The Austin Board of REALTORS® released their monthly listing report yesterday, showing that Austin home sales in March increased yet again as home prices continue to rise on average. Throughout the Austin area, single family home sales increased 9.3 percent year-over-year for a total of 2,552 homes sold. The average sales price increased 7.8 percent year-over-year, hitting $278,000. This continues a years-long trend of increase home sales and rising prices that have many long-term citizens of Austin concerned about affordability and the cost of living in Austin.
“Home sales continue to rise throughout the region, but for many Austin-area residents, homeownership is just not a feasible option,” said Aaron Farmer, 2016 President of the Austin Board of REALTORS®. “Longtime Austin residents are being priced out of their homes and many are unable to live close to their work or school. As a city, we have to start being mindful of how our property development, appraisal and code enforcement decisions impact not only housing affordability, but also the diversity of our neighborhoods and communities.”
Due to increases in home sales, the amount of available inventory on the Central Texas area decrease to 2.0 months, meaning that of the homes available would only last for two months at the same rate of sales. This means we continue to be in a very strong seller’s market as buyers compete for limited inventory. The Real Estate Center at Texas A&M University considers 6.5 months to be a level housing market. Homes went under contract in 54 days on average, which is equal to March 2015.
As affordability in Austin proper continues to be an issue, more and more people are looking in the suburbs for homes they can afford. Home sales continue to increase in the suburbs as well with a 6 percent year-over-year increase in Williamson County. Home prices rose 6 percent as well, hitting $260,000 on average. Inventory remained extremely low at just 1.7 months, though that’s equal to the same time last year.
Statistics for Austin Area Home Sales in March 2016
- 2,552 – Single-family homes sold, 9.3 percent more than March 2015.
- $278,000 – Median price for single-family homes, 7.8 percent more than March 2015.
- $347,734 – Average price for single-family homes, 4.5 percent more than March 2015.
- 54 – Average number of days single-family homes spent on the market, unchanged compared to March 2015.
- 3,633 – New single-family home listings on the market, 12.2 percent more than March 2015.
- 4,669 – Active single-family home listings on the market, 1.5 percent more than March 2015.
- 2,811 – Pending sales for single-family homes, 7.2 percent more than March 2015.
- 2.0 – Months of inventory* of single-family homes, 0.2 months less than March 2015.
- $887,419,074 – Total dollar volume of single-family properties sold, 14.1 percent more than March 2015.
Despite the increased in homes sold, lack of inventory has truly been holding the local housing market back. Lower priced homes are selling very quickly, often before they’re ever truly listed, while an increase in higher priced homes have taken over much of the market. Affordability remains a true concern as builders focus on building larger, fancier homes in hopes of attracting move-up buyers. Still many potential first time home buyers are finding themselves shut out of the market because inventory under $200K is nearly non-existent in areas close to where they work.
If you’re interested in selling your house this summer, the RJF Team can make sure you walk away with the most money possible. While it may be easier to sell in this climate, you deserve to have the best team of experts by your side to guarantee that you’ll make the biggest profit from your house. The RJF Team’s marketing and negotiation strategies help our clients more showings, better offers and a smoother closing process. Call us at 512.537.4977 to meet with a Listing Specialist for a free, no-hassle consultation to learn what our team can do for you.
If you’re interested in purchasing a home, our Buyer Specialists can help guide you through the difficult housing climate. We have connections that give us access to many coming soon homes before they hit the market to help you find the perfect home for you. Our proven strategies for multiple offer situations can also make you stand out and give you a leg up on the competition. Call us at 512.537.4977 for a free Buyer Consultation with one of our incredible Realtors® and get started on your journey to your new home.
Source: Austin Board of REALTORS®
