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!