August 2016 Austin Market Report

Posted on Thursday, September 15th, 2016 at 5:00pm.

August 2016 Austin Market Report

Fall may be rolling in, but Austin’s hot market isn’t slowing down. According to the latest report from the Austin Board of REALTORS®, the Austin area finished the summer selling season strong with 2,985 home sales in August. That’s a 5% increase since last year. Median home prices also rose 9% to $289,990 last month and yielded a 15% increase in total sales volume to $1.09 billion. The available months of inventory in the Austin area also rose by 0.1 months in August to a total of 2.8 months. This small increase represents increasing development activity in the Austin area. No matter which numbers you consider, August was another successful month for Austin area real estate. Check out the latest stats from the Austin Board of REALTORS®:

August 2016 Austin Area Market Statistics

  • 2,985 single-family homes sold last month or 5% more than August 2015
  • 9% increase in the median price of a home in August 2015 to $289,990 in August 2016
  • Homes spent 42 days on the market on average, unchanged since August 2015
  • $1.09 billion total dollar sales volume in August 2016, which is 15% more than last year
  • 2.8 months of inventory last August, or 0.1 months more than August 2015
  • 6% increase in new home listings since last year to 3,056 in August 2016
  • 5% more active listings in August 2016 than last year at 6,710 listings
  • 2,518 pending sales last August, which a 1% increase since August 2015

Summer may be coming to a close, but it’s not too late to buy or sell a home in the Austin area. With increases across the board for new and active listings, as well as months of inventory, buyers still have a chance to discover their new dream home. Our advice to buyers is to stay diligent during your home search. Get in touch with a local lender to get your financing in order, and work with an experienced agent who can help you uncover new listings coming soon to the Austin MLS. Sellers, with increasing home prices and pending sales, now is a great time to sell your home. Homes in Austin may average 42 days on the market, but many sell much quicker (sometimes in a matter of days). An agent with skilled negotiation skills and inside knowledge of Austin real estate can help you market your home and sell quickly to meet your goals. Whether you’re buying or selling a home, our agents have all the skills you need on your side. Contact us to get in touch with one of our expert agents!

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