After a year-over-year drop in sales in July, Austin-area home sales in August recovered nicely to finish the summer selling seasons on a high note. The average sales price as well as number of single-family homes sold saw annual gains, according to the report released last week by the Austin Board of REALTORS®. These increases signify a strong conclusion for the summer and a solid jumping off point as well move into the slower fall months.
Aaron Farmer, 2016 President of the Austin Board of REALTORS®, said, “Austin, and now the Central Texas region at large, continues to be a magnet for jobs and new businesses across multiple industries. This continues to keep housing demand at an all-time high and inventory at near-record lows despite strong housing development and a greater number of listings on the market.”
Homes sales rose 5.3 percent compared to August 2015 with a total of 2,985 homes closing throughout Central Texas. The median home price increased 9.4 percent year-over-year to hit $289,990. Despite this drastic increase, homes continued to sell steadily and quickly with the average time on market remaining unchanged at 42 days. Housing inventory remains drastically low at 2.8 months, significantly below the 6.5 month signifier of a stable market.
“As housing inventory remains constrained across the Central Texas region and demand remains high, home sales growth is increasingly impacted by new home development,” explained Farmer. “This is especially true in Williamson and Hays Counties, where housing demand and development activity are strongest. As new housing stock becomes available, it’s quickly scooped up by homebuyers.”
Williamson County saw 1,035 homes closed in August, an increase of 0.7 percent year-over-year. The median sales price for single-family homes increased 6.6 percent to $261,250 as affordability in the northern suburbs becomes a concern for many. Through much of August, no more than 20 homes in Round Rock were listed for sale under $200,000. This makes it difficult for first-time home buyers to enter the market, and pushes the dream of home ownership a little further away for many people.
If you’ve been considering buying or selling a home in the Austin area, call the RJF Team at 512.537.4977 to learn how we can help you. Our goal is to assist each and every one of our clients in achieving their real estate goals. We have strategies to help our buyers stand out from the crowd in multiple offer situations, and we have plans in place to get our sellers the most money for their home in the shortest amount of time. We would love to serve you!
Source: Austin Board of REALTORS
