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Austin 2014 Recap

Housing Market Recap 

Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained, “The Austin area experienced a strong, stable housing market in 2014, with year-end 2014 showing similar market conditions to those one year ago. Last month, the U.S. Census Bureau named Austin the third-fastest growing big city in America since 2000. That steady job and population growth has continued to drive increases in home sales volume and, combined with low housing inventory levels, home prices as well.”

Austin Housing Market According to the report, 2,283 single-family homes were sold in the Austin area in December 2014, a 14 percent increase compared to December 2013 and an all-time high for Austin-area home sales in the month of December. In 2014, home sales volume slightly exceeded 2013 levels to set a new record for the number of Austin-area homes sold in a year with 27,768 homes sold, a two percent increase from 2013.

Over the course of 2014, median price increased eight percent over 2013 to $242,500. In December 2014, the median price for Austin-area homes was $246,530, 10 percent higher than December 2013. As a result, the total sales dollar volume for single-family homes in 2014 topped $8.6 billion, an increase of more than $673 million from 2013.

Housing inventory levels remained low in 2014, despite breaking an 18-month trend of monthly decreases in the second quarter of 2014. In December, Austin-area monthly housing inventory was 2.2 months, 0.2 months higher than December 2013 but still well below the 6.5-month inventory level the Real Estate Center at Texas A&M University cites as a balanced housing market.

This slow rise in housing inventory was driven by an influx of listings throughout the last half of 2014. Active listings in December 2014 jumped 12 percent year-over-year to 5,077 listings, while new listings rose 10 percent to 1,546 new listings from December 2013. Throughout the year, new and active listings each rose four percent in 2014 to 35,423 and 5,734 listings, respectively.

In 2014, homes spent an average of 47 days on the market, or three days fewer than homes sold in 2013, while pending sales increased one percent from 2013 to 28,325 sales. Homes sold in December 2014 spent three more days on the market than December 2013, or an average of 55 days, and pending sales increased 18 percent to 1,623 sales during the same time frame.

December 2014 Statistics 

  • 2,283 – Single-family homes sold, 14 percent more than December 2013.
  • $246,530 – Median price for single-family homes, 10 percent more than December 2013.
  • $311,082 – Average price for single-family homes, six percent more than December 2013.
  • 55 – Average number of days single-family homes spent on the market, three days more than December 2013.
  • 1,546 – New single-family home listings on the market, 10 percent more than December 2013.
  • 5,077 – Active single-family home listings on the market, 12 percent more than December 2013.
  • 1,623 – Pending sales for single-family homes, 18 percent more than December 2013.
  • 2.2 – Months of inventory* of single-family homes, 0.2 month more than December 2013.
  • $710,200,206 – Total dollar volume of single-family properties sold, 21 percent more than December 2013.

2014 Year-End Totals

  • 27,768 – Single-family homes sold, two percent more than 2013.
  • $242,500 – Median price for single-family homes, eight percent more than 2013.
  • $309,975 – Average price for single-family homes, seven percent more than 2013.
  • 47 – Average number of days that single-family homes spent on the market, three days fewer than 2013.
  • 35,423 – New single-family home listings on the market, four percent more than 2013.
  • 5,734 – Active single-family home listings on the market, four percent more than 2013.
  • 28,325 – Pending sales for single-family homes, one percent more than 2013.
  • $8,607,385,376 – Total dollar volume of single-family properties sold, nine percent more than 2013.

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 December 2014 was 222, which is six percent more than December 2013. In the same time period, the median price for condos was $229,750, which is five percent more than the same month of the prior year. When compared to December 2013, these properties spent five additional days on the market, or an average of 55 days.

Over the course of 2014, 3,150 Austin condos were sold, which is statistically unchanged compared to 2013; the median price was $215,000, or 10 percent more than 2013; and condos spent an average of 43 days on the market, nine days fewer than 2013.

Leasing

In December 2014, a total of 1,214 properties were leased in Austin, which is 17 percent more than December 2013. The median price for Austin-area leases was $1,450, which is five percent more than the same month of the prior year. In all of 2014, a total of 16,960 properties were leased in Austin, which is four percent more than 2013, and the median lease price was $1,480, or six percent more than 2013.

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CapCity Comedy Night – Thursday, 12/4, 7pm

Benefit Capital Area Food Bank

York Real Estate is excited to invite you to another night of laughs with hilarious comedian Dan Soder.  Soder is a regular on Comedy Central and the Conan O’Brien Show.

A non-perishable food donation to the Capital Area Food Bank is all you need to enjoy this great show.

Register here for a night of FUN, FRIENDS, FRIVOLITY !!

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Should You Buy or Rent?

As interest rates begin to increase and home prices continue to rise, the old debate of buying vs. renting is a hot topic again. It’s more than a financial decision. Personality and lifestyle factor in the decision as well. However, cost is key, so let’s investigate.

For example, if you’re looking to purchase a 2,000 sf home in Austin (3 bedroom, 2 bath), you could be looking at $300k (average). With 10% down, interest rate of 4.5%, your monthly payments would be approximately $2,250. Rent for the same type property is around $2,155. The difference is $95/month, not a huge push either way.

If you’re curious how your situation stacks up in this debate, the New York Times offers a comparison calculator that is quite useful. Try it here

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Importance of a Home Inspection

Whether buying New or Remodel or Resell, You NEED a Home Inspection

5 Things You Should Know:

 
1.   New Homes Need Inspections just like Resell Homes. All homes were once new homes and many of the problems found in a resell home could have been there since they were built and could have been corrected in the beginning. Just because a home is new doesn’t mean it’s perfect.

 
2.   Building Code. Because standards and codes constantly change, houses built just a few years ago are going to have differences in what the code authorities thought was important and “best practices” when the home was built. This does not always mean that the house is unsafe or that the house is significantly different than the other homes in the community around it. It just means the building standard has changed.

 
3.   Remodels. If you’re buying a remodeled home, make every effort to engage an experienced inspector who understands construction. Get referrals. Remember remodeling can be done at different levels. What appears to look good on the outside may not necessarily be good on the inside. You need an inspector who has experience with renovations to ensure you get visibility into what has and has not been remodeled and the quality of the work.

 
4.   Roofs. Pay attention to the roof. Make sure your inspector tells you everything he can about the roof.

 
5.   Foundations. Same advice as the roof. Because we have expansive soil, clay and embedded limestone in Texas, you should pay attention to the condition of the foundation, the interior and exterior walls and the soil surrounding the house. There are little things that your Realtor can do to red flag a possible foundation concern and even more things that the inspector should look for that may signal a problem or issue with the foundation. Pay attention.

 
Each home is unique, and each home deserves an inspection from a respectable licensed inspector. Work with an experienced team like the York Group, and let’s find the right house for you.