March 2016 Austin Market Report

Posted on Thursday, April 21st, 2016 at 4:36pm.

March 2016 Austin Market Report

March may not have set any records for home sales, but the latest numbers from the Austin Board of Realtors show that the demand for homes isn’t slowing down. Last month saw a 9% increase in home sales since the same time in 2015, with 2,552 homes sold. Home prices also rose 8% with a median price of $278,000. Despite rising home prices, the available months of inventory for Austin homes continues to hover at 2 months. This number is significantly below what real estate experts consider a balanced market, which is 6.5 months of inventory. March also saw increases across the board for new, active, and pending listings in the Austin area. Take a look at the latest numbers from the Austin Board of Realtors for March:

March 2016 Austin Market Statistics

  • 2,552 single-family homes sold in March 2016, or 9% more than last March
  • Homes spent 54 days on the market in March 2016, no change since March 2015
  • The median sales price of a home was $278,000, up 8% since March 2015
  • Total sales volume of $887,419,074 for single-family homes sold, which is 14% more than March 2015
  • 12% increase in new listings in March 2016 with 3,633 new listings
  • 2% increase in active listings compared to March 2015 with 4,669 listings
  • 2,811 pending sales in March 2016, or 7% more than last year
  • 2 months of inventory for March 2016, or 0.2 fewer months since March 2015

Just like the Texas weather, Austin home sales are bound to heat up as summer draws closer. Sellers, it’s hard to find a better time to list your home than now. With such low available inventory in the Austin area, homes are in high demand. Our agents can help you list your home with the right price to help attract the most attention from buyers. If you’re on the hunt for an Austin area home, don’t be discouraged by the high demand and rising prices. New listings are hitting the market every day, and an expert agent can help you stay on top of the latest listings that meet all your criteria. Whether you’re planning to buy or sell a home this spring or summer, it’s never to early to get in touch with an Austin Realtor. Contact us today with your questions about the Austin area market.

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