Austin-Area Home Sales Top 3,000, New Record, $1 Billion In Volume In June 2015

Austin-area home sales top 3,000, $1 billion in volume in June 2015, prices remain high;
Mid-year results show 2015 on pace to exceed historical sales volume in 2014
Austin Board of REALTORS® releases real estate statistics for June 2015 and mid-year 2015

According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area home sales topped 3,000 sales for the first time since July 2013, increasing five percent year-over-year to 3,051 sales for the month of June. Mid-year statistics show that Austin-area home sales increased an average of four percent year-over-year to 13,917, putting 2015 on pace to potentially exceed 2014’s historical high in sales volume.

In June 2015, total dollar volume reached $1,018,625,166 and increased by eight percent compared to June 2014. Additionally, the total dollar volume of single-family properties sold in the first half of 2015 was $4,617,178,959, a year-over-year increase of 12 percent.

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.”

According to the report, the median price for Austin-area single-family homes increased eight percent year-over-year to $272,250 in June 2015, while average price increased two percent to $333,866 during the same time frame. Keeping with the upward trend over the last several months, less than three in 10 single-family homes sold in the Austin area were priced below $200,000.

Price increases are similar for the first half of 2015, with median price increasing 10 percent to $263,000 and average price increasing eight percent to $331,765. At the same time, homes spent an average of 50 days on the market, three more days than the same time last year.

“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.

Active listings increased by four percent year-over-year to 6,701 listings in June 2015 and pending sales increased by eight percent to 3,023 compared to June 2014.

While new listings increased by three percent to 3,812 for June 2015, inventory held steady at 2.8 months, remaining well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market.

Cooper concluded, “While growth shows positive momentum for our city, ABoR supports solutions that serve the entire community, accommodate new populations and help residents find the homes they want. To help achieve these goals, ABoR and Austin REALTORS® recently met with members of the Austin City Council and Mayor Adler to discuss big picture issues affecting Central Texas residents and with a strong focus on sustainable and managed growth. We’re pleased to see the steps city leaders are taking toward a more affordable Austin.”

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.
• 2.8 – 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 2014.2015 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.

The following sections describe trends in other sectors of the Austin-area real estate market.

Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in June 2015 was 331, a 12 percent increase from June 2014. The median price for condos was $234,500, which is eleven percent more than the same month of the prior year. When compared to June 2014, these properties spent 8 more days on the market, or an average of 39 days.

For the first half of 2015, 1,510 Austin condos were sold, which is seven percent less than this time last year, while the median price was $226,250, or six percent more than the first half of 2014. Condos spent an average of 43 days on the market, one day fewer than the first half of 2014.

Leasing
In June 2015, a total of 1,861 properties were leased in Austin, which is fourteen percent more than June 2014. The median price for Austin-area home leases was $1,600, seven percent higher than in June 2014. In the first half of 2015, a total of 8,525 properties were leased in Austin, which is eight percent more than 2014, and the median lease price was $1,520, a five percent increase from the first half of 2014.
– See more at: https://smcorridornews.com/news/1576/austin-area-home-sales-top-3000-new-record-1-billion-in-volume-in-june-2015.html#sthash.SFuYdb8N.dpuf