December 2016 Austin Market Report

Posted on Thursday, January 19th, 2017 at 5:35pm.

December 2016 Austin Market Report

As predicted, 2016 was a fantastic year for Austin area real estate! According to the latest numbers from the Austin Board of REALTORS®, 2,373 homes were sold in December 2016, which is a 2% increase over last year. Area home prices also rose 7% to a median price of $290,000. December can be a slow month for real estate, but Austin saw a 6% increase in active listings compared to last year as well as a 15% bump in pending sales. The rising prices in the Austin area yielded $859 million in total dollar sales volume. Take a look at the latest statistics from the Austin Board of REALTORS® for December:

December 2016 Austin Area Market Statistics

  • 2,373 single-family homes sold last month, which is 2% more than December 2015
  • 1,604 new single-family homes were listed in December 2016, or 3% more than December 2015
  • 6% increase in active listings from December 2015 at 4,921 listings
  • 1,680 pending listings were on the market last month, or 15% more than December 2015
  • 2 months of inventory available in December 2016, unchanged since December 2015
  • 7% increase in the median price of a home from December 2015 to $290,000
  • Total dollar volume of home sales in December was $859 Million- 5% more than December 2015

2016 overall was another record-setting year for Austin area real estate. 29,569 homes were sold in 2016, which is the highest-ever recorded annual sales for the Austin market. Last year also marks the 6th straight year that Austin has seen an increase in annual home sales. Here are the year-end totals for 2016 from the Austin Board of REALTORS®:

Year-End 2016 Austin Area Market Statistics

  • 29,569 single-family homes were sold in 2016, or 3.9% more than 2015
  • The median price of a home in 2016 was 7.2% more than the previous year at $284,000
  • 2016 had a 9.1% increase in total dollar sales volume than 2015 for a total of $10,456,084,996
  • Homes spent 2 days longer on the market in 2016 than 2015 with an average of 50 days

Demand for Austin area homes in 2016 was hotter than ever! However, after several years of booming growth, early predictions estimate that the Austin market could begin to slow in 2017. This is not necessarily an indication of a declining market, but instead, forecasts the return of Austin real estate to stable historical market conditions. Overall, home buyers and sellers can expect 2017 to be another successful year for Austin real estate. Whether you’re buying or selling a home, we cannot understate the importance of working with an expert local agent. Our team of friendly, experienced agents are ready to help you achieve your real estate goals in 2017. Contact us today to get in touch with one of our expert agents.

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