Austin Board of REALTORS® (ABoR) released their July report recently, showing that Austin-are home sales in July 2015 reached an all-time high, increasing 12 percent year-over-year. The 3,149 home sales is the most home every sold in the month of July in the greater Austin area. Along with an increased number of home sales, the median price of homes in the area rose 8 percent to a median of $269,500.
Barb Cooper, 2015 President of the Austin Board of REALTORS®, said, “We’re in the midst of one of the most active summer selling seasons to-date, with more single-family home sales than ever before. Home prices remain high, but inventory levels have increased steadily throughout 2015, perhaps taking a step toward a more balanced housing market.”
The number of available homes for sale in July rose to 7,174, a five percent increase compared to July 2014. The Austin area now has 3.0 months of available single-family home inventory, which is unchanged from the same time last summer. The Real Estate Center at Texas A&M University considers 6.5 months of inventory to represent a balanced market, so we’re still definitely in a seller’s market.
The increase in available inventory could be the first signs of a market shift to a more balanced market though. We’re already seeing longer days on market here in Round Rock, Georgetown and the other northern suburbs of Austin. On average in the greater Austin area, homes stayed on the market for 41 days, which is 2 days more year-over-year.
Austin-Area Home Sales in July 2015 Statistics
- 3,149 – Single-family homes sold, 12 percent more than July 2014.
- $269,500 – Median price for single-family homes, eight percent more than July 2014.
- $338,452 – Average price for single-family homes, six percent more than July 2014.
- 41 – Average number of days single-family homes spent on the market, two days more than July 2014.
- 4,133 – New single-family home listings on the market, nine percent more than July 2014.
- 7,174 – Active single-family home listings on the market, five percent more than July 2014.
- 2,873 – Pending sales for single-family homes, eight percent more than July 2014.
- 0 – Months of inventory* of single-family homes, unchanged compared to July 2014.
- $1,065,785,348 – Total dollar volume of single-family properties sold, 19 percent more than July 2014.
Last month, less than 30 percent of homes sold in Central Texas were priced below $200,000 as home prices in the area continue to increase. This means the vast majority of homes sold are outside the affordable range for many home buyers. ABOR also pointed out that the majority of July’s pending sales and active listings are outside the city limits of Austin proper and reside in surrounding suburban areas like Round Rock, Cedar Park, Pflugerville and Buda. These more affordable areas are receiving more activity because of the slightly higher inventory of more affordable homes.
Cooper said, “Mayor Adler recently called for 100,000 new housing units to be built by 2025 as a first step to untangling the city of Austin’s complicated permit review process and alleviating affordability issues in Austin. The Austin Board of REALTORS® sees this initiative as progress toward a more sustainable Central Texas housing market and will continue to work with city leaders to make Austin an affordable place to call home for all residents.”
We’re continuing to see a slight decrease in the speed in which homes in the northern suburbs of Austin are selling, and many sellers are having to consider price reductions. This course correction against the increasing price of homes in Round Rock especially is natural after the abrupt and extended trend of price increases we’ve seen over the last two years. While homes are still selling, those at a higher price point are sitting on the market much longer and having to consider a lower price point than they would have had to even just six months ago. It’s likely this trend could start trickling into the Austin city limits as we enter the fall.
IF you’re interested in selling your home, there are still plenty of interested buyers out there looking for their dream home. Call us at 512.537.4977 for a FREE, no hassle consultation with one of our listing specialists to learn more about housing trends in your neighborhood. We would love to assist you in accomplishing your real estate goals and provide platinum customer service throughout the process.
If you’re interested in buying a home, our team of buyer specialists are here to guide you to the best home for your family. Set up an appointment by calling 512.537.4977 or emailing us at info@RJFteam.com to get a Buyer Instant Notification Program set up just for you. It makes the home search process easier by creating a curated list based on your specifications.
The RJF Team looks forward to helping you with all your real estate needs. If you ever have questions about buying, selling, investing or the current state of the local housing market, we’re here to serve you!
Source: Austin Board of Realtors®
