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July 2015 Austin Real Estate Review

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Austin-area home sales hit all-time high, inventory levels rising in July 2015
Austin Board of REALTORS® releases real estate statistics for July 2015

 

AUSTIN, Texas – August 20, 2015 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area home sales hit an all-time high, increasing 12 percent year-over-year to 3,149 sales for the month of July.

Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained, “We’re in the midst of one of the most active summer selling seasons to-date, with more single-family home sales than ever before. Home prices remain high, but inventory levels have increased steadily throughout 2015, perhaps taking a step toward a more balanced housing market.”

According to the report, the median price for Austin-area single-family homes increased eight percent year-over-year to $269,500 in July 2015, while average price increased six percent to $338,452 during the same time frame.

In July 2015, less than 30 percent of single-family homes sold in Central Texas were priced below $200,000, outside of an affordable range for many Austin-area homebuyers. The majority of pending sales and active listings fall outside of Austin’s city limits in surrounding areas like Cedar Park, Leander, Hays County, Round Rock and Pflugerville, showing that Central Texas residents are continuing to prioritize affordability.

Once again, total dollar volume topped $1 billion, reaching $1,065,785,348 and increasing 19 percent compared to July 2014.

New listings increased nine percent to 4,133 listings and active listings increased by five percent year-over-year to 7,174 listings, driving inventory levels up to three months for the first time since July 2014. However, Austin-area housing inventory is still well below the 6.5 month level, which the Real Estate Center at Texas A&M University cites as a balanced market.

Pending sales rose eight percent year-over-year to 2,873 listings and homes remained on the market for an average of 41 days, or two days more than July 2014.

Cooper concluded, “Mayor Adler recently called for 100,000 new housing units to be built by 2025 as a first step to untangling the city of Austin’s complicated permit review process and alleviating affordability issues in Austin. The Austin Board of REALTORS® sees this initiative as progress toward a more sustainable Central Texas housing market and will continue to work with city leaders to make Austin an affordable place to call home for all residents.”

 

July 2015 Statistics
3,149 – Single-family homes sold, 12 percent more than July 2014.

$269,500 – Median price for single-family homes, eight percent more than July 2014.

$338,452 – Average price for single-family homes, six percent more than July 2014.

41 – Average number of days single-family homes spent on the market, two days more than July 2014.

4,133 – New single-family home listings on the market, nine percent more than July 2014.

7,174 – Active single-family home listings on the market, five percent more than July 2014.

2,873 – Pending sales for single-family homes, eight percent more than July 2014.

3.0 – Months of inventory* of single-family homes, unchanged compared to July 2014.

$1,065,785,348 – Total dollar volume of single-family properties sold, 19 percent more than July 2014.

 

The following sections describe trends in other sectors of the Austin-area real estate market.

Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in July 2015 was 317, a four percent decrease from July 2014. The median price for condos was $224,850, which is 10 percent more than the same month of the prior year. When compared to July 2014, these properties spent 42 days on market, or five more days than July 2014.

Leasing
In July 2015, a total of 2,187 properties were leased in Austin, which is nine percent more than July 2014. The median price for Austin-area home leases was $1,550, three percent higher than in July 2014.

 

The Austin Board of REALTORS® (ABoR) builds connections through the use of technology, education and advocacy to strengthen the careers of its 11,000 members and improve the lives of Central Texas families. We empower Austin REALTORS® to connect their clients to the region’s most complete, accurate and up-to-date listings data. For more, contact the ABoR Department of Public Affairs at
marketing@abor.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Source: Austin Board of Realtors®

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Why Real Estate Websites Give Bad Information

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TEXAS IS A NON-DISCLOSURE STATE

Online property search websites offer a really convenient way for you to search for properties and gather some valuable information; like number of bedrooms, bathrooms, square footage, and price. But these online tools don’t always offer the best information and shouldn’t be counted on for the most reliable data.

Sites like Trulia.com and Zillow.com claim to offer site visitors instant property value information with the click of a mouse. What’s missing on all these sites is the human element. As convenient as it might be to point and click your way to a home valuation, it takes a real estate professional with the experience and knowledge of the area and market, to give a truly accurate market valuation on a property – especially in a market like Austin or Lakeway.

For example, below are three different properties sold and listed on Zillow and Trulia. Note the difference in price and then compare them to the approximate price derived from the actual MLS listing. (Texas is a non-disclosure state so we, as agents, are not able to publish the actual sell price.). When they compute their automated property valuations, they are pulling data from local taxing authorities, who are also in the dark about home selling prices. This typically results in under-valuation by tens of thousands (if not hundreds of thousands) of dollars.

Lake Travis home
Zillow – $830K
Trulia – $792K
MLS ~ $729K

Lakeway home
Zillow – $250K
Trulia – $144K
MLS ~ $240K

For whatever reason, Trulia is off on all three listings. Zillow estimates are more in line, however is only closely “accurate” with one of the three. These are national portals…

So while online search websites are fun and interesting to browse, remember that you’re going to want to call a pro to help you buy or sell at the right price.

