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!

Austin Home Values Climb Higher and Inventory Shrinks in First Quarter

 

The Austin Board of Realtors recently released the finalized statistics for March 2013 which now gives us a complete look at the Austin real estate market for the first quarter (Q1, January – March). This is a quick look at how Q1 compares to the same time period last year and an update on the Austin market as a whole.

In Q1 of 2013, 2736 homes sold within the Austin city limits. This represents a 20.3% increase versus Q1 of 2012, when only 2275 homes were sold. The average sales price in Austin also grew 8.6% to $321,912 and the average price per square foot rose 10% to $159.50. While prices rose, the average time it took a house to sell in Austin declined 28.8%. The average home in Austin sold in 52 days, 21 days less than during the same time period in 2012.

While the data from home sales give a clear picture of the strength of the Austin market, the number of active listings shows that these trends will likely continue for the foreseeable future. The number of homes for sale in Austin was only 5355 in March. This is a 29.5% decrease versus 2012. With over 1200 people moving to Austin every week, demand continues to strengthen and is driving prices even higher as available inventory continues to shrink. This graph is shows the long term trend in Austin.

Historic Count of Active Listings

Though the overall market is very strong, home values and market activity can change from subdivision to subdivision or even street to street. If you are considering selling your home this year, drop me a note and we can discuss the value of your home and how I can help you get the most equity possible as you look to move out or move up to another home.

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

 

Round Rock Ranch 2012 Real Estate Market Report

How was the Real Estate Market in Round Rock Ranch for 2012?

The real estate market in the Greater Austin area and Round Rock saw some incredible growth in 2012. Round Rock Ranch also saw some growth and, after an extremely busing January, I finally had time to put this information together. The graph below gives a good summary of most of the information I have. Round Rock Ranch Real Estate

In 2012, 22.9% more homes sold in Round Rock Ranch versus 2011. While the number of homes sold increased, that growth has not yet translated to much growth in sales prices as the average sales price was $156,679 (+.8%) and the average price per square foot was $75.36 (+2.5%). Whiles values remained unchanged, the average home for sale in Round Rock Ranch sold in 5 less days in 2012 versus 2011 (41 days, -11% vs 2011).

What do these numbers mean for you if you are looking to buy or sell a home in Round Rock Ranch 2013? If you are looking to buy a home,  the number of homes on the market is shrinking and homes are selling faster so you will likely have less options and more competition from other buyers. Because homes are selling more quickly, you should also move fast to put a strong offer in once you have found a home you really like.

If you potentially looking to sell you home in Round Rock Ranch this year, I would expect to sales prices increase in 2013 because of the strong demand and limited inventory. You have chosen a great time to sell! Drop me a note to learn about how my progressive marketing plan can go to work for you!

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

The Kyle Pfaffe Real Estate Team

The Obama Effect and the Austin Real Estate Market

A Four Year Review of How the Austin Real Estate Market has Performed During the Obama Presidency

Today is Inauguration Day, the 4 year anniversary of when Barak Obama was first sworn in as the 44th presided of the United States of America. On this day, I wanted to take a look at the real estate market in Austin and see how it had performed over the past four years. Whether you approve or disapprove of Obama as president, whether you agree with his policies or disagree, you cannot argue with RESULTS.

I have taken a simple look at how the real estate market in Austin has changed from the year prior to Obama taking office (2008) to last year (2012) and also looked at some of the market data for the years in between to give us a good picture of how the market has changed. While you cannot disagree with results, I am not contending that any change, good or bad, is a direct result of any Obama policies or directly correlates to the changes he has made. This just a look at how the Austin market has performed during his term.

Number of Homes Sold

The year prior to Obama taking office (2008), 8585 homes sold in Austin. In 2010, home sales in Austin dropped to only 801, their lowest point during Obama’s tenure, but grew to 10,356 in 2012. Austin home sales in 2012 represented a 21% versus 2008, a tremendous increase.

Homes Sold

Average Sales Price and Average Price Per Sqft.

In 2008, homes in Austin sold for an average sales price of $310,417 but the number dropped to only $300,226 in 2009. By 2012, the average sales price had rebounded to $342,517, the highest point in the past 5 years and a 10% increase over 2008. The average price per sqft. (PPS) had similar changes to average sales prices but not quite as much change. Homes in Austin sold for an average of $141.83 PPS in 2008, shrunk to $134.83 in 2009 and grew to $145.83 last year.

