Austin Real Estate Market Update :: March 2016
The Austin Board of REALTORS® just released the latest real estate numbers for March, 2016… and there are some truly impressive stats to report! The median Austin area home sales price is UP 7.8% from the same time last year and the number of Austin homes sold is also up almost 10%. AMAZING!
Quick Overview of the Austin Market
HOME PRICES IN AUSTIN
Single family homes are at a median sales price of $278,000 – UP 7.8% from the same time last year. The average home price is $347,734 and that number is UP 4.5% from March 2015.
AUSTIN HOMES SOLD
2,552 single-family homes sold – up 9.3% year over year
Over 2,800 homes are currently “pending” (under contract), which is UP 7.2% from March 2015.
A total volume of $887,419,074 sold in March, a 14.1% increase YoY.
HOW QUICKLY ARE HOMES SELLING?
We are right on par with last year and the average time to sell an Austin home is 54 days. Multiple offers are still commonplace, so if your home is priced correctly when listed, you have a very good chance of a bidding war and/or selling in the first 10 days.
On of the biggest challenges Austin home buyers are facing is the lack of housing inventory. A balanced real estate market will have 6.5 months worth of homes for sale, but currently in Austin, we are only at 2 months. So if no other homes were listed, Austin wouldn’t have ANY homes for sale in 2 months.
* The inventory of homes for a market is defined as the number of active listings divided by the average sales per month of the prior 12 months.
If you are thinking of selling your home, this is one of the strongest seller’s markets we’ve ever seen!