The year 2016 came to a close with record real estate sales numbers according to the Austin Board of Realtors. Austin area real estate sales were at the highest level ever with more than 29,000 homes closed, a 3.9% increase over 2015. The Austin area medium home price followed suit with a record $284,000, a 7.8 % increase over 2015.
Similar year-end results for the city of Austin proper with a total of 9,049 homes sold, a 1.7% increase over 2015. Median home price plateaued somewhat, increasing just 5.8 percent to $340,000.
Inventory across the Austin market area continues to hover around 2 months. The Real Estate Center at Texas A&M University’s considers 6.5 months as a balanced housing market.
Most recently, in December 2016 compared with December 2015, single-family home sales in the Austin market area rose 1.9 percent year-over-year to 2,373 home sales, while median sales price rose 6.9 percent to $290,000. In the city of Austin proper, limited inventory continues to suppress activity showing a 7.8% decline in the number of home sales in December 2016 compared with December 2015. The same general lack of homes for sale in the city of Austin continues to drive prices up with a 9.2% median home price increase to $355,000 from December 2016 to December 2015.
In the forth quarter of 2016, more than 80% of all homes sold in the Austin area were under $500,000. Within that price range, homes under $250,000 continue to be the “hottest” properties in town with the lowest days on market. Buyers in these price ranges should be prepared for continued competition headed into 2017.
Wondering what homes are actually selling for in the Austin area? According to the Austin MLS, in December 2016, on average, homes under $500,000 sold for 99% of list price. Where as homes in higher price ranges ($1M+) on average sold for 95% of list price.
Curious what your own Austin home is worth in today’s market? Contact us here to begin a complimentary/confidential market analysis.