For the fifth straight year Austin-area home sales set a record in 2015 according to the Austin Board of Realtors.
And for the fourth year in a row the area’s median home sales price hit a new high rising to $263900.
With similar market conditions still in place experts predict 2016 will be similar for the Central Texas housing market.
Last year ended with 29068 sales of single-family homes about 4.7 percent higher than 2014’s total according to the Board of Realtors. Half the homes sold for more than $263900 and half sold for less an 8.8 percent jump in the annual median sales price.
Sales and the median prices also set records for the month of December the board said. December’s 2390 sales were up about 5.5 percent over December 2014’s volume. The median price for homes sold in December was $270000 9.7 percent higher than December 2014.
Home prices in Central Texas have risen sharply in the past few years as demand for housing has outstripped supply. Still some real estate agents and local housing experts say the Austin market remains on solid footing.
“As long as people continue to move here we’re going to continue with a robust economy” and home sales will stay healthy said Grant Whittenberger a local real estate agent. “Texas is becoming a destination for people in states facing difficult economic times.”
Amy Bernhard an agent with Realty Austin said she thinks the housing market “will be the same or even a little better than last year.”
“Everything has appreciated very organically” Bernhard said. “I don’t think we’re in any sort of bubble.”
Paul Peters recruiting manager an Assurance Financial a Louisiana-based residential mortgage lender said the company plans to open a major regional mortgage loan production office in Austin which is “high on our list of expansion markets.”
“We view the area as one of the strongest diversified economies and residential housing markets in the country” Peters said. “We believe that Austin will continue to see robust appreciation in home values and that more affordable housing will surface in the area as more lot development takes place in the market.”