Real Estate Update
As if you needed another reminder, Austin’s real estate market has no plans to cool down anytime soon. The latest report from Austin Board of Realtors (ABoR) details the statistics for February home sales that are fueling our fiery housing market.
Key findings in the report reveal some major increases. In February, single-family home sales increased by 2.9 percent from the year prior, with a total of 1,783 properties sold. Median single-family home prices increased 8 percent year-over-year, reaching $269,900. Additionally, the average price for single-family homes in Austin rose to $333,011, 7.6 percent more than February 2015.
New properties also experienced an influx of growth. New listings increased by 11.1 percent to 2,793 listings in February 2016, and active listings increased by 10 percent year-over-year reaching 4,871 listings. In addition, pending sales increased by 12.3 percent for a total of 2,346 sales.
While Austin real estate agents and sellers are bringing home the bacon, ABoR points to some serious issues that are surfacing for the entire city with this continued growth.
“The challenges facing our region’s infrastructure are approaching critical mass,” said Aaron Farmer, ABoR president, in a release. “Austin-area residents are relocating farther and farther outside of Austin due to affordability issues and yet are spending more and more time stuck in traffic each year. With the rate our region’s population is growing, this is simply not sustainable.”
While city council continues to work on transportation problems and providing affordable housing options, we have our own ideas about how to cut down on traffic and slow the housing market. The next time you hear someone saying they want to move here, humbly inform them about our traffic (ahem, MoPac) and our unaffordability as you slip them this report.