Spring is here, and the city of Austin is bustling! We just wrapped up SXSW and have tons more fun events on the horizon. Austin Fashion Week (April 10 – 18th) is right around the corner, showcasing some of Austin’s best local designers. The Moontower Comedy and Oddity Festival (April 22 – 25th) showcases some of the best comedy from around the country, and is held right here in Austin! Austin Food and Wine Festival (April 24 – 26th) features some of the best chefs from around the country as well as the amazing local chefs that reside in Austin. Finally, Eeyores Birthday Party (April 25th) is an Austin tradition that keeps Austin weird by celebrating the depressed donkey in Pease Park with a city-wide celebration! The real estate world is heating up too, with 2015 continuing to see record breaking months.
February hit an all-time high in single-family home sales, with nearly half of all homes sold in February being outside of the city limits. “The fact that so many homes were sold outside of the city limits last month shows the growing urban sprawl,” said Seth Thompson, Broker and Sales Director at HomeCity Real Estate. “As our metro grows, we are seeing more families seeking affordable housing in the surrounding suburbs.”
It’s not surprising that many people are seeking more affordable housing as home prices set new records for the month with the median price for Austin-area homes increasing 8% year over year to $248,640. The average price rose 5% to $307,928. This is out of the affordable price range for many Austin homebuyers, but prices didn’t impede sales volume as 1,775 single-family homes were sold in February 2015. That’s 5% more than this time last year. In fact, 69% of those single-family homes sold were priced at $200,000 or higher. Despite the price increases being less than the double-digit price increases seen in previous months, the pace of home appreciation remains higher than the historical norm of around 4.5%.
Austin-area monthly housing inventory ended February at 2.2 months, an increase of 0.2 months from the same time period last year. This is still only a third of the 6.5 months inventory level that the Texas Real Estate Center cites as a balanced market. People are still moving to Austin in large numbers, and finding the perfect home is still incredibly competitive. Homes spent an average of 58 days on the market compared to 55 days last February.
The total dollar volume of single-family homes was $546,572,200 in February, which is 10% more than February 2014. “Our market is showing no signs of slowing down,” said Thompson. “As long as the job market continues to grow, so will the number of people moving to Austin.”
Austin-Area February 2015 Quick Stats:
- 1,775 – Single-family homes sold
- 2.2 - Months of inventory
- $248,640 – Median price for single-family homes
- $307,928 – Average price for single-family homes
- 58 – Average D.O.M. (Days on Market).
- $546,572,200 – Total dollar volume of single-family properties sold