2014.
- 2,619 – New single-family home listings on the market, three percent more than February 2014.
- 5,142 – Active single-family home listings on the market, nine percent more than February 2014.
- 2,278 – Pending sales for single-family homes, eight percent more than February 2014.
- 2.2 – Months of inventory* of single-family homes, 0.2 months more than February 2014.
- $546,572,200 – Total dollar volume of single-family properties sold, 10 percent more than February 2014.
Round Rock and the other area suburbs continue to see homes fly off the market for the most part, though many homes at a higher price range linger for sale much longer. Buyers have come back to the market after a slower winter season and if what we’re seeing is reflected throughout the area, inventory could be expanding very soon. We currently have 20 sellers preparing their homes for the market with more signing with us each day. If you’re a buyer who can’t find a home that meets your needs, let us help you see homes not yet even on the market so you’re the first one through the door!
While these statistics show how much a seller’s market the Austin area in general is, real estate is a very neighborhood specific business. If you’d like to see the latest market report for your neighborhood, we’d be happy to provide an analysis report that can help you determine what your house could sell for in the current market. We’d be happy to help you figure out whether selling is the right move for you and your family!
Call us at 512.537.4977 or email us at info@RJFteam.com with all your real estate questions, whether you’re a buyer, seller or looking to invest in real estate. We’re here to assist you with all your real estate needs!
Source: ABOR
