The Austin real estate market capped off 2016 in historic fashion by breaking the overall home sales record. There has been a lot of news circulating about home values in the Austin area reaching record levels, but that did not slow home sales this year. The market is showing signs of normalizing in 2017 though with homes spending more days on market in general and prices stabilizing. What will this mean for the 2017 market? Be sure to to check back next month as we review the trends of January!
Austin-Round Rock Metropolitan Statistical Area (MSA)
More than 29,000 (29,569) single-family homes were sold in the five-county MSA in 2016, a 3.9 percent increase from 2015 and an all-time high for annual home sales volume. Median price for single-family homes rose 7.2 percent from 2015 to $284,000, while home sales dollar volume jumped 9.1 percent from 2015 to $10,456,084,996. Homes spent an average of 50 days on the market in 2016, an increase of two days from 2015.
Housing inventory levels remained unchanged from year-end 2015 to year-end 2016, ending December 2016 at 2.0 months of inventory. This is two-thirds less than the Real Estate Center at Texas A&M University’s benchmark of 6.5 months as a balanced housing market. In December 2016, single-family home sales rose 1.9 percent year-over-year to 2,373 home sales, while median price rose 6.9 percent to $290,000.
City of Austin
Austin single-family home sales volume grew slightly in 2016, increasing 1.7 percent from 2015 to 9,049 home sales. Austin home prices rose at a more moderate pace than in years prior, with median price increasing 5.8 percent to $340,000 during the same time frame. Active listings jumped 16.5 percent annually to 1,461 listings and homes spent five more days on the market in 2016 than in 2015, or an average of 41 days.
In December 2016, city of Austin home sales declined 7.8 percent to 705 single-family home sales, while median price rose 9.2 percent to $355,000. Monthly housing inventory increased 0.1 months year-over-year to 1.6 months of inventory. Homes spent an average of 50 days on the market in December 2016, an increase of five days from December 2015.
Single-family home sales volume in Travis County increased 3.3 percent in 2016 to 14,621 home sales, while median price increased 6.5 percent from 2015 to $330,000. Homes spent an average of 49 days on the market in 2016, three days more than in 2015. In December 2016, housing inventory increased 0.1 months year-over-year to 2.0 months. In the same month, single-family home sales declined 2.4 percent year-over-year to 1,160 home sales and median price increased 6.4 percent year-over-year to $335,000.
Single-family home sales volume in Williamson County increased 2.5 percent in 2016 to 10,102 home sales, while median price increased 6.2 percent from 2015 to $260,000. Homes spent the same amount of time on the market in 2016 as in 2015, or an average of 48 days. In December 2016, housing inventory remained unchanged from December 2015 at 1.8 months. Single-family home sales increased 1.7 percent year-over-year in December 2016 to 791 home sales, while median price rose 5.1 percent year-over-year to $265,000.
Single-family home sales volume in Hays County increased 7.3 percent in 2016 to 3,485 home sales, while median price increased 5.2 percent from 2015 to $243,000. Homes spent an average of 56 days on the market in 2016, one day less than in 2015. Monthly housing inventory remained unchanged from the year prior at 2.3 months in December 2016. During the same time frame, single-family home sales jumped 12.9 percent year-over-year to 306 home sales and median price rose 3.9 percent year-over-year to $253,000.
Infographic and stats courtesy of The Austin Board of REALTORS® (ABoR)