AUSTIN, Texas - March 21, 2016 - According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin-area single-family home sales increased by 2.9 percent to 1,783 home sales in February 2016 compared to the same month the year prior. Median single-family home price also increased 8.0 percent year-over-year, reaching $269,900 in February 2016.
This continued market growth further emphasizes the need for major improvements to reshape the transportation future of Central Texas.
Aaron Farmer, 2016 President of the Austin Board of REALTORS®, explained, "The challenges facing our region's infrastructure are approaching critical mass. Austin-area residents are relocating farther and farther outside of Austin due to affordability issues and yet are spending more and more time stuck in traffic each year. With the rate our region's population is growing, this is simply not sustainable."
ABoR's Transportation Policy Team monitors city and regional transportation plans and projects and engages in transportation policy issues to ensure Central Texas residents have a variety of reliable and efficient modes of transportation.
"We stay on top of the main mobility initiatives in Central Texas, such as the MoPac Improvement Project, and get involved as projects are planned and developed," said David Hood, ABoR Transportation Policy Team Chair. "ABoR represents a diverse group of Realtors and homeowners across Central Texas, so we look at how a transportation project or proposal will impact these unique populations and the entire region in the long term."
As the market remains competitive, Austin-area monthly housing inventory was 2.1 months in February 2016, an increase of 0.1 months from February 2015. This figure is still well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market. Homes spent 62 days on market in February 2016, three days more than the year prior.
New listings increased by 11.1 percent to 2,793 listings in February 2016 and active listings increased by 10 percent year-over-year reaching 4,871 listings. Additionally, pending sales increased by 12.3 percent at 2,346 sales.
Farmer concluded: "The Austin Board of REALTORS® is glad to see Mayor Adler's regional approach to solving the Austin area's growing transportation challenges through the Mobility 20/20 Solution. Our region needs a variety of multi-modal transit solutions for our infrastructure to sustain future growth and it's going to take collaboration between Austin leadership and surrounding cities to make that a reality."
February 2016 Statistics
1,783 - Single-family homes sold, 2.9 percent more than February 2015.
$269,900 - Median price for single-family homes, 8.0 percent more than February 2015.
$333,011 - Average price for single-family homes, 7.6 percent more than February 2015.
62 - Average number of days single-family homes spent on the market, three days more than February 2015.
2,793 - New single-family home listings on the market, 11.1 percent more than February 2015.
4,871 - Active single-family home listings on the market, 10 percent more than February 2015.
2,346 - Pending sales for single-family homes, 12.3 percent more than February 2015.
2.1 - Months of inventory* of single-family homes, 0.1 months more than February 2015.
$593,758,953- Total dollar volume of single-family properties sold, 10.7 percent more than February 2015.
The Austin Board of REALTORS® (ABoR) builds connections through the use of technology, education and advocacy to strengthen the careers of its 11,000 members and improve the lives of Central Texas families. We empower Austin REALTORS® to connect their clients to the region's most complete, accurate and up-to-date listings data. For more, contact the ABoR Department of Public Affairs at firstname.lastname@example.org or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.
* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.