October 2016 Austin Market Report

Posted on Friday, November 18th, 2016 at 12:49pm.

October 2016 Austin Market Report

As we head toward the holiday season, home sales seem to be slowing down in the Austin area. According to the Austin Board of REALTORS®, Austin area home sales dropped 3% compared to October 2015, with 2,219 homes sold. Homes also spent 51 days on the market, which is two more days than last year. Prices continue to creep upward with a median price of $279,000 in October. Despite an increase in prices and fewer sales, there is still plenty of activity going on in the Austin area real estate market. Both active listings and pending sales increased by 6% and 5%, respectively, and the total dollar sales volume rose 3% to $797 million. Check out the latest numbers from Austin Board of REALTORS®:

October 2016 Austin Area Market Statistics

  • 2,219 single-family homes sold in October 2016, or 3% fewer than October 2015
  • 9% increase in the median price of a home from the previous year to $279,000
  • 3% rise in total dollar volume of single-family homes sold to equal $797 million in 2016
  • Homes spent an average of 51 days on the market this October, which is 2 days more than 2015
  • 2.6 months of inventory available in October 2016, or 0.1 months more than the previous year
  • 6% more active listings than 2015 with 6,293 listings in 2016
  • 2,624 new listings for October 2016, which is 5% less than October 2015
  • 5% more pending sales in October 2016 for a total of 2,276

A drop in home sales is not necessarily an indication that Austin’s market is slowing down. Like the temperatures, home sales seem to cool off in the last few months of the year. New residents are constantly moving to the Austin area, and they all need places to live. Austin is a seller’s market, so if you’re thinking of listing your home, now is a great time to do so. With rising prices and only 2.6 months of available inventory, which is well below the balanced inventory of 6 months, there is a strong demand for Austin area homes like yours. You’ll need a REALTOR® with strong negotiation skills on your side to help you achieve the best deal. Buyers, don’t be discouraged by the competitive market. There's still time to find a new home before the end of the year. Work with an experienced agent who can help you uncover your dream home among thousands of homes for sale in the Austin area at a price to fit your budget. Contact us to start working with one of our expert agents today!

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