Austin-area single-family home sales rose 2.9 percent to 1,783 home sales in February 2016 compared to the same month the year prior. This is according to information pulled by the Austin Board of REALTORS® (ABoR) using the Multiple Listing Service (MLS). During the same time period, median single-family home price also increased 8.0 percent, an increase to $269,900.
With all the market growth in the Austin area there is added emphasis for major improvements to 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 which handles the monitoring of the city’s, as well as the regional, transportation plans and projects. They also engaged in the transportation policy issues in hopes to ensure Central Texas residents have a plethora of reliable and efficient ways to traverse the city.
“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.”
In February 2016, listings that were new to the market saw an increase of 11.1 percent; up to 2,793 listings. Meanwhile, active listings jumped 10 percent year-over-year reaching 4,871 total listings. All the while, Austin-area pending sales went up by 12.3 percent to 2,346 sales during the month of February.
“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.”