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Lake Travis Market Center

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October 2015 Austin Real Estate Review

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Austin-area homes sales remain high, could signal record year.

Austin Board of REALTORS® releases real estate statistics for October 2015.

AUSTIN, Texas – Nov. 19, 2015 – Austin-area single-family home sales increased year-over-year for the fifth consecutive month in October 2015, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). Austin-area single-family home sales increased by two percent year-over-year to 2,378 home sales and median price increased five percent by the same measure to $252,790 in October 2015.

Barb Cooper, 2015 President of the Austin Board of REALTORS­®, explained, “We’re on pace for another record year and while home sales typically slow each fall, housing demand has remained strong far past the typical peak selling season. This demand stems from strong employment and our area’s high growth rate—factors that help create a stable housing market.”

In a recent Freddie Mac report, Austin was ranked the second-most stable housing market in the U.S. The report ranked Austin’s housing market as “improving,” with positive gains in employment and mortgages in good standing.

“A stable housing market bodes well for Central Texas,” added Cooper. “But we need to find ways to give more Austin-area homeowners access to that stability by increasing our density, preserving our existing housing stock through stronger code enforcement and creating more affordable housing options.”

New listings remained unchanged year-over-year at 2,847 listings and active listings increased by three percent compared to October 2014 to 6,342 listings. In addition, pending sales increased four percent to 2,339 single-family home sales. Homes remained on the market for an average of 50 days in October 2015, one day fewer compared to October 2014.

Monthly housing inventory decreased by 0.1 months year-over-year to 2.6 months. Housing inventory remains at less than half of what the Real Estate Center at Texas A&M University considers a balanced housing inventory level of approximately 6.5 months.

October 2015 Statistics

  • 2,378 – Single-family homes sold, two percent more than October 2014.
  • $252,790 – Median price for single-family homes, five percent more than October 2014.
  • $333,452 – Average price for single-family homes, seven percent more than October 2014.
  • 50 – Average number of days single-family homes spent on the market, one day fewer than October 2014.
  • 2,847 – New single-family home listings on the market, statistically unchanged compared to October 2014.
  • 6,342 – Active single-family home listings on the market, three percent more than October 2014.
  • 2,339 – Pending sales for single-family homes, four percent more than October 2014.
  • 2.6 – Months of inventory* of single-family homes, 0.1 months less than October 2014.
  • $792,948,856 – Total dollar volume of single-family properties sold, 10 percent more than October 2014.

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

Townhouses & Condominiums

The number of townhouses and condominiums (condos) sold in the Austin area in October 2015 was 230, a 15 percent decrease from October 2014. The median price for condos was $234,680, which is four percent more than the same month of the prior year. These properties spent an average of 48 days on market, unchanged from October 2014.

Leasing

In October 2015, a total of 1,384 properties were leased in Austin, which is one percent more than October 2014. Properties spent an average of 41 days on the market, or two fewer days than in October 2014. Active property listings increased by five percent compared to October 2014, reaching 1,891 listings.

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.

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September 2015 Austin Real Estate Review

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Austin Board of REALTORS® releases real estate statistics for September 2015.

AUSTIN, Texas – October 22, 2015 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area single-family home sales and prices hit an all-time high for the month of September. Home sales increased by seven percent year-over-year to 2,603 home sales and median price increased eight percent year-over-year, reaching $258,000 in September 2015.

Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained, “While current demand bodes well for home sales throughout the rest of year, affordability issues continue to impact Austin-area homebuyers. Fortunately, we have two strong solutions on the November ballot to help increase housing affordability and support Central Texas infrastructure growth.”

On next month’s ballot, Proposition 1 would permanently lower the cost of homeownership in Texas by raising the homestead exemption from $15,000 to $25,000 for most homeowners and from $25,000 to $35,000 for homeowners who are disabled or over the age of 65. That change would mean a permanent property tax reduction of $125 per year for the average Texas homeowner. Additionally, Proposition 1 would create a permanent ban on real estate transfer tax, protecting Texas’ housing affordability in the future.

The Austin Board of REALTORS® also supports Proposition 7, which will bring increased funding for Texas transportation projects and ensure future sustainability of the state’s infrastructure by closing the gap on the $5 billion in transportation needs that go unmet each year.

“We need a combination of property tax relief, broader development of medium-density housing options, and funding for transportation projects to have a lasting impact on Central Texas affordability and infrastructure,” added Cooper. “Central Texas REALTORS® urge Austin-area voters to vote ‘yes’ on November 3 for both Proposition 1 and Proposition 7 to help ensure Texas is an affordable place to live and work in the future.”

According to September’s MLS report, the average price for Austin-area single-family homes increased five percent to $324,150 in September 2015.

