November 2016 Austin Market Report

Posted on Thursday, December 15th, 2016 at 3:52pm.

November 2016 Austin Market Report

November was an exciting month for Austin real estate! According to the latest statistics published by the Austin Board of REALTORS®, home sales in November increased by an incredible 16% compared to last year with 2,055 total sales. The last few months of the year are typically the slowest for home sales in the Austin area, so it’s encouraging to see plenty of activity happening in the market. New and active listings on the market increased by 5% and 6%, respectively, since last year, with pending sales posting the largest increase at 18%. This growth occurred despite a continual rise in median home prices, which were up by 7% this November, as well as a steady housing inventory of just 2.3 months. All signs point to another record year for Austin-area home sales. Check out the latest numbers from the Austin Board of REALTORS®:

November 2016 Austin Area Market Statistics

  • 16% more single-family homes sold than November 2015, with 2,055 homes sold
  • The median price of single-family homes is $294,245, up 7% since last November
  • 2,112 new single-family homes listed last month, or 5% more than November 2015
  • Homes spent 54 days on the market on average in November, compared to 53 days in 2015
  • 6% increase in active single-family home listings in November 2016 with 5,626 listings
  • 2,151 pending sales for single-family homes last month, or 18% more than November 2015
  • 2.3 months of inventory of single-family homes, unchanged since November 2015
  • $769 million in total dollar sales volume in November 2016, which is 24% more than 2015

These numbers are just another indication of Austin’s strong housing market. An inventory hovering at 2.3 months, which is well below the balanced inventory of 6 months, shows Austin homes are in high demand. If you’re thinking about selling your home before the New Year, now is the perfect time to make your move! Our agents have all the experience and tools you need on your side to successfully market and sell your home at the best possible price. Buyers, don’t be discouraged by low inventory and higher prices in this seller’s market. Increases in new and active listings show there are homes coming on the market every day that meet your criteria. With our powerful home search tools and listing alerts, our agents can help you stay on top of the newest Austin listings and find the home of your dreams. Whether you're buying or selling a home, contact us to start working with one of our expert agents today!

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