January 2016 Austin Market Report

Posted on Tuesday, February 23rd, 2016 at 4:56pm.

January 2016 Austin Market Report

It’s a new year for Austin real estate! According to numbers recently released by the Austin Board of Realtors, the first market statistics of 2016 show a slight drop in Austin home sales. Compared to January 2015, home sales in Austin fell by almost 2% with 1,459 homes sold. Home prices continue to rise year over year in the Austin area, with a 6.3% increase since January 2015. Homes in Austin sold faster this January, spending a week less on the market compared to the year before. The months of available inventory remained low at just two months in January. Despite high prices and slow January sales, homes in Austin are clearly in demand. Take a look at the latest statistics from the Austin Board of Realtors:

January 2016 Austin Market Statistics

  • 1,459 single-family homes sold, or 1.9% less than January 2015
  • 6.3% increase in the median price of a single-family home from January 2015 to $254,999
  • Homes spent 56 days on the market on average, which is 7 days fewer than January 2015
  • 2,399 new single-family home listings, or 8% more than January 2015
  • 11.4% increase in active single-family home listings in January 2015 at 4,751 listings
  • 2,207 pending single-family home sales last month, which is 16.6% more than January 2015
  • 0.1 more months of inventory available in January 2015 with 2 months
  • Total dollar sales volume in January 2015 was $470,702,965- 1.9% more than January 2015

Although home sales have dropped for the first month of 2016, that doesn’t necessarily mean the rest of the year will see the same decline. The winter months typically see slower home sales compared to summertime, when homeowners often decide to move. Low months of available inventory and high home prices this month indicate that Austin’s market will most likely remain competitive throughout 2016. Sellers should be prepared for multiple offer situations, especially in areas where homes are in high demand. An agent with strong negotiation skills is a strong asset you’ll need on your side. If you’re plans include a home purchase in 2016, your first step should be to choose an experienced agent with tons of knowledge about Austin area neighborhoods. Your agent could help you find your perfect home in an area you may not have considered before. Our Realtors are passionate about Austin real estate, and are waiting to help you achieve your real estate goals. Contact us today to get started working with one of our experienced agents.

Leave a Comment