Obama Blog

Average Days on Market

In 2008, homes took 59 days on average to sell. That time period peaked at 69 days in 2009 but was down to only 52 days in 2012, a 12% reduction from 2008. While I have not included median vs average numbers for most of these statistics, for days on market it is definitely noteworthy because a few homes that sat on the market for an extended period of time can skew the average numbers. For median numbers, homes sold in Austin in an average of only 24 days, down 38% from 2008 (39 days) and down 47% from 2011 (45 days).

I hope that this information is insightful. If you have questions about your particular neighborhood and how your home’s value might have changed over the past few years, drop me a note or give me a call and I would be happy to discuss this with you and get this information to you. If you found this interesting, please Like My Page on Facebook!

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

Austin Real Estate Market Continues Hot Trend in September

The Austin market saw another strong month in September with positive changes in every key real estate indicator. The number of homes sold rose 5% versus September of last year to 740. Homes also sold for more than in September of 2012 – the average sales price was 10% higher at $332,884, and the average price per square foot climbed to 9% to $145.38/sq.ft. While average sales prices and price per square foot metrics both rose, the exceptionally strong demand for houses continued to drive the average days on market for those home down. A home in Austin, TX took an average of 46 days to sell in September 2012 – a whole 18 days faster than the pace homes sold for the same period of 2011.

For more information on the Austin real estate market or to find out how much your home would likely sell for in today’s market, Contact Me and I would be happy to help you however I can!

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

 

How is the Austin Real Estate Market Doing? The July Report…

The Austin Board of Realtors recently released its number for the month of July and they showed no indication of a slowdown in the local market. For the 7th consecutive month in 2012, July 2012 had more sold units versus the previous year, up almost 13% to 2462 units.

A few other numbers of interest…

  •  $277,186 – the average sales price in Central Texas, up 8.4%
  • 58 days – the average number of days a property takes to sell, down 21% from 73 days
  • 97.8% – the percent of list price that the average home sold for in July, up 1.1%
  • $125 – the average price per square foot a property sold for in July, up 5.2% from $119

These numbers all show a very strong market in Austin that is showing no signs of a slowdown! Please contact me if you are interested in receiving a free market analysis of your home or interested in buying a home. With historic interest rates available, now is a great time to buy a home!

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

Crestview Real Estate Market Report, 2002-2011

Crestview Market Report (78757)

Real estate in the Crestview neighborhood of Austin, TX (within 78757), has seen phenomenal growth and changes in the last 10 years. Looking at only homes, condos and townhomes in Crestview, there were numerous changes in significant real estate metrics, including units sold, average and median sales prices, average and median prices per sqft., days on the market (DOM) and the average percent for sold-to-list price. Please call or email me for information on your particular home or on opportunities to buy or sell property in Crestview.

Sales Prices
In 2002, the the average sales price in Crestview was $159,702. At the Austin real estate market’s peak in 2006, when the most units were sold, the average price was $220,506. While total units sold dropped to only 122 in 2008, the average price still climbed to $263,876, a 65% increase vs. 2002! There has been some contraction since 2008, but prices have recently rebounded to be only -3% down from the peak, still +62%!

Units Sold & Days on Market
Number of units sold increased from 173 in 2002 to 246  in 2006, but then dropped sharply to only 122 in 2008. The average Crestview home sold in only 35 days in 2006, but that period grew to 63 days in 2010. The DOM remained constant in 2011 despite the +35% increase in units sold from 2010 to 2011.

Price Per Sqft. & Average Sold/List Price Percentage
The average price per sqft. grew from $142.69 in 2002 to $188.54 last year, a +32% increase. At its highest point in 2008, the avg. price per sqft. was $207.35. In 2011, the average sale price was only 96.45% of list price vs. 97.69% in 2002. The only time it was lower was in 2010 at 95.15%.

*Data Source: Austin MLS, 3/2/2012;  information is believed to be accurate but not guaranteed.

Kyle Pfaffe, REALTOR®
Keller Williams Realty
m: 512-636-9707
e: KylePfaffe@KW.com
w: AustinHomes4You.com