Meanwhile, my mobile app is perhaps the best available for searching for properties near you. Text “kwgk09dt” to 87778!

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5 Reasons To Retire on Lake Travis

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It’s no secret that the Lake Travis area is exploding with growth lately.

We have the future development of The Oaks at Lakeway, promising some of the finest in entertainment, shopping and dining, all in one place. North on 620 and all along Highway 71, many neighborhoods are still growing and developing, along with businesses to serve Lake Travis area residents.

With more and more people moving to Lake Travis and the Texas Hill Country, it’s tempting to get a taste of what everyone is drinking when they visit the glittering shores of the highland lake.

And it’s not just families making their way out here; just as many people are choosing to retire on Lake Travis and make it their permanent abode on the water. We get to see and enjoy some of the best living around, so we have a pretty good idea of why people would want to get here as fast as they can.

But for those still questioning what all of the talk is about, here are a few reasons why so many retirees are calling the Lake Travis area home.

Active Living is Easy Here – Many of those attracted to the way of life around Lake Travis are also keen on the numerous ways to keep physically fit in the area.

Well known for some of the best golf courses in the country, you’ll be able to stay in shape while keeping up on the green.

The Hills at Lakeway Golf Course boasts Live Oak and Yaupon, 2 courses and 36 holes of adventurous golf.

Falconhead Golf Club is also a popular place to play a round, or if you’re in the Bee Cave area, you can try Pedernales Golf Club, formerly known as Willie Nelson’s Cut-N-Putt.

Those sunny Lake Travis days would be lost if you didn’t get to enjoy them over a game of tennis once in a while. Check out the World of Tennis Complex in Lakeway for a very enjoyable way to get that breath of fresh air. You’ll be able to play indoor or outdoor, surrounded by some of the most knowledgeable trainers and players around.

Nature in Your Own Backyard – When you think of what you want to see when you look out of your kitchen window, what you say gives away a lot about you. Canyons, sweeping hillside views and sunsets on the lake are just some of the few natural wonders you can expect to see near Lake Travis.

Go for an energizing run down the many lush greenbelts in the area, or stop by a county park for an up-close-and-personal experience with Texas wildlife and landscapes. Take in breathtaking views of Lake Travis from Pace Bend Park, or hike around the flowing waters at Bull Creek Greenbelt. It’s always a good time to take a small detour to enjoy nature a bit more thoroughly.

Amazing Food & Drink Experiences – Your lake experience would be lacking if you didn’t get to sample some of the amazing cuisine being offered in the Lake Travis area.

Rare game proteins and expertly cooked plates make Hudson’s on the Bend a great way to make a splash into Texas eating. Closer to Bee Cave will bring you a collection of fine foods from seafood Cafe Blue, or Apis Apairy in Spicewood. If you have burgers on the brain don’t be afraid to stop in at All Star Burger for a creative twist on the classic hamburger.

Also make a plan to take a brewery tour, perhaps around Jester King Brewery,Solid Rock Brewing or Last Stand Brewing Company for some of the newest beers to come out of Central Texas. We are right next door to the Texas Wine Trail, too, so you really have your pick of craft drinks from which to choose.

Enjoy the Quiet Lake Life – When you need the time and space to unwind, take some time out on the lake to center your mind. While you’re surrounded by reflecting waters and glorious red and amber sunsets, you’ll see what everyone has been talking about. Babbling creek beds and towering canyons are just a few of the natural wonders you can expect to see daily here.

Your daily drive will consist of a scenic cruise through town to grab a bite to eat and perhaps meet with a few friends. The pace of life is much slower out here, but most people like it that way. There are always fun activities on the weekends and at night, such as Lakeway’s Big Band Bash. Or if you’re looking for a bit of a night on the town, there’s always…

Downtown Austin – You’re just a short drive to downtown, where you’ll get the Capital City experience.

Enjoy the bustling nightlife in downtown Austin if you’re itching for an evening in the big city. You can see historical downtown sites, too, such as the Texas State Capitol building. Spend an afternoon perusing art at the The Contemporary Austin or the Blanton Museum of Art.

Don’t forget to try a slab of the famous BBQ that Texas is so known for, like at Franklin’s Barbecue or Lamberts Downtown Barbecue, to complete the trip in true Austin style.

Source: Mandy Spivey

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The Luckiest Homeowners In Austin

When it comes to purchasing a home, when to buy is just as important as where to buy. A new analysis from  Zillow reveals which Austin homebuyers got the luckiest and made their move at just the right time.

To determine the luckiest homeowners, the real estate website compared current median home prices to the prices frreal_estate_investing_350om the neighborhoods’ lowest purchasing point. The analysis focuses on home purchases since January 2006.

