Austin-area single-family home sales and home prices hit an all-time high for the month of February according to the February 2015 Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®.
Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained, “The first two months of 2015 have broken monthly records for single-family home sales, yet nearly half of the homes sold in the Austin area in February 2015 were purchased outside of Austin’s city limits. This growing urban sprawl has put a strain on our region’s infrastructure. Long-term and sustainable solutions for statewide transportation funding in addition to policies that allow more affordable housing options inside Austin’s city limits will be critical to making Austin an affordable place to live for all residents.”
According to the report, 1,775 single-family homes were sold in the Austin area in February 2015, a year-over-year increase of five percent and the highest number of homes sold for the month of February. In February 2015, 69 percent of single-family homes sold in the Austin area were priced $200,000 or higher, outside of an affordable price range for many Austin homebuyers.
Home prices also set new records for the month of February. The median price for Austin-area homes in February increased eight percent year-over-year to $248,640 and the average price rose five percent to $307,928 during the same time period. While less than the double-digit price increases seen in previous months, the pace of home price appreciation in February 2015 remains higher than the historical norm of around four-and-a-half percent.
Austin-area monthly housing inventory ended February 2015 at 2.2 months, an increase of 0.2 months from the same time period last year but still only one-third of the 6.5 months inventory level the Real Estate Center at Texas A&M University says equals a balanced housing market. Homes spent more time on the market in February 2015, increasing three days year-over-year to an average of 58 days.
Active listings in February 2015 rose nine percent year-over-year to 5,142 listings, while new listings increased three percent to 2,619 listings from the same time frame last year. Pending sales in the Austin area increased eight percent to 2,278 sales.
Cooper concluded, “The Austin area continues to see more homes on the market, rising housing inventory and homes spending more time on the market. While these trends would typically create more favorable market conditions for buyers, most all of the available housing stock within Austin proper continues to be unaffordable for the typical homebuyer. The Austin Board of REALTORS® urges statewide and city leaders to enact solutions now that will ensure the long-term sustainability of our region’s housing market and economy.”
The following sections describe trends in other sectors of the Austin real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in February 2015 was 201, a four percent decrease from February 2014. The median price for condos was $196,580, which is five percent less than the same month of the prior year. When compared to February 2014, these properties spent the same amount of time on the market, or an average of 50 days.
In February 2015, a total of 1,265 properties were leased in Austin, which is 10 percent more than February 2014. The median price for Austin-area home leases was $1,450, which is four percent more than the same month of the prior year.
Info and Graphic Courtesy of The Austin Board of REALTORS®
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