Eleven Oaks Realty is proud to present their June 2015 Austin Real Estate Price Report measuring activity in the Austin single family home market.
Time to Sell Home in Austin Up 32%
The biggest story in this month’s Austin Real Estate Price Report comes by way of time to sell a home. In June 2015, it took 36 days to sell a home in Austin, on average, compared to 27 days in June 2014, marking a 32% (9 day) increase in year over year numbers. Interestingly, we’ve seen this trend for the past four months indicating buyers aren’t jumping on homes quite as quickly as they were last year. But, on the flip side, they are willing to pay slightly more.
What does this mean to buyers? Be proactive and you’ll beat your competition to the best houses. If you are the first to see a property and can make a decision quickly, you might end up avoiding a multiple offer situation. Multiple offers drive up prices, so whatever you can do to avoid them will save you money.
What does this mean to sellers? Have patience and you’ll get more for your house this year than you would have last year. Even though buyers are taking a little bit longer to make a decision, they are willing to put up more money to become homeowners.
Austin Median Home Price Up 5%
For the tenth month in a row, the median price of a home in Austin outpaced last year. The median home price of an Austin home in June 2014 was $337,000 compared to $355,000 in June 2015, marking a 5% increase in year over year numbers. Even amidst rumors of the market being overvalued, we are still seeing prices go up. And, with all the new jobs and companies moving to Austin, I don’t see this trend slowing down anytime soon.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Austin Home Values Report.
Number of Homes Taken Off the Market Up 37%
For the eleventh straight month, we saw a significant increase in the number of homes taken off the market in Austin. In June 2014, there were 177 single family homes taken off the market compared to 242 in June 2015, marking a 37% (65 home) increase city wide. It seems sellers who aren’t getting their numbers are taking their homes off the market instead of reducing the price. All homes will sell at the right price.
If you need to sell and your home was priced right, maybe there was something else going on. The biggest culprits we see are incorrect info in the MLS and poor marketing. Check out our Austin Home Marketing Plan to see how your homes would be marketed.
Having trouble selling your home? Check out our Austin Home Not Selling resources page to find out why.
Number of Sold Homes in Austin Down 2%
In June 2015, Austin saw a 2% decrease in the number of homes sold from June 2014 to June 2015. In June 2015, we saw 1,133 homes sell in Austin compared to 1,151 in June 2014 marking a 2% (18 home) decrease in year over year numbers.
Austin Housing Inventory Down 11%
In June 2015, we saw 1.9 months of inventory on the market, compared to 2.1 months of inventory in June 2014, marking an 11% decrease in year over year numbers. If this year’s trend mimic’s last year’s trend, we should expect inventory to start to go up again in July.
Austin Homes Under Contract Up 12%
In June 2015, 1,182 homes went pending (under contract) in Austin compared to 1,055 in June 2014, marking a 12% increase in year over year numbers.
Number of Homes on the Market Up 5%
In June 2015, we had 3,667 homes for sale in Austin, compared to 3,488 in June 2014, showing a 5% (179 home) increase in year over year numbers. Even though buyers have more choices this year, inventory is lower, proving demand is still strong.
Number of Homes Listed for Sale Up 3%
In June 2015, we saw 1,464 homes introduced to the market compared to 1,418 in June 2014, marking a 3% (46 home) decrease. Though an increase from last year, we still saw a drop off in June compared to April and May, which is to be expected given seasonal trends.
Supply Up 5% and Demand is Down 2%
This month we saw a 5% increase in supply (number of properties for sale) and a 2% decrease in demand (number of sold properties).
Median for Sale Up 11% vs Median Sold Price Up 5%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw an 11% increase in the median for sale price and a 5% increase in the median sold price of a single family home in year over year numbers. Sellers are pricing higher than they were last year and buyers are willing to pay more, but not nearly as much as sellers are asking for.
Source: Clarus Market Metrics, ACTRIS Sold Data
June 2015 Austin Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for June 2015 Austin home sales below. The most expensive home that sold in June 2015 sold for $3,250,000 and the least expensive home sold for $40,000. Homes ranged in size from 480 sqft – 9,036 sqft with an average size of 2,304 sqft. The average price per square foot for a home that sold in Austin in June 2015 was $192.56 with the lowest being $15.38/sqft and the highest being $886.04/sqft. It took, on average, 28 days to sell a home in Austin and sellers received, on average, 98.51% of their original list prices.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||June 2015|
|Property Type||Single Family Homes||Number Sold||1,151|
|Source:||ABoR Sales Data||Area||Austin|
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to sell. Though supply is up and demand is down slightly, inventory is still at extreme seller’s market levels. Sellers who prepare their homes to meet the market will have no trouble finding a buyer who is willing to pay top dollar for their homes. Thinking of doing some small upgrades to increase your home’s value? Chances are, they’ll pay off. We can help you determine which upgrades will bring value and which will not.
If you’re a seller who needs to sell, work with a professional Realtor who can help you position your home as the best value on the market. There are still highly motivated buyers in the market who are ready to make stronger offers than they were last year. With 1.9 months of inventory, we are in a strong seller’s market. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. Historically, homes that sold in Spring sell for more than at any other time of the year. For more info about our Home Selling Program and why it is the best in Austin, check out Sell My Austin Home.
If you’re looking to buy, stay positive and proactive. Both supply and time to sell are up, which might give proactive buyers the opportunity you need to snag your next home. If you can be decisive, you’ll beat others to new listings and will have a much higher chance at getting your first choice home. Don’t get me wrong, the Austin market is still very competitive. But, if you are proactive, you’ve already won most of the battle. If you think now is the time to buy a home in Austin, we can help you find the right house in the right neighborhood for you and your family. We know the market and know how to get the best deal for a buyer possible. For more info about buying a home, visit Buy a Home in Austin.
Curious How Much You Could Sell Your Austin Home For?
Our Market Snapshot Tool is for you. With just your zip code, we’ll email you a detailed report showing what homes in your neighborhood sold for, how long it took to sell and how the market is trending. Though our Austin Real Estate Price Report is helpful in gauging the overall trend of the market, it doesn’t address neighborhoods specifically. If you’re looking for that type of report, put in your name and zip code below and our system will email you a Neighborhood Market Report.
Questions About the Austin Real Estate Price Report?
Do you have questions about this Austin Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.