September’s Numbers Matter to You…

Our Austin Board of Realtors (ABoR) recently release their numbers for September 2014 in their market report.  There were a few things I found pretty interesting about this report when I really singled out the different regions of Austin.  First, here is the iconic infographic ABoR releases each month.

Infographic courtesy of abor.com

Most people wouldn’t be super surprised by these basic stats.  Austin has set yet another September record high for median home price ($240K) as well as average home price ($308,514).  However, the average days on market (DOM) was statistically unchanged year-over-year… the first time Austin’s market has seen this since September 2011.  Additionally, after two straight months of sales volume decreases, we saw that number increase in September year-over-year.  Most experts (and I) would attribute this to Austin’s strong job market, which continues to bring people here in droves daily.

 
Me with Paul Hilgers, CEO of ABoR after an ethics training back in September


When I looked at the stats for particular regions of Austin, there were a few things that stuck out to me.  Most areas were pretty easy to predict:  decreases in inventory (availability) and increases in median price.  Austin-Southwest, though, saw an increase of 51.2% in  single-family housing inventory and 83.3% in townhouse-condos.  Both Austin-Central and Austin-West/Westlake saw predictable decreases in inventory across the board.  However, there were decreases of 2.3% and 2.8% in median price for both areas respectively.  
 
The areas that saw the most growth in median price were Austin-North Central (20.1%) and Austin-East (14.6%). 
 
What does all of this mean for you as a home-owner, buyer, seller, or renter?  Well, it’s clear that, in certain regions, buyers are having more options to choose from.  Austin still suffers from an affordability problem but, as I ride my bike all over this town, I can sense that things are changing.  There is still a lot of potential for explosive growth in lots of areas like we’ve seen in east Austin as well as north of campus (Brentwood, Crestview, Allandale, etc.).  I see a lot of potential for growth in areas like Cherry Creek, Wooten, University Hills, and even Cedar Park and Leander.
 
If you are thinking of selling or buying a home in the near or distant future and would like more info about a particular area, neighborhood, or street, please don’t hesitate to shoot me an email or give me a call.  I’d love to help!
 
 
Barrett Raven
barrettraven@gmail.com
C:  512-970-2648

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