February 2016 Real Estate Market in Austin
On March 21st the Austin Multiple Listing Service (MLS) released their findings on Austin –area single –family homes. From their calculations home sales increased by 2.9% to 1,783 homes sales in February 2016 compared to the same month in 2015. Median single family home price increased 8.0% year over year reaching $269,900 in February 2016.
There is no stopping the growth for Austin with the numbers of people moving here each day! Austin area residents are forced to relocate farther and farther outside of Austin due to affordability concerns and are finding themselves stuck in traffic longer than ever each year. This continued market growth further underscores the need for major improvement to restructure the transportation future of Central Texas!
Austin area monthly housing inventory was 2.1 months in February 2016 and is still far below the 6.5 month level the Real Estate Center at Texas A & M University estimates as a balanced housing market.
In February 2016 new listings increased by 11.1 % to 2,793 and active listings increased by 10 % year-over year reaching 4,871 listings. But hold on to your hat, pending sales increased by a whopping 12.3% for 2,346 in sales!
In February 2016 homes were 62 days on market before receiving an offer, three days more than in 2015. The gist of it is more listings, producing more sales with slightly longer days on market.
In order to sustain this kind of growth Austin needs to take immediate action and partner with surrounding cities. Mayor Adler’s trying with his regional approach to solving Austin area’s growing transportation challenges through the Mobility 20/20 Solution (which is a whole other blog). We need innovative thinking and planning for a variety of multi-modal transit solutions for our infrastructure. Our current pace on transportation will simply not be sustainable for our continued growth.
As always, Austin real estate information is brought to you as a courtesy by Dorie Dillard of Coldwell Banker United; your NW Austin Real Estate Consultant.
I am a recognized professional in NW Austin real estate. I’m a good listener and act, not react to your needs. I have systems in place, references at hand and proven solutions to getting your home sold. Reach out to me at 512-346-1799 or email at dillard@reloaustin.com for an insightful conversation about the marketability of your home. I offer hands on Professional guidance for all your real estate needs.
Search for homes in Canyon Creek
Don’t forget to visit my website: www.reloaustin.com
 |
     
       Dorie Dillard is the most frequently hired REALTOR® in the Canyon Creek Subdivision. “YOUR PERFECT PARTNER”
|
