Austin Home Sales Report :: June 2016
The Austin Board of REALTORS® just released the latest home sales statistics for June, 2016… and we are thrilled to share more good news with you! Austin home sales are up 6.2% year over year and the median Austin area home sales price is UP 8.0% from the same time last year.
Overview of the Austin Real Estate Market
HOME PRICES IN AUSTIN
Single-family housing market activity continued to be strong in June 2016, with home sales jumping to 3,219 sales, an 8.5% compared to June of last year.
AUSTIN HOMES SOLD
In the fist half of 2016, single-family home sales in the City of Austin increased 3.4% to 4,465 homes sold, despite continued housing affordability challenges. While 21,036 single-family homes were sold in the 18-county Central Texas region in the first half of 2016, only 21% were sold within the Austin city limits. Median price increased 5.6% to $339,652 in the first half of the year, while active listings jumped 20.1% to 1,298 listings during the same time frame.
“In June 2016, Austin home sales increased 2.6 percent to 975 home sales, while median price increased only 2.9 percent to $350,000. Monthly housing inventory increased 0.3 months to 2.1 months, while homes spent a little more than one month (32 days) on the market on average, an increase of two days from June 2015.” Per the ABOR.
HOW QUICKLY ARE AUSTIN HOMES SELLING?
Austin area homes spent a little more than one month (41 days) on the market on average, a slight increase year over year. If you are thinking of selling your home, please be sure to price it correctly when it is first listed. Not only will you have a very good chance of selling quickly, you’ll most likely receive multiple offers and/or sell at or over the asking price. Ask us how we market your home to sell for top dollar.
The Central Texas housing market is performing extrememly well, but major housing shortages across the region continue to be a challenge. Homes that sell under $300,000 have less than two months of inventory, which means that housing at these price ranges is essentially nonexistent. The growing “donut effect” of homes sales activity as homebuyers move outside Austin city limits in search of more affordable housing is on pace to continue in the near future.
If you are thinking of selling your Austin home, we highly recommend that you do so in the next 12 to 18 months, while it is still a seller’s market.