Austin Real Estate stats for May 2016 released by the Austin Board of Realtors this week indicate a continued strong summer for real estate sales in Austin, Texas. Sales volume year over year in May 2016 in the Austin area increased by 10% and the median home price also increased by 5%.
Note that in the city of Austin proper, where inventory remains at less than 2 months, the total number of home sales were flat year over year in May with 884 closings. Whereas in Williamson County, where the population is less than half that of Travis County, sold only 424 less single-family homes in May 2016. Williamson County (includes Round Rock and Georgetown) home sales surged 19.5 percent year-over-year in May.
Homes under $500,000 are selling the fastest averaging less than 2 weeks on market across the board.
Price Range – Average Days on Market
<$250,000 – Average Days on Market = 20
$250,000-$500,000 – Average Days on Market = 26
$500,000-$750,000 – Average Days on Market = 45
$750,000 – $1,000,000 – Average Days on Market = 42
$1,000,000+ – Average Days on Market = 90
The Austin Real Estate stats for May 2016 reveals what we are seeing every day working with our buyers here at SEED: An increasing number of buyers are heading to the suburbs looking for affordability, especially north and northwest where many of the technology employers are located. With Austin’s unemployment rate dropping to a 16-yr low at 2.6%, new jobs in Austin’s technology sector are definitely fueling the home sales, especially in neighborhoods within close proximity to major technology employers like Apple Computer (northwest Austin), Facebook (downtown), Oracle (expanding East Austin campus). Excellent neighborhoods to invest in now are located within 15 minute drive of these employers.
If you are considering purchasing a new home or investment property in the next 12 months, we can help you find your way in this competitive market.
If you are considering selling your home, contact SEED today to discuss your home’s current value in todays market. We may even already have a buyer for you.