AUSTIN, Texas – Jan. 21, 2016 – Austin-area single-family home sales and prices set all-time records in 2015, as well as records for the month of December 2015, according to the December 2015 and Year-End 2015 Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS.
Aaron Farmer, 2016 President of the Austin Board of REALTORS®, explained, “Demand for Austin-area real estate was stronger than ever in 2015, primarily due to our region’s job and ongoing population growth. However, low housing inventory levels, rising home prices and high housing development costs have brought Austin’s housing affordability issues to critical levels. Median price for single-family homes in the Austin area increased nearly $30,000 in the last year alone.”
According to the report, 29,068 single-family homes were sold in the Austin area in 2015, a five percent increase from 2014 and an all-time high for Austin-area home sales. Single-family home sales for the Austin area also set a monthly record in December 2015, increasing five percent year-over-year to 2,390 home sales.
Over the course of 2015, median price for Austin-area single-family homes increased nine percent from 2014 to $263,900. In December 2015, the median price for Austin-area homes was $270,000, 10 percent higher than December 2014. As a result, the total sales dollar volume for single-family homes in 2015 topped $9.6 billion, an increase of more than $1 billion from 2014.
Farmer continued, “The Austin Board of REALTORS® plans to build upon the past year’s efforts to advocate for a more affordable Austin, which included supporting Mayor Adler’s Housing Our Heroes initiative and advocating for permanent tax relief for Austin homeowners at the polls last November. It’s crucial that Austin continues to make strides with pivotal policy issues in 2016 to improve the land development code through CodeNEXT and take next steps to achieve more stringent code enforcement.”
The Austin area’s housing affordability challenges were intensified by a continued shortage of housing inventory in 2015. Monthly housing inventory in December 2015 remained unchanged from 2014 at 2.2 months, less than half of what the Real Estate Center at Texas A&M University considers a balanced housing inventory level of approximately 6.5 months.
Austin-area homes spent two more days on the market in 2015 as the year prior, or an average of 49 days. In December 2015, the average amount of time homes spent on the market was 57 days, one day more than December 2014. Pending sales for single-family homes decreased one percent year-over-year to 1,601 pending sales, but pending sales for all of 2015 rose five percent from 2014 to 29,839 pending sales.
Active listings in December 2015 rose three percent year-over-year to 5,214 listings, while new listings increased six percent to 1,646 new listings from December 2014. Throughout the year, active listings rose five percent in 2015 to 6,044 listings and new listings increased four percent to 36,810 listings.
“There are many opportunities, as well as many challenges, ahead in 2016,” Farmer concluded. “Austin residents can count on the Austin Board of REALTORS® to continue to work with the community and city leaders to advocate for policies that ensure everyone in Austin’s communities have a safe, affordable place to live.”
December 2015 Statistics
- 2,390 – Single-family homes sold, five percent more than December 2014.
- $270,000 – Median price for single-family homes, 10 percent more than December 2014.
- $348,904 – Average price for single-family homes, 13 percent more than December 2014.
- 57 – Average number of days single-family homes spent on the market, one day more than December 2014.
- 1,646 – New single-family home listings on the market, six percent more than December 2014.
- 5,214 – Active single-family home listings on the market, three percent more than December 2014.
- 1,601 – Pending sales for single-family homes, one percent less than December 2014.
- 2.2 – Months of inventory* of single-family homes, unchanged compared to December 2014.
- $833,880,560 – Total dollar volume of single-family properties sold, 19 percent more than December 2014.