Austin Home Sales Report :: April 2016
The Austin Board of REALTORS® just released the latest home sales statistics for April, 2016! The median Austin area home sales price is UP 7.0% from the same time last year and the number of Austin homes sold is also up over 5%.
We truly enjoy sharing these impressive home sale stats with you, but as you see below, a shortage of homes and affordability are still an issue.
Quick Overview of the Austin Market
HOME PRICES IN AUSTIN
Single family homes are at a median sales price of $288.198 – UP 7.0% from the same time last year.
AUSTIN HOMES SOLD
2,600 single-family homes sold – up 5.1% year over year
Per the ABoR, “single-family home sales increased 12.5 percent year-over-year to 3,863 home sales in the Central Texas region. Nearly 80 percent of those homes were sold outside of Austin’s city limits. In the five-county MSA, single-family home sales rose 5.1 percent year-over-year to 2,600 home sales during the same time frame.”
A total volume of $910.9 million sold in April, a 9.0% 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 47 days.
If you are thinking of selling your Autin home this year, the time it will take to sell your home can vary based on your price range (i.e. $350K home vs $2.5M), your initial listing price and of course location, location, location. If you’d like to get an idea of how quickly homes are selling in your community, please call us at the number above!
INVENTORY LEVELS
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 2.3 months. So if no other homes were listed, Austin wouldn’t have ANY homes for sale in 2.3 months.