May 2016 Austin Market Report

Posted on Tuesday, June 21st, 2016 at 4:24pm.

May 2016 Austin Market Report

Just like the summer temperatures, home sales are heating up in the Austin area! According to the latest report from the Austin Board of Realtors, 2,909 homes were sold in May, which is 10% more since last year. The Williamson County area alone saw a 19.5% increase in home sales. Homes spent just 40 days on the market, which is three days less than May 2015. Austin home prices also continued to rise since last year with a 5% increase and median price of $288,085. Despite rising prices, pending sales in May rose an incredible 21% with 3,297 sales. There is a lot of activity happening in the Austin real estate market. Take a look at the latest numbers from the Austin Board of Realtors:

  • 10% increase in total single-family homes sold since May 2015 at 2,909 homes
  • Median sales price of a home was $288,085 last month, which is 5% more than May 2015
  • Total dollar sales volume for single-family homes increased 12% in May 2016 to $1.05 billion
  • No change in months of inventory available last May at 2.4 months
  • Homes spent 3 fewer days on the market with an average of 40 days in May 2016
  • 3% increase in new listings for May 2016 at 3,795 listings
  • 5% increase in active listings since May 2015 with 5,725 listings in May 2016
  • 3,297 pending sales in May 2016, or about 21% more than May 2015

With high home prices and homes spending fewer days on the market, it’s more important than ever to work with a Realtor who understands the Austin market, whether you’re buying or selling. For buyers, low inventory and homes spending fewer days on the market in May indicate a fast-paced, competitive market. Moving quickly is the key to success, and an expert agent on your side can help you stay on top of the latest listings in the Austin area. Check out our tips here on how to be successful in Austin’s hot seller’s market. If you’re planning to sell your home, the Austin market with low inventory and increased pending sales is in your favor. An experienced agent with keen negotiation skills can make all the difference when it comes to achieving the best value for your home sale. Whether you're buying or selling a home, our agents are the experts in Austin real estate. Contact us today to get in touch with one of our top agents.

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