March 2017 Austin Market Report

Posted on Thursday, April 20th, 2017 at 5:02pm.

March 2017 Austin Market Report

Austin area temperatures may be on the rise, but local home sales seem to be cooling off. According to the latest report from the Austin Board of REALTORS®, home sales in the Austin area dropped by 1% to 2,509 homes sold. Home prices continue to heat up for the third month in a row, posting a $295,767 median price compared to last March. Despite slow home sales this past month, Austin’s market is still bustling with activity. March saw double-digit increases for new and active listings on the market, as well as pending sales. The months of available home inventory in the Austin area also increased to 2.4 months but continues to hover well below the balanced level of 6.5 months. Check out the latest numbers from the Austin Board of REALTORS®:

March 2017 Austin Area Market Statistics

  • 2,509 single-family homes sold in March 2017, or 1% less than last March
  • Homes spent 56 days on the market in March 2017, no change since March 2016
  • The median sales price of a home was $295,767, up 6% since March 2016
  • Total sales volume of $931 million for single-family homes sold, which is 5% more than March 2016
  • 2.4 months of inventory for March 2017, or 0.2 more months since March 2016
  • 16% increase in new listings in March 2017 with 4,199 new listings
  • 15% increase in active listings compared to March 2016 with 5,962 listings
  • 3,049 pending sales in March 2017, or 14% more than last year

All of these numbers reflect how much Austin has become one of the most desirable cities to call home. New residents are moving to the Austin area every day, and they all need a place to call home. It’s a great time to be a home buyer or seller in the Texas capital! If you’re thinking about selling your home, finding an experienced real estate agent should be at the top of your to-do list. With just 2.4 months of available inventory, Austin homes are in high demand. Your REALTOR® will help you price your home competitively to attract the most attention from buyers and sort through multiple offers to select the best one. Buyers, don’t be discouraged by rising prices and potential competition. With increases and new and active listings, there are homes hitting the market every day that could fit your budget. Choose an agent with strong negotiation skills to help you find and secure the home of your dreams. Whether you’re planning to buy or sell a home, our expert agents are ready to assist! Contact us today to get in touch with our team of top Austin area REALTORS®.

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