Austin Home Sales Report :: September 2016
The Austin Board of REALTORS® just released the latest home sales statistics for September, 2016! The median Austin area single-family home sales increased across the Austin-Round Rock Metropolitan Statistical Area (MSA), but declined throughout the City of Austin in September and the number of Austin homes sold also declined 4.5%, while home sales across the Austin-Round Rock MSA increased 1.3%. Across the Central Texas region, single-family home sales were up 6.1% from September 2015.
We truly enjoy sharing these impressive home sale stats with you, but as you see below, our region’s infrastructure is increasingly strained and the overall costs of homeownership rise because of the increased cost to commute.
Quick Overview of the Austin Market
HOME PRICES IN AUSTIN
Single family homes are at a median sales price of $345,000 – UP 10.6% from the same time last year.
AUSTIN HOMES SOLD
2,576 single-family homes sold – up 1.3% year over year
Per the ABoR, “In September, less than one in three homes sold in the Austin-Round Rock MSA and less than one in five homes sold in the Central Texas region were sold within Austin’s city limits. City of Austin single-family home sales declined 4.5 percent year-over-year in September 2016 to 746 home sales, while home sales across the Austin-Round Rock MSA increased 1.3 percent year-over-year to 2,576 home sales. Across the Central Texas region, single-family home sales were up 6.1 percent from September 2015.”
HOW QUICKLY ARE HOMES SELLING?
Single-family homes in surrounding markets continued to spend less time on the market in September 2016. In Williamson County, homes spent three less days on the market, or an average of 44 days. In Hays County, homes spent an average of 48 days on the market, one day less than September 2015.
In September, housing inventory throughout the Austin-Round Rock MSA increased 0.1 months year-over-year to 2.7 months of inventory. Due to increasing housing demand outside of Austin, housing inventory levels in Williamson County are now equivalent to inventory levels in the City of Austin. In September, the housing inventory for both Williamson County and the City of Austin was 2.4 months.
There is still a need for infrastructure improvements as traffic congestion worsens every day. The City of Austin has proposed a $720M bond to improve the major corridors, plans for regional roadways that will bring immediate congestion relief and implementing pedestrian pathways that enable safe routes to schools for all school-age Austinites. The Austin Board of REALTORS® urges Austin residents to vote “yes” for the $720M Mobility Bond on Nov. 8.
For more information on the 2016 Mobility Bond, please visit www.MoveAustinForward.org.
If you are thinking of selling your home, this is still one of the strongest seller’s markets we’ve ever seen!