By The Kent Redding Group
AUSTIN, TX. – Thanks to the recently released Texas Annual Housing Report from the Texas Association of Realtors® we know that 2016 has been another record breaking year for Real Estate in Austin and across the state of Texas.
Surpassing 2015’s Record Breaking Sales
Thanks to the Texas Annual Housing Report we know that 2016’s home sales surpassed 2015’s record-breaking home sales and that’s even in spite of slowing job growth in some cities due to a downturn in the energy sector demand for Real Estate in Texas has remained strong all year long.
Statistics from the Texas Annual Housing report
- 30 percent of home purchases were from first time home buyers, including single women.
- Billions of dollars in home sales have been from international buyers.
- Baby Boomers and Urban Millennials have been buying condominiums across Texas.
- Out of the home sales we’ve had across Texas this year, 30 percent of those homes sold were classified as “new homes”.
- The strongest segments of the housing market this year has been luxury homes and the small land sales markets; in fact, small land sales have seen double-digit growth this year alone.
- Austin, San Antonio, Dallas, Midland and Corpus Christi have seen significant games in sales of homes priced at $1 million dollars and above.
Five of the six largest luxury housing markets in the state (Austin, Dallas, San Antonio, Midland, and Corpus Christi) experienced significant gains in home sales priced at $1 million and up. Only Houston saw a decrease in sales: 7.9 percent. The average price per square foot of a luxury home in Austin this year was $345 — higher than any other luxury market in Texas.
What to Expect For 2017
As with 2016, the Texas Annual Housing Report confirms that both affordability and housing development will remain key issues that will affect the Texas Real Estate market in 2017.
A changing Presidential administration and increasing mortgage interest rates could also affect home affordability so if you’ve been thinking about buying a home in Austin one of the best times to buy a house will be after the start of the New Year.
To view Austin Texas Homes for sale, or to learn more about the local Real estate market, contact the Kent Redding group today by calling us at (512) 306-1001 or click here to connect with us online.