So where are Austin’s luckiest homebuyers living? Jollyville is the luckiest neighborhood in the Austin area. Homeowners have experienced a 39.2 percent increase in value since January 2006. Median home prices grew from $165,900 to $230,900.

In Cedar Creek, No. 2, home prices have increased 36.2 percent since April 2007, from $125,900 to $171,500. Bastrop, No. 3, witnessed an increase of 35.5 percent since April 2007. Home values there jumped from $116,100 to $157,300.

Liberty Hill comes in at No. 4 with a 32.2 percent increase in home values — $190,600 to $251,900 — since September 2010. Georgetown ranks No. 5, where home values have increased 26.9 percent since January 2006 — $187,300 to $237,700. The last lucky ‘hood on the list is Round Rock. Since November 2011, prices in the Austin suburb have increased 25.3 percent, from $159,500 to $199,900.

The growth in these areas is impressive, but it pales in comparison to other parts of the country. Homeowners in Palo Alto and Richmond, California — the No. 1 and No. 2 neighborhoods on Zillow’s nationwide list — have experienced a value growth of more than 100 percent.

Source: NICOLE RANEY at Culturemap Austin

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June 2015 Austin Real Estate Review

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Austin-area home sales top 3,000, $1 billion in volume in June 2015, prices remain high;
Mid-year results show 2015 on pace to exceed historical sales volume in 2014

June 2015 Statistics

• 3,051 – Single-family homes sold, 5% more than June 2014
• $272,250 – Median price for single-family homes, 8% more than June 2014
• $333,866 – Average price for single-family homes, 2% more than June 2014
• 42 – Average number of days single-family homes spent on the market, 3 days more than June 2014
• 3,812 – New single-family home listings on the market, 3% more than June 2014
• 6,701 – Active single-family home listings on the market, four percent more than June 2014
• 3,023 – Pending sales for single-family homes, eight percent more than June 2014
• 2.8 – Months of inventory of single-family homes, unchanged compared to June 2014
• $1,018,625,166 – Total dollar volume of single-family properties sold, eight percent more than June 2014

2015 Mid-Year Statistics

• 13,917 – Single-family homes sold, four percent more than the first half of 2014
• $263,000 – Median price for single-family homes, 10 percent more than the first half of 2014
• $331,765 – Average price for single-family homes, eight percent more than the first half of 2014
• 50 – Average number of days single-family homes spent on the market, three days more than the first half of 2014
• 19,865 – New single-family home listings on the market, three percent more than the first half of 2014
• 5,727 – Active single-family home listings on the market, eight percent more than the first half of 2014
• 15,984 – Pending sales for single-family homes, five percent more than the first half of 2014
• $4,617,178,959 – Total dollar volume of single-family properties sold, 12 percent more than the first half of 2014

According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area home sales topped 3,000 sales for the first time since July 2013, increasing five percent year-over-year to 3,051 sales for the month of June. Mid-year statistics show that Austin-area home sales increased an average of four percent year-over-year to 13,917, putting 2015 on pace to potentially exceed 2014’s historical high in sales volume.

In June 2015, total dollar volume reached $1,018,625,166 and increased by eight percent compared to June 2014. Additionally, the total dollar volume of single-family properties sold in the first half of 2015 was $4,617,178,959, a year-over-year increase of 12 percent.

Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained, “June’s increased home sales, combined with total dollar volume exceeding $1 billion for the first time ever, shows the amazing equity Austin homeowners have in the market and the powerful impact of real estate in Central Texas. However, this increase heightens the need to replenish and expand housing stock to help achieve sustainable growth.”

According to the report, the median price for Austin-area single-family homes increased eight percent year-over-year to $272,250 in June 2015, while average price increased two percent to $333,866 during the same time frame. Keeping with the upward trend over the last several months, less than three in 10 single-family homes sold in the Austin area were priced below $200,000.

Price increases are similar for the first half of 2015, with median price increasing 10 percent to $263,000 and average price increasing eight percent to $331,765. At the same time, homes spent an average of 50 days on the market, three more days than the same time last year.

“If this growth continues, 2015 could become another historical year for Austin-area home sales. Both homebuyers and sellers can expect a strong, competitive market for the rest of the summer selling season,” said Cooper.

Active listings increased by four percent year-over-year to 6,701 listings in June 2015 and pending sales increased by eight percent to 3,023 compared to June 2014.

While new listings increased by three percent to 3,812 for June 2015, inventory held steady at 2.8 months, remaining well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market.

Cooper concluded, “While growth shows positive momentum for our city, ABoR supports solutions that serve the entire community, accommodate new populations and help residents find the homes they want. To help achieve these goals, ABoR and Austin REALTORS® recently met with members of the Austin City Council and Mayor Adler to discuss big picture issues affecting Central Texas residents and with a strong focus on sustainable and managed growth. We’re pleased to see the steps city leaders are taking toward a more affordable Austin.”

Source: Austin Board of Realtors