Eleven Oaks Realty is proud to present their March 2015 Austin Real Estate Price Report measuring activity in the Austin single family home market.
Time to Sell Home in Austin Up 24%
The biggest story in this month’s Austin Real Estate Price Report comes by way of time to sell a home. In March 2015, it took 37 days to sell a home in Austin, on average, compared to 30 days in March 2014, marking a 24% (7 day) increase in year over year numbers. It appears as though increased supply is causing buyers to take their time deciding which home is right for them.
What does this mean to buyers? You have an opportunity to beat other buyers to the best new listings if you can be decisive. Do your homework before you are ready to find a house. This way you’ll have a priority list and when you see something that fits the bill, you can act quickly.
What does this mean to sellers? Make your home the best value on the market. And, I don’t mean necessarily making it the best priced home. 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 8%
For the seventh month in a row, the median price of a home in Austin outpaced last year. The median home price of an Austin home in March 2014 was $300,000 compared to $325,000 in March 2015, marking an 8% 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.
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 60%
For the eighth straight month, we saw a significant increase in the number of homes taken off the market in Austin. In March 2014, there were 103 single family homes taken off the market compared to 165 in March 2015, marking a 60% (62 home) increase city wide. The steep increase at this time of year is an interesting stat. We don’t usually see too many homes expire at the beginning of our busy season. Undoubtedly these sellers had their homes on the market for several months and got frustrated when they weren’t successful. If they would have waited a month longer before they gave up, they likely would have been successful.
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 4%
Last month, we saw a 10% decrease in the number of sold homes in year over year numbers. But, as predicted, it seems the Spring market was off to a slower start in 2015 as we are now seeing an increase in year over year sold figures. In March 2015, Austin saw a 4% increase in the number of homes sold from March 2014 to March 2015. In March 2015, we saw 863 homes sell in Austin compared to 832 in March 2014 marking a 4% (31 home) increase in year over year numbers.
Austin Housing Inventory Down 8%
In March 2015, we saw 1.5 months of inventory on the market, compared to 1.6 months of inventory in March 2014, marking an 8% decrease in year over year numbers.
Austin Homes Under Contract Up 20%
In March 2015, 1,182 homes went pending (under contract) in Austin compared to 986 in March 2014, marking a 20% increase in year over year numbers. It is clear the busy Spring market is here.
Number of Homes on the Market Up 15%
In March 2015, we had 3,120 homes for sale in Austin, compared to 2,703 in March 2014, showing a 15% (417 home) increase in year over year numbers. This year more sellers are putting their homes on the market to meet the increased demand.
Number of Homes Listed for Sale Up 11%
In March 2015, we saw 1,349 homes introduced to the market compared to 1,214 in March 2014, marking an 11% (135 home) increase.
Supply Up 15% and Demand is Up 4%
This month we saw a 15% increase in supply (number of properties for sale) and a 4% increase in demand (number of sold properties). As predicted, demand is going up, but so is supply, which is good news for buyers. Buyers who have been waiting for more choices to appear are getting their wish.
Median for Sale Up 8% vs Median Sold Price Up 8%
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 an 8% 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.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 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 March 2015 Austin home sales below. The most expensive home that sold in March 2015 sold for $6,640,000 and the least expensive home sold for $62,417 Homes ranged in size from 468 sqft – 7,591 sqft with an average size of 2,261 sqft. The average price per square foot for a home that sold in Austin in March 2015 was $188.81 with the lowest being $39.11/sqft and the highest being $886.99/sqft. It took, on average, 44 days to sell a home in Austin and sellers received, on average, 97.78% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 468 | $87,500 | $36.40 | $62,417 | $39.11 | 69.00% | 40.82% | 0 |
| Max | 7 | 9 | 7,591 | $6,995,000 | $934.41 | $6,640,000 | $886.99 | 174.80% | 174.80% | 661 |
| Avg | 3 | 3 | 2,261 | $447,900 | $191.53 | $438,955 | $188.81 | 98.86% | 97.78% | 44 |
| Median | 3 | 3 | 2,039 | $325,000 | $162.72 | $325,000 | $159.98 | 98.24% | 98.90% | 11 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | March 2015 |
| Property Type | Single Family Homes | Number Sold | 872 |
| 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 May, we would expect demand to increase, making it perfect timing for sellers to list their homes. With less than 1.5 months of inventory and prices up 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 1.5 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.
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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