September 2016 Austin Market Report

Posted on Wednesday, October 19th, 2016 at 2:17pm.

After a summer of hot home sales, Austin’s real estate market seems to be cooling off. According to the latest report from the Austin Board of REALTORS®, home sales in September increased by just 1% with 2,576 homes sold. Despite this slowdown, new and active listings increased by 7% and 10%, respectively, over last year. The median home price also rose with an 8% increase to $275,250. The months of available inventory in the Austin area continues to hover at 2.7 months, which is significantly less than the balanced market range of 6.5 months. It looks like Austin’s market will remain competitive as we head toward the end of the year. Take a look at the latest statistics from the Austin Board of REALTORS®:

September 2016 Austin Area Market Statistics

  • 2,576 single-family homes sold in September 2016, which is 1% more than 2015
  • 8% increase in the median price of a home since last year to $275,250 in September 2016
  • Homes spent 47 days on the market on average, which is unchanged since September 2015
  • 2.7 months of inventory available in September 2016, or 0.1 months more than 2015
  • Total dollar sales volume of $887 million in September 2016, which is 8% more than 2015
  • 7% increase in new listings since last year to 2,947 listings in September 2016
  • 10% more active listings in September 2016 than 2015 at 6,681 listings
  • 2,268 pending sales in September 2016, or 2% more than September 2015

Just like the fall temperatures, we can expect home sales to cool off as we head into the final months of the year. Buyers, don’t be turned off by high prices and low inventory. Increases in new and active listings show there is still real estate activity happening in the Austin area that you can take advantage of. Check out three reasons why fall is still a great time to buy. Sellers, with fewer homes on than market and an increase in pending sales, there are plenty of buyers out there looking for a home like yours. There’s still time to list your home before the holiday season hits. Prepare to enter the market with our top four tips to sell your home. Ready to buy or sell an Austin home, or even just considering it? Contact us today to get in touch with one of our expert agents.

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