Greater Austin Housing Market Update
Austin-area home sales up 32 percent, hit nine-year high for April
Austin Board of REALTORS® releases real estate statistics for April 2013
AUSTIN, Texas – May 21, 2013 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the volume of Austin-area home sales continues to rise as April became the 23rd straight month of year-over-year sales volume increases, and April saw its most home sales since 2004.
According to the report, 2,563 single-family homes were sold in the Austin area in April 2013, which is 32 percent more than April 2012. On average, homes spent 50 days on the market, which is a decrease of 19 days from one year prior.
Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS®, explained, “On average, Austin-area homes are now selling in only six weeks. Buyers should think hard about the type of home, features and amenities they’re looking for and then be prepared to move quickly once they find a home that fits that description.”
The total dollar volume of single-family properties sold was $794,158,365, or 52 percent higher. The market also featured 10 percent more new listings, 25 percent fewer active listings and 20 percent more pending sales in April 2013 compared to the prior year.
In April 2013, the median price for Austin-area homes increased eight percent more than the same month last year to $227,250. Additionally, the market featured 2.7 months of inventory in April 2013, which is 1.3 months less than April 2012.
“It’s good to see a 10 percent increase in new home listings,” Coneway adds. “As Austin-area home sales continue to increase and the time homes spend on the market continues to shorten, it is integral that our housing supply also increases to meet this surging demand.”
April 2013 Statistics
- 2,563 – Single-family homes sold, 32 percent more than April 2012.
- $227,250 – Median price for single-family homes, eight percent more than April 2012.
- 50 – Average number of days single-family homes spent on the market, 19 days fewer than April 2012.
- 3,561 – New single-family home listings on the market, 10 percent more than April 2012.
- 5,488 – Active single-family home listings on the market, 25 percent fewer than April 2012.
- 2,976 – Pending sales for single-family homes, 20 percent more than April 2012.
- 2.7 – Months of inventory* of single-family homes, 1.3 months less than April 2012.
- $794,158,365 – Total dollar volume of single-family properties sold, 52 percent more than April 2012.
The following sections describe trends in other sectors of the Austin real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in April 2013 was 251, which is 31 percent more than April 2012. In the same time period, the median price for condos was $201,250, which is 17 percent more than the same month of the prior year. When compared to April 2012, these properties spent 47 percent less time on the market, or an average of 41 days.
In April 2013, a total of 1,273 properties were leased in Austin, which is 14 percent more than April 2012. The median price for Austin-area leases was $1,400, which is eight percent more than the same month of the prior year.
The Austin Board of REALTORS® (ABoR) is a non-profit, voluntary organization dedicated to educating and supporting Central Texas REALTORS®. ABoR proudly serves nearly 9,000 members, promotes private property rights, and provides accurate, comprehensive property listing information for the Greater Austin area.
Home sales statistics are released by ABoR on a monthly basis. For more information, please contact the ABoR Marketing Department at firstname.lastname@example.org or 512-454-7636. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market.
* 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.