Austin home sales break records in 2015; total volume tops out

The Austin Board of Realtors reported 29,068 single-family home sales in 2015, the most ever recorded in a year.

Total volume for the year was nearly $9.7 billion, a hefty 13 percent increase from 2014. Indeed, even the normally tepid December — when most folks are celebrating rather than buying — saw 2,390 single-family home sales, the most ever recorded in the final month of the year.

At the same time, the inventory of re-sale homes has remained unchanged as demand increases, with more price increases likely.

The ABOR report amplifies data collected by Metrostudy earlier this week, which indicates strong demand for housing — but with a caveat. There are not enough developable lots at price points the majority of buyers can afford. First-time buyers and first-time move-up buyers are likely to be shut out of the market given the present dynamics.

The median single-family home price in 2015 was $263,900, a 9 percent increase from 2014.

Currently, housing inventory remains at 2.2 months — where it was in 2014. Real estate experts consider a balance of supply and demand when inventory hovers around 6.5 months.

Aaron Farmer, ABOR's 2016 president, said the 11,000-member organization will continue to advocate for government policy that expands the supply of housing, particularly affordable housing.

Here's a look at the year-end stats, followed by the December stats:

2015 at a glance

• Homes sold: 29,068, 5 percent increase from 2014

• Median price: $263,900, 9 percent increase from 2014

• Average price: $333,558, 8 percent increase from 2014

• Average days on the market: 49, two more days than in 2014

• New single-family home listings: 36,810, 4 percent increase from 2014

• Pending sales: 29,839, 5 percent more than 2014

• Townhouse/condos sold: 3,057, 3 percent less than 2014

• Townhouse/condo median price: $227,700, 6 percent increase from 2014

December at a glance

• Homes sold: 2,390, 5 percent increase from 2014

• Median price: $270,000, 10 percent increase from 2014

• Average price: $348,904, 13 percent increase from 2014

• Average days on the market: 57, one day more than in 2014

• New single-family home listings: 1,646, 6 percent more than in 2014

• Active listings: 5,214, 3 percent more than in 2014

• Pending sales: 1,601, 1 percent less than in 2014

• Volume: $833.9 million, 19 percent more than in 2014

• Townhouses/condos sold: 230, unchanged from 2014

• Median condo price: $250,000, 8 percent more than 2014

• Average days on the market: 46, 10 days fewer than 2014

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