December Stats & End of Year Wrap Up Numbers!

December 2014 

• 2,283 – Single-family homes sold, 14 percent more than December 2013.
• $246,530 – Median price for single-family homes, 10 percent more than December 2013.
• 55 – Average number of days single-family homes were on market, 3 days more than Dec. 2013.
• 5,077 – Active single-family home listings on the market, 12 percent more than December 2013.
• 2.2 – Months of inventory of single-family homes, 0.2 month more than December 2013.
• $710,200,206 – Total dollar volume of single-family homes sold, 21 percent more than Dec. 2013.

2014 Year-End Totals 

• 27,768 – Single-family homes sold, two percent more than 2013.
• $242,500 – Median price for single-family homes, eight percent more than 2013.
• 47 – Average number of days that single-family homes spent on the market, 3 days fewer than 2013.
• $8,607,385,376 – Total dollar volume of single-family homes sold, nine percent more than 2013.  

Released January 2015 by The Austin Board of Realtors Multiple Listing Service (MLS).

Austin Home Sales Up, Median Price Down in July

There was an increase in the number of homes purchased in Austin this July than a year ago, although they tended towards less expensive ones. There was a 32% increase over July 2010 numbers meaning more than 1,970 single-family homes were sold in Austin in July 2011. The median sales price, however, declined to $196,750, an 11% drop. Those homes also were on the marked 5% longer than July 2010.

The drop in median price reflects a demand for lower-priced homes in the city. Austinites are searching for bargains right now. With interest rates at historic lows, the number of investors looking to take advantage of the savings could be driving the increase in number of homes sold. With the Federal Reserve announcing rates staying low until 2013 coupled with the busy summer sales season, August numbers could reflect a similar increase.

Even with a decrease in the median sales price, the total value of Austin-area homes sold in July was nearly $525 million, up 23% from last July. All of these homes getting snatched up has created a 20% drop in inventory to 9,393 single-family homes currently on the market.

If you are a condo or townhome owner, it's good news all around! 205 townhouses and condominiums were sold in July, a 45% increase over July 2010. In addition, the median price for condos and townhomes grew 5% to $164,250.

How's the market Chris?

One of the most common questions I get in real estate is, "How did you get eyes as blue as the sky?" Well, God gave them to me. He's nice. The other day he told me the secret of how toads got their warts and we laughed and laughed. Then we went swimming and played jokes on each other in the water. God didn't want to get in right away because it was a little chilly, so I tried to pull him in and he just hovered over the surface and walked off the water to shore. Then he parted the waves, walked down into the water valley, grabbed a fish out of the liquid wall and slapped me with it. We shared a good chuckle with that one. He can be quite a creative prankster. I love that guy.

The second most common question is, "How is the market doing?" The answer to this question depends on  whose asking. If you're a buyer, it's phenomenal. There really will not be a better time to buy in our lifetime. Interest rates are at record lows, property prices have fallen dramatically, and the government is offering tremendous incentives. The first part of the investment adage, "Buy low, sell high" is definitely good advice right now.

Real estate is cyclical. If we look at this graph showing median home prices in Austin over the past year, around August 2009 we've seen a continuous drop of about $50,000. It has now leveled out to some degree and I expect it to rise steadily over this summer again, as the summer season is traditionally the most active time for sales. More people want to sell and more people want to buy during the summer. It's warmer and easier for moving and is the optimal time to get your children into a new school.

 If we look at Round Rock things are a little more like falling down the stairs. However, both were trending downward and seem to have reached their bottoms. Round Rock had this kind of temporary level out in November because that's when there was a rush to close on homes before it was announced that the tax credit was extended. More homes sold because there was more scrambling and pressure on the buyer's to not procrastinate and be decisive on a smaller inventory of attractive homes. Hence, the sellers' of those homes were more likely to get what they were asking for. Round Rock has a lower average sale price than Austin, so it was more affordable for the majority of the first-time home buyers.

It is the same case in Cedar Park. Average home prices are lower so we see the same little leveling out in November because of the first-time home buyer prevalence.

Although median home prices have dropped, I expect them to go back up again through the summer, as is typical. Despite single family home prices dropping, properties are still selling. Make no mistake about that. The average days on the market is up, so it may take a little longer to sell your house, but properties are still selling and if the product is good and in a desirable area, we're still seeing homes sell in the first two weeks. The important thing to remember is that although things are a little down from 2006-2007 in the Austin metro area, we haven't seen nearly the drop as the rest of the country. Austin has been resilient to say the least.