Summer is upon us, finally! All over the city, people can be seen out and about enjoying everything that Austin has to offer. Upcoming events include Blues on the Green, which is a free concert series in Zilker Park that happens every other Wednesday. Families, young people, and basically all music lovers gather for this annual favorite. The Pecan Street festival is also an upcoming event you won’t want to miss. Claiming to be the oldest and largest art festival in Central Texas, the festival features art, music, and fun for the whole family. Athletes in Austin can participate in the upcoming Captex Triathlon near the end of May as well.
On a real estate note, we saw that last month almost half of all of the homes sold in Austin were outside the city limits. This month, more than half of all homes sold in the area were actually outside of the city limits. This means Round Rock, Cedar Park, Buda, Kyle, and Dripping Springs are seeing massive growth. This is mainly due to rising prices within the city limits, which is forcing many citizens to look outside the city limits for affordable housing.
"Housing affordability is quickly becoming an issue in Austin, as desirable locations in south, central, and north Austin contain a low inventory of available homes at higher prices," said Seth Thompson, Broker and Sales Director for HomeCity Real Estate. "Many families are looking to the outskirts of town, in order to get more home for their dollar. Round Rock, Cedar Park, Buda, and Kyle contain many great neighborhoods with desirable amenities."
The Austin Board of Realtors (ABoR) recently released their latest market statistics for the month of March 2015 (released April 2015) and it showed a record-breaking number for Austin-area home prices. The average price rose 13% to $334,758, which is the highest Austin-area home prices have ever been! In fact, only 3 in 10 single-family homes sold were priced less than $200,000. The median price for homes in the area increased 10% year-over-year to about $255,000.
Rising home prices didn’t deter home sales in March 2015, with 2,440 single-family homes selling last month. That’s a 31% increase from this time last year, and also a new record for the month of March. Austin area housing inventory ended March at 2.2 months, which is unchanged from this time last year. Homes spent an average of 55 days on the market as compared to 52 days last March.
The total dollar volume of single-family homes landed at $816,809,520 last much, which is a whopping 28% more than March of last year. The influx of people moving to Austin each month doesn’t seem to be slowing down anytime soon.