For only the second time this year, the Austin real estate market statistics showed a slight dip in home sales from the same time the year before. According to the latest statistics from the Austin Board of REALTORS® (ABoR), Austin area home sales took a four percent dip in November 2015 compared to November 2014. The only other time this year that home sales slipped in the area was in May.
“While November single family home sales volume decreased slightly compared to last year, year-to-date home sales volume continues to outpace 2014” said Barb Cooper, 2015 President of the Austin Board of REALTORS®. “With the Austin-area population exceeding two million over the summer, growth in Central Texas is showing no signs of slowing.”
In fact, despite the slight decrease in the number of Austin area home sales, the median home price showed a year-over-year increase to $270,000. Average home prices also set a record with a 12 percent to $347,292. The price increases indicate the underlying strength of Austin real estate despite what’s considered a normal dip in sales during an otherwise stably growing market.
Last month, pending sales increased by four percent year-over-year. In November 2015, homes stayed on the market for an average 54 days compared to 55 days in November 2014. Although housing inventory is still much lower than what the Real Estate Center at Texas A&M University considers a balanced housing inventory level, new listings increased by one percent and active listings increased by three percent year-over-year. Because low housing inventory has been a significant factor in bolstering home prices, the statistical indicators showing a balancing inventory is proof of sustainability.
Cooper explained, “It’s encouraging to see an uptick in pending sales, active listings and new listings as a sign of more homes entering the market. Sellers are taking advantage of competitive market conditions and if active listings continue to increase year-over-year, it could lead to a much-needed increase in the Austin-area’s housing inventory level.”
Here are some statistical highlights from the ABoR report:
- 1,814 – Single-family homes sold, four percent less than November 2014.
- $270,000 – Median price for single-family homes, 10 percent more than November 2014.
- $347,292 – Average price for single-family homes, 12 percent more than November 2014.
- 54 – Average number of days single-family homes spent on the market, one day less than November 2014.
- 2,095 – New single-family home listings on the market, one percent more than November 2014.
- 5,703 – Active single-family home listings on the market, three percent more than November 2014.
- 1,965 – Pending sales for single-family homes, four percent more than November 2014.
- 2.4 – Months of inventory* of single-family homes, unchanged compared to November 2014.
- $629,987,688 – Total dollar volume of single-family properties sold, eight percent more than November 2014.
Sales of townhomes and condominiums – or condos – increased in November 2015 compared to the same month last year. Median condo prices decreased one percent to $216,750 this November. Condos spent 43 days on the market on average, which was six days less than in November 2014.
You can read the full ABoR report and view the infographic here.