Austin Real Estate Market Report December 2016
The year-end and December 2016 Central Texas Housing Market report was released today by the Austin Board of Realtors® and stated record breaking sales in 2016 and signs of normalization in 2017. The year-end report showed that more than 29,000 single-family homes were sold in the five-county Austin-Round Rock Metropolitan Statistical Area (MSA) in 2016, a 3.9 percent increase from 2015 and an all-time high for annual home sales volume. Austin single-family home sales volume grew slightly in 2016, increasing 1.7 percent from 2015 to 9,049 home sales.
Median price for single-family homes in the MSA rose 7.2 percent from 2015 to $284,000 and Austin median home prices rose 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, with an average of 41 days.
The report also stated that 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. Homes spent an average of 50 days on the market in December 2016, an increase of five days from December 2015.
It is predicted that the 2017 Central Texas Housing Market will outpace 2016 but less robustly.