Number of Homes for Sale Increases in Austin

May 19, 2017 by · Leave a Comment 

While the demand for homes and home sales have remained steady, the housing inventory in Austin is growing. That is good news for Austin home buyers.

The number of homes that sold from January 1 through April 30 (4 months) during 2017 was very close the the same number of homes that sold in the same period in 2016.

In April 2016, 2474 homes sold. In April 2017, 2445 homes sold.  Pending sales in April, 2016 were 4746 and in April, 2017 there were 4,485, a decrease of 5.4%.

But, one of the biggest differences in the Austin market, however, is the increase in the number of homes for sale. Last year at this time there were only 5923 homes on the market. This year during the same period, we have 7,099 homes for sale, an increase of 16.57% from last year.

In the price band between $200,000-$400,000 there were 1288 homes for sale a year ago. Today, in the same price range, there are 3,113 homes for sale, an increase of 142%. In the upper end market, in 2016 there were 750 homes for sale over $1M. Today, there are 810 homes for sale, an increase of only 8%

The increase in inventory is good news for buyers! Last year we were scurrying to find homes before they hit the market. Our buyers were competing with multiple offers on every home sale and we saw homes sell for as much as 10% over the list price. More inventory means a little less competition and home prices stabilizing.

Every market around the Austin area is different depending on the price band and the location. Watch our market report each month that breaks sales down by price and zip code. For instance, in zip codes 78727, 78739 and 78749 the average sold price was ABOVE the average listed home price. In other zip codes, the sold price was usually 2%-3% BELOW the list price.

Submitted by Laura Duggan, Broker/Owner, West Austin Properties, 3312 River Road, Austin, TX 78703, 512-750-2425, laura@westaustin.com

 

About Laura

Laura is a third generation native of Austin who grew up in Tarry Town in Central Austin. She is the owner and broker of West Austin Properties and has been selling real estate in the Austin area since 1979. Laura is married to the love of her life, Brad, and they have two grown daughters. Together, they love to explore all of the fun spots Austin has to offer.