Eleven Oaks Realty is proud to present their April 2015 Austin Real Estate Price Report measuring activity in the Austin single family home market.
Time to Sell Home in Austin Up 19%
The biggest story in this month’s Austin Real Estate Price Report comes by way of time to sell a home. In April 2015, it took 32 days to sell a home in Austin, on average, compared to 27 days in April 2014, marking a 19% (5 day) increase in year over year numbers. For the second straight month, buyers are taking longer to make a decision on a home this year than last year. With prices going up, it seems buyers want to make sure they are making the right decisions.
What does this mean to buyers? Buyers who are decisive and know what they want have an opportunity to beat other buyers to the best new listings. Do your homework before you are ready to find a house and have your punch list of must have’s. This way, when you see something that fits the bill, you can act quickly. Acting before too many buyers know about the property means less chance of multiple offers and overbids.
What does this mean to sellers? If you want top dollar for your home, make it the best value on the market. That doesn’t mean making it the cheapest, either. Spend some time preparing your house to sell. Improve the condition, declutter, paint, caulk, check for leaks. Make your home stand out from the competition and you’ll attract more buyers, faster.
Austin Median Home Price Up 9%
For the eighth month in a row, the median price of a home in Austin outpaced last year. The median home price of an Austin home in April 2014 was $320,000 compared to $350,000 in April 2015, marking a 9% increase in year over year numbers. Prices continue to go up consistently from year to year. It will be interesting to see how long that trend will last. Though some think the bubble is near, I just don’t see it happening any time soon. Most recently named the Best City to Buy a Home in the US, Austin is poised for more growth and, with that, price increases.
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 80%
For the ninth straight month, we saw a significant increase in the number of homes taken off the market in Austin. In April 2014, there were 110 single family homes taken off the market compared to 198 in April 2015, marking an 80% (88 home) increase city wide. As we mentioned last month, it is unusual to see this many homes expire in Spring. Spring is usually the busiest time of year and the time where sellers have the best chance of getting top dollar for their homes. With the same trend two months in a row, it seems there are quite a few sellers trying to be aggressive with pricing and gave up when they couldn’t get their number.
If you don’t have to sell and you’re just testing the market, Spring is the best time to do so. If that’s your strategy, get your home on the market now before it is too late. 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 Up 8%
Though we saw a slower start to the Spring market this year, it seems to have taken off in the past two months, which is a good sign for home sellers. In April 2015, Austin saw an 8% increase in the number of homes sold from April 2014 to April 2015. In April 2015, we saw 991 homes sell in Austin compared to 917 in April 2014 marking an 8% (74 home) increase in year over year numbers.
Austin Housing Inventory Up 3%
In April 2015, we saw 1.6 months of inventory on the market, compared to 1.6 months of inventory in April 2014, marking an 3% increase in year over year numbers. Though technically an increase, 1.6 months of inventory is still considered an extreme sellers market and explains the multiple offers and overbids, especially in the lower price ranges.
Austin Homes Under Contract Up 9%
In April 2015, 1,219 homes went pending (under contract) in Austin compared to 1,119 in April 2014, marking a 9% increase in year over year numbers. The busy Spring market may have been slower to start this year, but it has definitely been stronger.
Number of Homes on the Market Up 14%
In April 2015, we had 3,369 homes for sale in Austin, compared to 2,968 in April 2014, showing a 14% (401 home) increase in year over year numbers. With more sellers looking to sell this year compared to last, more of the demand is being met. With more supply, buyers have more choices, which is likely contributing to the longer time on market.
Number of Homes Listed for Sale Up 11%
In April 2015, we saw 1,499 homes introduced to the market compared to 1,354 in April 2014, marking an 11% (145 home) increase.
Supply Up 14% and Demand is Up 8%
This month we saw a 14% increase in supply (number of properties for sale) and an 8% increase in demand (number of sold properties). As predicted, demand is going up, but supply is up more, which is good news for buyers. With more choices, it is taking buyers longer to make a decision, which also contributes to the increased time to sell.
Median for Sale Up 8% vs Median Sold Price Up 9%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw an 8% increase in the median for sale price and a 9% increase in the median sold price of a single family home in year over year numbers. Buyers and sellers seem to be on the same page in terms of the pace of the market with buyers offering slightly more to get an edge on their competition.
Source: Clarus Market Metrics, ACTRIS Sold Data
April 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 April 2015 Austin home sales below. The most expensive home that sold in April 2015 sold for $6,817,900 and the least expensive home sold for $80,000 Homes ranged in size from 490 sqft – 15,779 sqft with an average size of 2,059 sqft. The average price per square foot for a home that sold in Austin in April 2015 was $196.22 with the lowest being $51.39/sqft and the highest being $783.58/sqft. It took, on average, 35 days to sell a home in Austin and sellers received, on average, 98.19% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 490 | $83,900 | $50.19 | $80,000 | $51.39 | 72.38% | 45.45% | 0 |
| Max | 8 | 9 | 15,779 | $8,895,000 | $783.58 | $6,817,900 | $783.58 | 125.15% | 125.15% | 1,561 |
| Avg | 3 | 3 | 2,278 | $449,918 | $198.58 | $441,210 | $196.22 | 99.15% | 98.19% | 35 |
| Median | 3 | 3 | 2,059 | $350,000 | $166.62 | $350,000 | $164.94 | 100.00% | 99.50% | 7 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | April 2015 |
| Property Type | Single Family Homes | Number Sold | 1,005 |
| 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, demand is also up. As we head into June, we would expect demand to continue to be strong, making it perfect timing for sellers to list their homes. With less than 1.6 months of inventory and prices up about 10% from last year, sellers who spend the time preparing their homes to meet the market end up being successful quickly.
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 1.6 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, don’t get discouraged. Supply is up, which means there are more choices for buyers. And, with time to sell also up, buyers who can be decisive will have a much higher chance at getting their first choice home than last year. 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.
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