2015 Austin Real Estate Year in Review

Well, we started 2015 with a number of questions on our mind, as raised by our clients almost daily:
  • Will Austin continue to be a booming market?
  • What will happen to interest rates and how will that affect our market?
  • Do the young writers and "analysts" in California, who like to compare Texas job growth to the bubble and burst days of California, know more about Texas real estate than those of us who live and breathe Texas real estate daily?

Well, for those of us who live real estate 7 days a week, the question was not whether or not we were going to have another blow out year, but how we were going to handle the growth of more than 100 people a day moving into the Austin area. How we were going to coach our buyers to make the best and most timely decisions about their new homes and how we were going to help sellers with the challenges of a rising market--to get the most out of their listing, without over-pricing their homes and falling short of market and appraiser's expectations. It was a challenging year, but a rewarding one. A record year for many of us who work in the industry and a good year for buyers and sellers alike.

The Austin Board of Realtor's has just published the numbers for the 2015 year in review. It was not only a big year, but it was ANOTHER record breaking year in Central Texas real estate. Of course, when we say "Austin", we are not just talking about Austin proper. We are talking about the Greater Austin area which is now actually a little bigger outside the city, than inside the city. I tell my clients everyday, places like Leander were not even known to most Realtor's just 5 years ago. Today, there are no more than handful of Realtor's in South Austin that have not been to Leander, Cedar Park, Round Rock and Liberty Hill during the past year--showing homes and exploring all that Greater Austin has to offer.

2015 Year-End Totals--as published by the Austin Board of Realtor's (ABOR) for Single Family Homes (excluding condos & Townhouses):

  • 29,068 – Single Family Homes SOLD, +5% over 2014
  • $263,900 – Median price for single-family homes, +9% over 2014
  • 49 – Average number of days on the market
  • $9,695,852,178 – Total dollar volume of single-family homes sold, +13% over 2014
So, the recap, in keeping with the tone of what we saw and forecast early in 2015:
  • New companies came to town and existing companies expanded
  • New jobs were created in the thousands
  • People moved from California and from around the world to be here
  • The prices of single family homes rose
  • The total revenue for SFR homes sold was more than $1B over 2014 revenue
  • Austin grew
If you are moving to the Austin area and think that you may have already missed your opportunity--well, I don't think you have missed it. If you wait another 10 years, you might be kicking yourself, but I think the water is warm and ready for you to jump in!

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