Austin, Texas Real Estate Market Update and Statistics November 2015
published on November 24, 2015
2015 Might Be Record Year for Austin Real Estate
Austin-area single-family home sales increased two percent in October 2015 compared to the same month in 2014, and while this increase may seem small, it is the fifth consecutive month of upward momentum and adds to a potential record-making year in Austin real estate.
“We’re on pace for another record year and while home sales typically slow each fall, housing demand has remained strong far past the typical peak selling season,” said Austin Board of REALTORS® President Barb Cooper. “This demand stems from strong employment and our area’s high growth rate—factors that help create a stable housing market.”
The two percent increase equaled 2,378 home sales in October 2015. Median price increased five percent to $252,790, both figures according to a Multiple Listing Service (MLS) report released by ABOR.
New listings remained at 2,847 listings, an equal amount compared to October of last year, and active listings increased three percent to 6,342 listings. Pending sales were up four percent to 2,339 sales.
Housing inventory dipped .1 months to 2.6 months, after gaining positive ground at times in 2015. Inventory is still well below the 6.5 month supply that is considered balanced by the Real Estate Center at Texas A&M University.
Homes were on the market an average of 50 days in October 2015, one day less than in October 2014. The total dollar volume of single-family properties sold was $792,948,856, ten percent more than October 2014.
A press release by ABOR cited a recent Freddie Mac report, in which Austin was ranked the second-most stable housing market in the United States. “A stable housing market bodes well for Central Texas,” added Cooper.
October 2015 Sold Homes
Number of sold homes: 2,378 (Up 2% compared to October 2014)
Average sold price: $333,452 (Up 7% compared to October 2014)
Median sold price: $252,790 (Up 5% compared to October 2014)
Days on the market: 50 (Down one day compared to October 2014)
Single-Family Homes on the Market
New listings: 2,847 (Unchanged compared to October 2014)
Active listings: 6,342 (Up 3% compared to October 2014)
Pending sales: 2,339(Up 4% compared to October 2014)