Last year was yet another record-breaking year for Austin-area home sales. The Austin Board of Realtors’ year-end 2016 Central Texas Housing Market Report showed single-family home sales across the Austin and Round Rock area climbed 3.9 percent in 2016, an all-time high for the amount of annual home sales. The median price for single-family homes also increased 7.2 percent last year. According to the data, houses spent an average of two months on the market.
“Cedar Park single-family home sales decreased .7 percent year-over-year in 2016, while median home price rose 6.9 percent to $293,000,” Morgan Moritz of Pierpont Communications, Inc. said.
As for Leander, home sales spiked 3.4 percent year-over-year in 2016, while median home price rose 12 percent to $266,000.
According to the report’s findings, the Central Texas housing market could begin to normalize this year.
“The Central Texas housing market is slowly beginning to align with long-term historical trends. Homes are spending more time on the market and the pace of both home sales and price growth is slowing,” said 2017 ABOR president Brandy Guthrie. “This normalization does not necessarily mean a weakening housing market, but a return to less aggressive market conditions.”
Single-family home sales volume in Williamson County climbed 2.5 percent to 10,102 home sales, while the 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, an average of 48 days.
In Travis County, single-family home sales had a 3.3 percent upsurge in 2016 to 14,621 home sales, while the median price increased 6.5 percent from 2015 to $330,000. Homes in 2016 spent approximately 49 days on the market, or about three days more than in 2015.
In Hays County, single-family home sales increased 7.3 percent to 3,485 home sales. The median price surged 5.2 percent from 2015 to $243,000. Homes spent an average of 56 days on the market in 2016, or one day less than in 2015.
“While the region’s job growth have slowed over the last few years, overall the Central Texas economy and housing market continue to be strong,” said Mark Sprague, State Director of Information Capital for Independence Title. “The 2017 housing market will likely outpace last year’s levels, but at a less robust margin. Recent increases in mortgage rates could continue the current pace of home sales growth into the first part of the year.”