Median Home Sales Increase in Austin – May 2016
There has been a 10% increase of Home sales in the Austin area in May 2016 compared to May of last year. Williamson County homes had the highest sales increase of 19.5% because of the county’s highly rated school districts, access to major thoroughfares and proximity to major deployment hubs in Austin reported by the Austin Board of Realtors.
According to the ABOR President, Aaron Farmer, housing demand continues to be an all-time-high in the Central Texas region, with properties priced under $500,000 selling rapidly.
A significant movement was seen on pending sales. Last May 2016, the Austin-area had 3,297 pending sales which is a 21.1% increase compared to May of last year. Active listings and Median price were also up at 5% and days on the market dropped to 40 days. Farmer added that strong gains in both pending sales and active listings both in Austin and regionally indicate a strong summer selling season could be ahead.
The median price in the Austin area jumped to 4.8% year-over-year to $288,085. In Williamson Count, the median price rose to 5.2% to $261,822 and within the Austin city limits, a 1.6% increase on the median price compared to last year.
Reported by ABOR, high home prices and low inventory levels continued to stifle home sales within Austin proper which causes more buyers to shop outside the city limits for affordable priced housing. Sales for single-family homes remained unchanged at 884 home sales.
May 2015 vs May 2016 – All Home Sales
2,909 – Single-family homes sold, 10% more than May 2015
$288,085 – Median price for single-family homes, 10% more than May 2015
$353,654 – Average price for single-family homes, 1.8% more than May 2015
40 – Average number of days single-family homes spent on the market, 3 less than May 2015
3,795 – New single-family home listings on the market, 3% more than May 2015
5,725 – Active single-family home listings on the market, 5% more than May 2015
3,297 – Pending sales for single-family homes, 21% more than May 2015