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Austin Housing Report – May 2016

Posted by Christina Catalano on June 21, 2016
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May Stats are in the books and the Austin Board of Realtors has released the May 2016 Central Texas Housing MarketMay2016_austinArea 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!!

May2016_travisMay2016_wilco

Christina Catalano, Broker, Realtor
e-Pro, Certified Negotiation Expert
512-413-3554

 

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