Austin Area Home Sales in June 2015

Austin area home sales in June continue to soar with 2015 looking to exceed the historical sales volume of 2014 by potentially double digits. According to the report published by the Austin Board of REALTORS®, more than 3,000 single family homes sold in the Austin area in June for the first time since July 2013, hitting 3,051 homes sold for a total of $1,018,625,166. This is the first time that local home sales have hit a billion dollars in a single month in the Austin area. In the first six months of 2015, the total dollar volume of homes sold in Central Texas has seen a 12 percent increase from the same time period in 2014.

Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained, “June’s increased home sales, combined with total dollar volume exceeding $1 billion for the first time ever, shows the amazing equity Austin homeowners have in the market and the powerful impact of real estate in Central Texas. However, this increase heightens the need to replenish and expand housing stock to help achieve sustainable growth.”

The median sales price for an Austin area home increased eight percent in June, hitting $272,250. Less than three in every 10 homes sold in June were priced below $200,000, confirming that prices continue to increase and push many potential buyers out of the market. Overall in the first half of 2015, the median sales price increased 10 percent to $263,000.

Partly due to a slight increase in inventory and partly due to the increase in sales price, homes are taking a little longer to sell, averaging 50 days on market in the first half of the year. This is an increase of 3 days compared to 2014.

“If this growth continues, 2015 could become another historical year for Austin-area home sales. Both homebuyers and sellers can expect a strong, competitive market for the rest of the summer selling season,” said Cooper.

Austin Area Home Sales in June 2015 Statistics

  • 3,051 – Single-family homes sold, five percent more than June 2014.
  • $272,250 – Median price for single-family homes, eight percent more than June 2014.
  • $333,866 –Average price for single-family homes, two percent more than June 2014.
  • 42 – Average number of days single-family homes spent on the market, three days more than June 2014.
  • 3,812 – New single-family home listings on the market, three percent more than June 2014.
  • 6,701 – Active single-family home listings on the market, four percent more than June 2014.
  • 3,023 – Pending sales for single-family homes, eight percent more than June 2014.
  • 8 – Months of inventory* of single-family homes, unchanged compared to June 2014.
  • $1,018,625,166 – Total dollar volume of single-family properties sold, eight percent more than June 2014.

Austin Area Home Sales 2015 Mid-Year Statistics

  • 13,917 – Single-family homes sold, four percent more than the first half of 2014.
  • $263,000 – Median price for single-family homes, 10 percent more than the first half of 2014.
  • $331,765 – Average price for single-family homes, eight percent more than the first half of 2014.
  • 50 – Average number of days single-family homes spent on the market, three days more than the first half of 2014.
  • 19,865 – New single-family home listings on the market, three percent more than the first half of 2014.
  • 5,727 – Active single-family home listings on the market, eight percent more than the first half of 2014.
  • 15,984 – Pending sales for single-family homes, five percent more than the first half of 2014.
  • $4,617,178,959 – Total dollar volume of single-family properties sold, 12 percent more than the first half of 2014.

While the Central Texas housing market overall saw significant gains both in the first six months of the year as well as in June, trends in the suburbs are showing the first signs of a potential course correction. The incredible price increases we’ve seen over the last few years were never going to remain consistent. As prices rose, buyers got pushed out of the market or more buyers competed for those few lower cost homes. Now inventory – especially in Round Rock – is starting to pick up, but it’s mostly higher end or more expensive homes coming to market. These are sitting on the market for longer on average than they would this same time last year.

This same trend hasn’t made its way to the Austin city limits yet, so the monthly numbers reported by ABOR aren’t seeing these effects just yet. Homes are definitely still selling and it’s still very much a seller’s market, but the days of getting 13+ offers on a house within 48 hours have passed. The housing market is a cycle, and we’re headed towards more reasonable days where homes take a little longer to find their buyer and more options mean more competition.

Our listings are still selling because we use marketing techniques to get each of our listings in front of as many buyers as possible. Video tours, aerial photos, social media marketing, an in-house sales team, and a team of a buyer agents with access to a huge buyer pool mean our listings are still selling faster than most. If you’re interested in seeing the latest market statistics for your neighborhood, call us at 512.537.4977 or email us at info@RJFteam.com today.

Source: ABOR