According to the Multiple Listing Service (MLS) report for the Year-End 2015 released by the Austin Board of REALTORS® all-time records were set in 2015 for Austin-area single-family home sales and prices. This goes along with records for the month of December.
Aaron Farmer, 2016 President of the Austin Board of REALTORS®, explained,
“Demand for Austin-area real estate was stronger than ever in 2015, primarily due to our region’s job and ongoing population growth. However, low housing inventory levels, rising home prices and high housing development costs have brought Austin’s housing affordability issues to critical levels. Median price for single-family homes in the Austin area increased nearly $30,000 in the last year alone.”
According to the information pulled in the report a total of 29,068 single-family homes were sold in the Austin area in 2015. That is a five percent increase from 2014, as well as an all-time high for Austin-area home sales in a single year.
Austin-area single-family home sales in December 2015 also broke records, with a five percent year-over-year to 2,390 home sales.
The median price for Austin-area single-family homes shot up nine percent from 2014 to $263,900. In December 2015, the median price for Austin-area homes was $270,000. That’s a 10 percent increase form the same month the year before. As a direct result from the higher prices the total sales dollar volume for single-family homes in this past year topped $9.6 billion, an increase of more than $1 billion from the previous year.
“The Austin Board of REALTORS® plans to build upon the past year’s efforts to advocate for a more affordable Austin, which included supporting Mayor Adler’s Housing Our Heroes initiative and advocating for permanent tax relief for Austin homeowners at the polls last November. It’s crucial that Austin continues to make strides with pivotal policy issues in 2016 to improve the land development code through CodeNEXT and take next steps to achieve more stringent code enforcement.”
Austin-area homes spent average of 49 days on market, which was an increase of 2 days from 2014.
Pending sales for single-family homes decreased one percent year-over-year to 1,601 pending sales. In the mean time pending sales for the entire year jumped five percent from 2014 to 29,839 pending sales.
Active listings in December 2015 rose three percent year-over-year to 5,214 listings, while new listings increased six percent to 1,646 new listings from December 2014. Throughout the year, active listings rose five percent in 2015 to 6,044 listings and new listings increased four percent to 36,810 listings.
“There are many opportunities, as well as many challenges, ahead in 2016,” Farmer concluded. “Austin residents can count on the Austin Board of REALTORS® to continue to work with the community and city leaders to advocate for policies that ensure everyone in Austin’s communities have a safe, affordable place to live.”