Austin area home sales in February 2016Austin area home sales in February 2016 saw continued growth year-over-year, which is great for our economy but concerning as more and more people move to our area. Single-family home sales in February increased 2.9 percent to 1,783 total sales, while the median home price increased an additional 8 percent year-over-year, hitting $269,900. As more people move to our area, concerns about affordable housing will increase as well as whether the other infrastructure, including roads and emergency services can withstand the population boom.

Aaron Farmer, 2016 President of the Austin Board of REALTORS­®, explained, “The challenges facing our region’s infrastructure are approaching critical mass. Austin-area residents are relocating farther and farther outside of Austin due to affordability issues and yet are spending more and more time stuck in traffic each year. With the rate our region’s population is growing, this is simply not sustainable.”

A report released by the US Census Bureau a few weeks ago showed approximately 157 people move to Central Texas every day. With a population increase of 3 percent between July 1, 2014 and July 1, 2015, the Austin-Round Rock area was the fastest-growing metro area in the state and the seventh fastest in the nation. This has a huge hand in the ever increasing prices of homes selling in the area as more people are competing for limited inventory.

Housing inventory remained low at 2.1 months. Though that was a 0.1 month increase from February 2015, it’s still significantly below the 6.5 months considered necessary for a balanced market by the Real Estate Center at Texas A&M University. Homes sold in February spent an average of 62 days on market, three days more than the year before.

Some of the other numbers for Austin area housing statistics add some hope to the future of the hot buyer season. The number of new listings hitting the market increased 11.1 percent while active listings increased 10 percent year-over-year. This is hugely important for the local housing market because without new listings, those additional people won’t be able to find their next home in the area. Despite the increase in inventory last month, the number of homes available, especially in the Round Rock area, remain shockingly low. Fewer homes are available at the price points most commonly sought after by first-time home buyers, leaving many people stuck with renting despite the amazing mortgage interest rates right now.

Statistics for Austin Area Home Sales in February 2016

  • 1,783 – Single-family homes sold, 2.9 percent more than February 2015.
  • $269,900 – Median price for single-family homes, 8.0 percent more than February 2015.
  • $333,011 – Average price for single-family homes, 7.6 percent more than February 2015.
  • 62 – Average number of days single-family homes spent on the market, three days more than February 2015.
  • 2,793 – New single-family home listings on the market, 11.1 percent more than February 2015.
  • 4,871 – Active single-family home listings on the market, 10 percent more than February 2015.
  • 2,346 – Pending sales for single-family homes, 12.3 percent more than February 2015.
  • 2.1 – Months of inventory* of single-family homes, 0.1 months more than February 2015.
  • $593,758,953– Total dollar volume of single-family properties sold, 10.7 percent more than February 2015.

Home sales in Austin have picked up significantly in March to the point that we’re once again having a hard time keeping homes on the market. If you’re interested in selling your home, call us at 512.537.4977 to learn what we can do to help you sell your home for the most money possible.

If you’re looking to buy, our Buyer Specialists know how to help you find the home of your dreams despite tight inventory and they’re the best at navigating multiple offer situations. Call the RJF Team today at 512.537.4977 to meet with a Buyer Specialist and get in your next home!

Source: ABOR and US Census Bureau