Even with almost eight percent increase in home prices, Austin home sales also up — over nine percent
Austin home prices rose yet again this March 2016, according to the latest Multiple Listing Service (MLS) report by the Austin Board of REALTORS®. The median single-family home price in Austin rose to $278,000 in March 2016, an increase of 7.8 percent year-over-year. Average home price saw a smaller increase, at 4.5 percent. Even with the price increases the Austin market has seen, home sales also continued to rise, increasing to 2,552 home sales in March 2016, an increase of 9.3 percent.
Austin’s low housing inventory, which is part of the reason home prices have trended upward, dropped 0.2 months compared to March 2015, for a housing supply of only 2.0 months. Considering the Real Estate Center at Texas A&M University estimates a real estate market is balanced when it has a 6.5-month housing supply, the Austin market is favored clearly and solidly by sellers.
In March, homes were on the market an average of 54 days, which is unchanged from March 2015.
New listings were up 12.2 percent year-over-year, to a total of 3,633 listings, and active listings were up 1.5 percent, to 4,669 listings. Pending sales also were up, to 2,811 sales, an increase of 7.2 percent.
The total dollar volume of single-family properties sold in Austin rose a whopping 14.1 percent compared to March 2015, for a total of $887,419,074.
Here is the official breakdown:
March 2016 Sold Homes
- Number of sold homes: 2,552 (Up 9.3% compared to March 2015)
- Average sold price: $347,734 (Up 4.5% compared to March 2015)
- Median sold price: $278,000 (Up 7.8% compared to March 2015)
- Days on the market: 54 (Unchanged compared to March 2015)
March 2016 Single-Family Homes on the Market
- New listings: 3,633 (Up 12.2% compared to March 2015)
- Active listings: 4,669 (Up 1.5% compared to March 2015)
- Pending sales: 2,811 (Up 7.2% compared to March 2015)