February 2017 Austin Market Report

Posted on Thursday, March 16th, 2017 at 5:35pm.

February 2017 Austin Market Report

Months of Texas-sized growth in the Austin area came to a halt this February. According to the latest report from the Austin Board of REALTORS®, February posted a 1% growth in home sales with 1,829 homes sold. Home prices continue to rise in the Austin area with a 7% growth last month to a median price of $287,000. Despite the slowdown in sales, Austin homes spent just 61 days on the market on average, which is four days less than last February. New and active listings, as well as pending sales, also rose by 4%, 9%, and 3%, respectively. Home sales may have slowed down, but there is still plenty of activity happening on the Austin market. Check out the latest numbers from the Austin Board of REALTORS®:

February 2016 Austin Area Market Statistics

  • 1% increase in single-family homes sold in February 2017 to 1,829 homes
  • $287,000 median price of a single-family home in February 2017, or 7% more than February 2016
  • Homes spent 61 days on the market on average, which is 4 days fewer than February 2016
  • 0.1 month increase in available months of inventory in February 2017 to 2.1 months
  • 9% increase in total dollar sales volume in February 2017 to $652 million
  • 5,077 active listings in February 2017, which is a 9% increase over February 2016
  • 2,897 new listings in February 2017, or 4% more than February 2016
  • 3% increase in pending sales from February 2016 to 2,361 listings in February 2017

It’s important to remember that the Austin market has seen incredible growth over the past few years, so this slowdown isn’t a sign that the market is headed south. Slower home sales indicate that the Austin market is returning to normal levels. As we head into the spring selling season, it’s still the best time to buy or sell your home in the Austin area. For buyers, The Federal Reserve recently announced its intention to raise interest rates nationwide, which is a sign of a confidence in the economy. With this increase on the horizon, it’s a good idea to lock in your mortgage interest rate now, since rates will most likely continue to rise in the future. If you’re planning on selling, it’s also a great time to list your home. With low home inventory and rising prices, Austin is still in a seller’s market with a high demand for homes. Whether you're buying or selling a home, we recommend working with an experienced agent to help you navigate Austin’s changing market. To get in touch with one of our expert agents, contact us today!

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