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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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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

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Solar Panels: What You Should Know!

case-guam1Now that summer heat has finally hit, you might be starting to dread those monthly utility bills— Air conditioning is expensive! That’s why a growing number of Austin homeowners are turning to solar panels.

Consumers are starting to reap the benefits of City of Austin and federal rebates that made installing solar panels relatively inexpensive. Although tax incentives have decreased, solar prices have also fallen which has helped offset any decrease in the rebates currently being offered.

The initial investment can seem costly at first, but if you do the math you will find it does not take long to break even with the money you save. First, you need to shop around for a company that is willing to take the time to assess your property and design the optimal setup for your home.

However, according to Chris Blevins with EnergyWorld.com, before even speaking with a solar company there are a few things you need to know in order to ask the right questions. Understanding the price is at the top of this list!

Price Per Watt (PPW) is how installers price out a solar system, allowing you an easy way to compare prices from different installers. Price Per Watt is exactly as it sounds – the price for each watt of solar you are purchasing. PPW only applies for purchased systems and is not a factor you can look at for a standard Lease or PPA option.

The Price in PPW should be based off the whole system price, including all tax credits and incentives. The Watts is based off of installed DC watts, which can be found by adding up the wattage of all the panels being installed. For simplicity, solar systems are generally measured in terms of kilowatts (kW), rather than watts. To find the number of watts, simply multiply the kWs by 1,000.

Here’s a quick example: If you buy a 6kW (6,000 watt) system and the cost is $20,000 before any credits, the system PPW is $3.33 per watt ($20,000/6,000 watts). On that $20,000 you may receive a 30% tax credit and even additional rebates depending on your utility (see below links for more info on tax credits). Assuming you qualify for the full tax credit, the system’s net cost to you is $14,000.

If you are given an advertised PPW by the installer, make sure it meets all of these criteria:

  1. case-newboroThe price is the gross price of the system. In the example above, if the installer uses the net price ($14,000) and divides by the 6,000 watts, the PPW comes out to $2.33/watt. This is NOT the appropriate number to compare against other price quotes.
  2. The watts that you are looking at should be DC watts. On some quotes you may see AC watts along with kWh (kilowatt hours). When computing PPW, make sure you are using DC watts.
  3. The price should include EVERYTHING. Some installers may break down different aspects of the system. They may give you a gross cost and then have some additional costs for permits or other variables. This is not the appropriate way to quote prices in the solar industry. The labor, material, financing, overhead, warranties, permits, and engineering are all typically wrapped into one base cost. In solar, this is just how it is done. It’s a full package deal and most installers do not break down the costs.

Here are some key factors that affect PPW:

  • Equipment quality: Brand name solar panels such as SolarWorld or LG are going to be more expensive than Tier 2 Chinese panels. The type of string or micro inverter used can lead to a price difference of as much as 35 cents per watt.
  • Roof Type: If you have a composite shingle (asphalt) roof you are in the lower end of costs for installation. Installing on tile roof can increase system costs by as much as 10%. Steep roofs and ground mounts add more costs as well.
  • Multiple Arrays: If your roof is a simple A-frame, the costs will be much less than a roof with panels being mounted on multiple case-volkswagonsurfaces.
  • Extras: If you need a panel box upgrade or trenching, you will be looking at some higher costs. A panel box upgrade typically costs between $1,500 and $3,000, while trenching will depend on the distance the conduits are required to be buried.

There are many more factors that will affect PPW, with the largest difference maker being system size. As a system gets larger in size, many of the costs do not increase proportionately, leaving you with a lower PPW.

Your all-in PPW for a solar system should be between $3.00 and $4.00 per watt depending on the variables. The only time you may see a price above $4/watt is if you choose high-end SunPower panels or if your system is smaller than 4kW. Other than that, if you see a price above $4/watt, it’s time to find some more bids. If you want help, check out pickmysolar.com.

Interested in finding out more about the cost and benefits of solar energy? The Gibbs Team has put together some good resources to help:

  • Is solar right for me? Read what Solar Austin, a small coalition of non-profit groups and businesses who have the goal of promoting renewable energy and educating the public on a clean energy strategy in Austin, has to say. Then check out Austin Energy’s take.
  • What solar energy incentives, solar rebates and tax credits are available in Texas? Use the handy online estimator provided by Solar Reviews, a free public service serving the solar and wind energy communities since 2000, to find out. And get more info about the Solar Photovoltaics (PV) Rebate, available through Austin Energy’s Powersaver Program.
  • Why have solar rebates declined over the past few years? Austin Energy weighs in.
  • Are there any low-interest loans available to help me get started? Learn about Austin Energy’s partnership with Velocity Credit Union to provide loans to customers who install solar photovoltaic (PV) systems in their homes.
  • What about federal tax credits for installing solar systems? 

Hope you’re having a great summer!

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20704 E. Lakeshore Drive, MLS #8301492

Located julakeshore 2st 15 minutes from the Hill Country Galleria, 30 minutes to downtown Austin outside the busy city traffic, find this hidden gem tucked away in sought after Spicewood, Texas! Enjoy a private wine tour at one of several vineyards nearby, relax/ entertain on one of the huge outdoor covered terraces or take a sunset boat ride on deep Lake Travis.

20704 E. Lakeshore Drive is the perfect getaway home for the active or leisure lifestyle.

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Drive through the serene hill country with flowing streams and whitetail deer to this peaceful and private waterfront estate on almost an acre with spectacular lake views!

Built with craftsmanship, this custom multi-level home is a work of art with upgrades galore!

Enter through the main level foyer to a generous open floor plan which flows to an over-sized family living area and chef’s kitchen with attached formal dining, breakfast bar and island. High-end stainless steel appliances, granite counter-tops, rich wood cabinetry and walk-in Butler pantry are just a few of the fine details that make this kitchen a Chef’s dream!

930A3531_2_3_fusedAlso on the main level, you will find a huge utility room across from the half bath which leads to a spacious attached 2-car garage.

Move upstairs to the second level living which boasts an open game room and executive office/ study that favorably overlook the lower level living area. Rich solid wood flooring, custom built-in shelves and wood beams are some of the wealthy touches throughout. The incredible floor to ceiling windows bring in tons of natural lighting and outdoor ambiance. Solid wood work lines the high ceilings allowing for a Rich, organic feel.

The secondary b930A3580_2_3_4_tonemappededrooms are located upstairs, each with their very own full bath! Surprise the kids with the hidden observatory room perfect for stargazing! With over 4,264  square-feet, there is plenty of room for guests and comfortable entertaining.

I saved the best for last – the exquisite Master Suite! Venture downstairs to a designer Suite that takes up the whole lower level. Complete with its very own covered terrace looking out to lake views with gleaming windows, you will never want to leave! The Master Bath Suite boasts lots of cabinetry and drawer space with his/ her doulakeshore 3ble vanities, 2 separate walk-in closets and a massive stone walk-in shower.

Offered at only $955,000, this home is the complete package! With 2 huge outdoor covered terraces, a private boat dock, lush landscaping, large mature trees, sprinkler system and so much more! As if you could want more, it feeds into the exemplary Lake Travis ISD. It doesn’t get any better than this, folks!

Call me or David Haynes TODAY to schedule a private showing! 512.844.0940/ 512.431.2403