Austin Real Estate Market Still Brisk in 2015
January 15, 2015 by Laura Duggan · Leave a Comment
The Austin real estate market continues to be one of the healthiest in the country. Our January Market Report, a compilation of last year’s numbers, shows the statistics by price range and zip code so you can check out your particular neighborhood and price range. Although there are 7.45% more homes on the market now than last year at this time, the inventory of homes is still slim and real estate agents all over town are scratching to find good listings for their buyer clients. Now we have just under 5000 homes on the market compared to the 9000 homes we had on the market at the end of the years 2008-2010. Consider that we now have 1.8M people in our area, so the pressure continues to build on the housing market here. Home prices and rents are still rising with the demand.
In his annual forecast, Angelo Angelou, a local economist with AngelouEconomics, reported that 66,000 people moved to Austin in 2014 and that 39,100 jobs were created primarily in the professional and business service sectors, and the hospitality industry behind that. He projected that Austin will add 69,400 new jobs in 2015 and 2016. Even though housing prices are up, the average cost being almost $300,000, our population and job growth are fueling the economy and driving the home market rather than creating a bubble once driven by speculation. However, water, traffic and affordability are issues that could dampen the outlook in the future.
In it’s recent post, Best Buy Cities: Where to Invest in Housing in 2015, Forbes.com called Austin the #1 city to invest in the housing market because of it’s population growth rate 0f 8.9% between 2010-2013, its 3.6 annual job growth rate and it’s vibrant tech scene.
As always, the real estate market is constantly changing. We continue to research the market each month and plot the statistics so that we can predict trends, helping our clients make the very best real estate decisions. You’ll find our Market Reports posted each month on our website at WestAustin.com
Katy Freshour, Gail Boston and I would like to wish you a very happy and healthy 2015. It would be our pleasure to assist you in any way with your real estate needs.
Posted by Laura Duggan, President, West Austin Properties, 3312 River Road, Austin, TX 78703, 512-750-2425, homes@westaustin.com
