Austin Market Update – July 2016

Rather watch than read? Click the Image for the video!
Rather watch than read? Click the Image for the video!

The Austin Board of Realtors just released the official numbers for the month of July and in the City of Austin, the average sales price hit $345,000 in July 2016, a 4.6 percent increase from last year, while the number of homes sold in July declined by 7.3 percent. Housing inventory rose slightly from 2.1 months in July 2015 to 2.4 months in July 2016 and homes spent four more days on the market than the previous year.

What do those numbers mean? Well, home values in Central Texas continue to increase, which is great news for homeowners, but I believe those rising prices are starting to have cooling effect on the number of homes sold because of affordability. Home buyers, especially first time home buyers are being pushed further and further from Central Austin because they can’t afford the high prices. This will effect demand in Austin which should slow rising home values in Austin.
If you want to know more about the market in Williamson County, check out this post. If you have any questions about real estate or are thinking of buying a home, drop me a note or call me and I’d be happy to help!

Record Breaking Year for Milwood in 2013!

The real estate market in Milwood has seen consecutive years of growth in 2011, 2012 and 2013, but 2013 was more than just a good year, it was a record breaking year in two key areas! Home prices have been recovering since seeing their peak in 2008 and subsequent slide, but 2013 marks the first year we are breaking pre-recession levels and the highest average sales price in Milwood EVER! The housing market in Milwood saw improvement in more than just average sales prices – here is a break down of each of the key numbers…

Historic Avg Sales Price Trend

Like noted before, the average sales price in Milwood in 2013 was higher than in 2009 ($187,945) and the highest ever. The 2009 record was actually shattered, with the average sales price for a home in Milwood coming in at $214,285, 12.4% higher than 2009 and 17.9% higher than 2012! The number of homes sold in Milwood also increased to 264, a 15.2% increase over 2012 when 229 homes sold.

The average price per square foot of homes sold usually gives us a better overall idea of appreciation/depreciation in an area that the average sales price. In 2013, the average price per square foot of a home sold in Milwood was $115.23, an increase of 9.1% over 2012 when that number was only $105.59.

The other record broken in 2013 was the average number of days each home took to sell (average DOM) in Milwood. The previous record was in 2007 when the average DOM was 30 days. That number had climbed to 58 days in 2011 and came down a lot in 2012 to 38 days. In 2013, the record set in 2007 was broken with an average DOM of only 18 days, 12 days quick than 2007 and 20 days quicker than last year!

If you would like information more specific to your home, drop me a note and I would be happy to get that for you. Thinking of selling this year and taking advantage of this record breaking market? To receive your copy of my Strategic Guide for Savvy Home Sellers – Timing the Market in 2014 fill our the form below…

by Kyle Pfaffe, REALTOR®      e: KylePfaffe@kw.com      m: 512-636-9707      w: AustinHomes4You.com
    

Housing Market Recap for 2013

The Austin Board of REALTORS recently released the housing market’s final statistics for 2013. The trend of strong growth continued last year with improvements in every key area of measurement. The number of homes sold in 2013 grew +19% over 2012, to 30,710 homes with an average sales price of $284,614 – 7.6% higher than last year. Two of the most significant metrics are average price per square foot – a better measurement of property appreciation than average sales price – and average day on market – the average amount of time homes sold for in Austin. The average price per square foot of homes sold in Austin in 2013 grew 9.4% versus 2012 to $133/sq.ft. Also, homes in Austin sold in 2013 in an average of 47 days, down 27% from 2012 the average time to sell was 65 days.

Downtown Austin

The strong 2013 housing market should see continued growth in 2014 as the demand for homes continues to rise while inventory of homes available for purchase struggles to catch up. These numbers are reflective of

the Austin area housing market as a whole and certain neighborhoods saw slightly stronger or weaker growth than the average. For specific information on your neighborhood, drop me a note and I’ll be happy to help! Considering selling this year? Check back for my upcoming post on knowing the BEST time to sell in 2014 (Can’t wait? Just give me a call…).

by Kyle Pfaffe, REALTOR®      e: KylePfaffe@kw.com      m: 512-636-9707      w: AustinHomes4You.com

The Kyle Pfaffe Real Estate Team

September Real Estate Update for Austin, TX

The Austin Board of Realtors recently finalized their numbers for September and those numbers bring more good news for the overall health of the Austin area housing market. In the Austin
area, 2,391 single-family homes were sold in September, a 34% increase vs 2012 and the most sales for September since 2005! The number of days a home was on the market in the Austin area in September was down 22% vs last September and sold in only 44 days. The median sales price this September rose more than 13% from last year to $223,000.

Downtown Austin

Almost more significant are the statistics surrounding the Austin areas housing inventory and will have a impact as we close out the year. This September, Austin had 2,487 new single-family homes come on the market, 17% more than last September, and a total of just under 6,000 total active single-family home listings, 12% less than last year this same month. All of this results in 2.7 months supply of single-family homes, 1 month less than September 2012. In a market balanced between supply and demand, there is about 6.5 months of supply. At only 2.7 months supply, Austin’s  market continues to be a strong seller’s market and is desperate for new listings!

If you would like information specific to your neighborhood, drop me a note and I would be happy to help. If you are considering selling your home and taking advantage of this great seller’s market, let me know and I would love to discuss how I can help sell your home for the highest net to you!

by Kyle Pfaffe, REALTOR®      e: KylePfaffe@kw.com      m: 512-636-9707      w: AustinHomes4You.com

The Kyle Pfaffe Real Estate Team