New listings increased 11 percent to 2,860 listings and active listings increased by four percent year-over-year to 6,759 listings. In addition, pending sales increased nine percent to 2,391 single-family home sales. Homes remained on the market for an average of 47 days in September 2015, three more days than September 2014.

Monthly housing inventory remained unchanged compared to September 2014, staying flat at 2.8 months. Housing inventory remains at less than half of what the Real Estate Center at Texas A&M University considers a balanced housing inventory level of approximately 6.5 months.

September 2015 Statistics

  • 2,603 – Single-family homes sold, seven percent more than September 2014.
  • $258,000 – Median price for single-family homes, eight percent more than September 2014.
  • $324,150 – Average price for single-family homes, five percent more than September 2014.
  • 47 – Average number of days single-family homes spent on the market, three more days than September 2014.
  • 2,860 – New single-family home listings on the market, 11 percent more than September 2014.
  • 6,759 – Active single-family home listings on the market, four percent more than September 2014.
  • 2,391 – Pending sales for single-family homes, nine percent more than September 2014.
  • 2.8 – Months of inventory* of single-family homes, unchanged from September 2014.
  • $843,762,450 – Total dollar volume of single-family properties sold, 13 percent more than September 2014.

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

Townhouses & Condominiums

The number of townhouses and condominiums (condos) sold in the Austin area in September 2015 was 269, an 11 percent increase from September 2014. The median price for condos was $220,250, which is eight percent more than the same month of the prior year. These properties spent an average of 40 days on market, unchanged from September 2014.

Leasing

In September 2015, a total of 1,593 properties were leased in Austin, which is 15 percent more than September 2014. Properties spent an average of 38 days on the market, or two fewer days than in September 2014. Active property listings increased by four percent compared to September 2014, reaching 1,937 listings.

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.

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1201 Cascade Trail #2805559

Welcome to this vintage New England red brick home at 1201 Cascade Trail with grand columns anchoring the entrance. 1201 Cascade Trail (#2805559) is located between Wimberley and San Marcos in the equestrian neighborhood of Summer Mountain Ranch.

Eleven miles west of San Marcos, 1201 Cascade Trail is among 177 wooded home sites on the south corner of RR 12 in the middle of the Texas Hill Country.

Priced at $350,000 this two-story home has over 3100 square feet of living space, which does not include the garage apartment with a full kitchen and bathroom nor the large workshop on the property nor the home’s finished out attic room. 1201 Cascade Trail has much to see with hidden treasures galore.

1201 Cascade Trail, built in 1993, sits on over five acres and has four bedrooms and three and a half baths in the main house. The bones of this home are fabulous with an open floor plan, multiple fire places and a sun room along the back of the home overlooking the beautiful countryside. In addition, deer can be found all over this densely treed property and horses are allowed.

Downstairs includes a foyer, formal living room, formal dining room, kitchen, sunroom and a family room that was most recently used as a master bedroom with a full bathroom. Climb the stairs to the second floor and you will find the original master bedroom, another bedroom, a study and two full bathrooms. Every square inch of space is used to its best advantage.

The Summer Mountain Ranch neighborhood is scenic and friendly and includes many nature and jogging trails.

If you would like to find out more about this property or others, please do not hesitate to contact Mary Lynne Gibbs at 512.431.2403 or austinluxurybroker@gmail.com. It would be an honor to earn your business!

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408 Dasher Drive

Searching for an established neighborhood, but want to build exactly what you want?  408 Dasher Drive in the heart of Lakeway is just what you are looking for!

408 Dasher Drive (MLS#2703533) is being offered at $100,000 and is a gorgeously treed lot with .31 of an acre that overlooks the Lakeway Airpark.

Take this blank slate and design your dream home that is tailored to fit your needs and includes all of your specific requirements.

408 Dasher Drive is a fantastic piece of property situated amid lovely homes and includes available electricity, water and sewer on a publically maintained road.

This exclusive golf course community affords its residents many amenities above and beyond access to your very own small aircraft airport. Area features include a club house, Dog Park, jog/bike trails, playground, community pool, tennis courts and park.

Nearby 408 Dasher Drive you will find Lakeway Resort & Spa, Lakeway Marina, World of Tennis, Lake Travis, Live Oak Golf Course and Sam Hamilton Greenbelt.

In addition, school-aged children who reside in this neighborhood are zoned for the exemplary Lake Travis Independent School District.

Available lots in the heart of Lakeway are few and far between, so don’t miss this this fabulous opportunity!

For more information about 408 Dasher Drive or if you or someone you know is interested in buying or selling real estate, please do not hesitate to contact Mary Lynne Gibbs at 512.431.2403 or austinluxurybroker@gmail.com.  It would be an honor to earn your business!