June Stats are in the books and the Austin Board of Realtors has released the June 2016 Central Texas Housing Market Report. The report highlights the changes in our housing market from 2015 – 2016.
Single family home sales showed continued growth in Williamson County, with a 12% increase year-over-year in homes sold throughout the month of June. The number of days a home is on the market decreased by 3 days to a 37 day average and the average number of new listings is down 2%, creating increased demand and higher pricing as median sales price climbs 9%. More homes sold + less new listings = continued climbing prices.
Travis County showed a 10% median sales price climb, and a 5% increase in homes sold from June 2015 to June 2016. The average number of days a home is on the market increased by1 day to a 40 day average, and the number of new listings going on the market is up 3%.
When you take a look at the entire Austin area, you see a similar 8% growth in median sales price, and a 9% increase in the number of homes sold. There is a less than 1% increase in the number of new listings going on the market, but no change to an average of 41 days on market.
The June year over year comparison shows continued tightening of the Austin Real Estate Market. With an inventory level of 2.5 months, we are well under the 5-7 month inventory level that is considered a balanced market. It is still a strong sellers market in many areas with buyers often having to offer over list price just to win the contract. With premiums being paid by buyers, the inevitable appraisal issues follow. Buyers are having to pay the pricing premium out of pocket, covering the difference between the appraiser’s valuation and the contract price. It’s easy to get caught up in a bidding war, so buyers be wary and work closely with your Real Estate Professional to make sure you are making a wise investment.
Christina Catalano, Broker, Realtor
e-Pro, Certified Negotiation Expert