May Stats are in the books and the Austin Board of Realtors has released the May 2016 Central Texas Housing Market Report.
Single family home sales showed strong growth in Williamson County, with a nearly 20% increase in homes sold throughout the month. The number of days a home is on the market decreased by 11 days to a 36 day average and the average number of new listings is down 1%, creating increased demand and higher pricing as median sales price climbs 5%.
Travis County showed a 6% median sales price climb, but only a 5% increase in homes sold throughout the month. The average number of days a home is on the market increased by 5 days to a 42 day average, and the number of new listings going on the market is up 4%.
When you take a look at the entire Austin area, you see a similar 5% growth in median sales price, and a 10% increase in the number of homes sold. There is a 3% increase in the number of new listings going on the market, but a decrease of days on market of 3 days down to an average of 40 days on market.
The statistics represent what many home buyers & sellers already know, the housing market is hopping in Central Texas! It’s both a blessing and a curse, as higher prices and increased demand make the process of buying and selling more stressful. It’s extremely important now to have your timeline in mind for moving and your ducks in a rows when it comes to financing. We are seeing an increase in lenders willing to begin the underwriting process for borrowers before a property is chosen, putting them in a better position to make a competitive offer. Every nuance and detail of a buyers offer will be important and impactful, and every seller needs to evaluate the details of competing offers while considering their needs and timeline. I have seen a house sold out from under a seller more than once, leading to a serious time crunch in finding their next home! Communicate with your Realtor and make sure they are protecting you and your interests!!
Christina Catalano, Broker, Realtor
e-Pro, Certified Negotiation Expert