Real Estate Forecast: Austin and Bee Cave Area Homes
The first housing report from Q2 2015 indicates that Austin luxury homes along with other single-family residences are going to be in high demand this summer. This April Austin and Bee Cave area homes saw significant increases month-over-month and year-over-year. Keep reading for an overview of the Austin 2015 Summer Real Estate Forecast.
Median and Average Prices Are Continuing to Climb
Austin home prices were at an all time high this past April. The median home price jumped up nearly $20,000 from just the month before to $274,000. The average price also increased by 11% in April to just over $341,000.
Prices had increased for 8 straight months by the end of April, and with the busy summer season already here the prices aren’t likely to drop. If you’re one of the buyers looking at luxury homes in Austin your best bet is to buy early this summer.
Days on Market May Drop Slightly
Even though more homes are going on the market it is doing little to increase the inventory. There were 0.2 months more inventory in April 2015 compared to the year prior, but the Austin area still sat at just 2.5 months worth of total inventory. That’s well below the 6.5 months of a balanced market. Single-family homes stay on the market for just 46 days, which is only one day more than April 2014. During the summer months more buyers are pulling the trigger, and the DoM will likely drop by at least a few days.
Competition is Going to be Hot Outside of Austin
Austin Board of REALTORS® President Barb Cooper noted that areas outside of the Austin city limits are seeing a lot of development and buyer interest. Affordability and getting a better price per square foot are two driving factors behind the interest in Austin suburbs.
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