With the official start of summer comes a new report from the Austin Board of Realtors (ABoR) that outlines the state of our increasingly hot Austin housing market.
Released Tuesday, ABoR’s May 2016 report compared single-family home statistics year-over-year across Central Texas counties. In the Austin area, the median price for single-family homes increased 5 percent to $288,085, and over 2,900 homes were sold, a 10 percent increase from May 2015. In Austin proper, the median home price is now a whopping $355,000.
One of the more shocking statistics is the 21 percent increase in pending sales (3,297 total) for home listings on the market in Austin. Double-digit gains in pending sales were also consistent across the 18-county Central Texas region.
In the Austin area, new listings increased by 3 percent to 3,795 homes and active listings increased by 5 percent to 5,725 homes, but they simply cannot keep up with demand. A six-and-a-half month housing inventory is considered a balanced market, but Austin sits at only two months. Our neighbors in Williamson County are facing a 1.9 month inventory, making it harder and harder for folks to buy homes in this competitive market.
“Housing demand continues to be at an all-time high in the Central Texas region, with properties priced under $500,000 selling rapidly,” said Aaron Farmer, president of ABoR, in a release. “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.”
And the popularity of Williamson County is only increasing. While Travis County has twice the population of Williamson County, only 424 more single-family homes were sold in Travis than Williamson last month. Williamson County sales surged 20 percent year-over-year.
While summer months typically lag, ABoR predicts that the Austin market will only continue to increase, a silver lining for those looking to sell.
“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.