The hot buying season is definitely here in the Austin area! Numbers released by the Austin Board of REALTORS® earlier this month show that March 2015 Austin area home sales continue to break records for number of homes sold and median sold price. In the 31 days of March, single-family home sales volume set a record for the month while home prices hit an all-time high for the area.
The continued increase in the median home price will continue feeding the growing concern that Austin-area housing has become generally unaffordable to a number of residents in the area. Despite these concerns homes are still selling quickly and with record numbers as more and more people move to the area. There is simply not enough homes for the growing population, which is why new home builders have amped up inventory in the suburban areas around Austin.
According to the ABOR report, single-family home sales in the area increased 10 percent from last year, hitting $255K. The average sales price was much higher, hitting $334,758 – a 13 percent increase year-over-year. This is higher than home prices have ever been in the Austin area with only three of every ten homes sold in the greater Austin area selling for under $200K.
The number of homes sold in March 2015 increased 13 percent as well to 2,440 homes. According to the report, over half of the homes sold were outside of Austin city limits in the suburban areas of Round Rock, Pflugerville, Georgetown, Cedar Park/Leander and Kyle/Buda, where homes tend to be slightly more affordable and are often newer.
Inventory remains stagnant at 2.2 months, which remains well below the 6.5 months needed for a stable market. Sellers still have an upper hand, which is why prices continue to increase as lack of inventory forces buyers to compete against each other in multiple offer situations more often for lower priced homes. The average home stayed on the market 55 days, which is a 4 day increase from the same time period last year.
March 2015 Austin Area Home Sales Statistics
- 2,440 – Single-family homes sold, 13 percent more than March 2014.
- $255,000 – Median price for single-family homes, 10 percent more than March 2014.
- $334,758 – Average price for single-family homes, 13 percent more than March 2014.
- 55 – Average number of days single-family homes spent on the market, four days more than March 2014.
- 3,402 – New single-family home listings on the market, six percent more than March 2014.
- 5,274 – Active single-family home listings on the market, six percent more than March 2014.
- 2,812 – Pending sales for single-family homes, five percent more than March 2014.
- 2.2 – Months of inventory* of single-family homes, statistically unchanged from March 2014.
- $816,809,520 – Total dollar volume of single-family properties sold, 28 percent more than March 2014.
Home sales will continue to grow as more inventory enters the market once school ends in May. Many of our coming soon sellers are waiting until this time to list to prevent interruptions in their daily routine. Expect a slight uptick in available homes starting the end of May, though home sales seem to be increasing with each passing week. The Austin area is a hot spot as our local economy and job market continue to expand and grow with many moving to the suburbs in hope of getting a better deal than they can find within Austin proper. If you’re considering selling your house, there are plenty of buyers looking right now and the market should remain hot for quite some time.
