Home Sales Jump 10% in Austin-Area
Home sales in the Austin-area jumped 10% in May 2016 compared to May of last year, and in Williamson County, the increase was even higher at 19.5 percent, according to the Austin Board of REALTORS® May 2016 Central Texas Housing Market Report.
“Housing demand continues to be at an all-time high in the Central Texas region, with properties priced under $500,000 selling rapidly,” said ABOR President Aaron Farmer. “Williamson County homes are among the most popular in the region due to the county’s highly rated school districts, access to major thoroughfares and proximity to major employment hubs in Austin.”
In the Austin-area, the greatest movement was seen in pending sales. The Austin-area had 3,297 pending sales in May, which is a 21 percent jump compared to May 2015. Active listings were up five percent to 5,725 listings. Median price was up five percent to $288,085, and days on the market dropped by three days to 40 days. “Strong gains in both pending sales and active listings both in Austin and regionally indicate a strong summer selling season could be ahead,” said Farmer.
In the Austin-area, the median price rose 4.8 percent year-over-year to $288,085. In Williamson County, the median price rose 5.2 percent to $261,822. Within the Austin city limits, the median price reached $355,000 in May, a 1.6 percent increase from 2015.
In its report, ABOR contends that high home prices and low inventory levels are stifling home sales within Austin proper, causing more buyers to look outside the city limits. Home sales for Austin proper were unchanged at 884 home sales.
Inventory in the Austin-area remained low and unchanged at 2.4 months, with a 6.5-month supply considered balanced by the Real Estate Center at Texas A&M University. The total dollar volume of single family homes sold in the Austin-area in May 2016 was $1.05 billion, which is an increase of 12 percent compared to May 2015.
Austin-area May 2016 Sold Homes
- Number of sold homes: 2,909 (Up 10% compared to May 2015)
- Median sold price: $288,085 (Up 5% compared to May 2015)
- Days on the market: 40 (Down three days compared to May 2015)
Austin-area May 2016 Single-Family Homes on the Market
- New listings: 3,795 (Up 3% compared to May 2015)
- Active listings: 5,725 (Up 5% compared to May 2015)
- Pending sales: 3,297 (Up 21% compared to May 2015)