Austin Real Estate Report
Austin-area home sales up 34 percent; most home sales for September since 2005
AUSTIN, Texas – Oct. 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 continued to rise in September and had the most single-family home sales for the month since 2005.
According to the report, 2,391 single-family homes were sold in the Austin area, which is 34 percent more than September 2012. On average, homes spent 44 days on the market, which is a decrease of 22 days from one year prior.
Cathy Coneway, 2013 President of the Austin Board of REALTORS® explained, “With such explosive growth in the Austin housing market, we have to plan for our community’s future needs. Proposition 1’s funding of affordable housing in Austin and Proposition 6’s funding of the state water plan are critical to maintaining the success of Austin’s housing market and our economy.”
The total dollar volume of single-family properties sold was $688,347,381, or 47 percent higher than the same month last year. The market also featured 17 percent more new listings, 12 percent fewer active listings and six percent more pending sales in September 2013 compared to the prior year.
In September 2013, the median price for Austin-area homes increased to $223,000, which is 13 percent more than the same month in 2012. Additionally, the market featured 2.7 months of inventory in September 2013, which is about 1 month less than September 2012.
Coneway concluded, “Every member of our community plays a part in ensuring the continued growth of our great city. We encourage you to go out and vote during the early voting period or on November 5 for Austin’s Proposition 1 and Texas’ Proposition 6.”
September 2013 Statistics
- 2,391 – Single-family homes sold, 34 percent more than September 2012.
- $223,000 – Median price for single-family homes, 13 percent more than September 2012.
- 44 – Average number of days single-family homes spent on the market, 22 days fewer than September 2012.
- 2,487– New single-family home listings on the market, 17 percent more than September 2012.
- 5,965 – Active single-family home listings on the market, 12 percent fewer than September 2012.
- 1,978 – Pending sales for single-family homes, six percent more than September 2012.
- 2.7 – Months of inventory* of single-family homes, 1 month less than September 2012.
- $688,347,381 – Total dollar volume of single-family properties sold, 47 percent more than September 2012.
The following sections describe trends in other sectors of the Austin real estate market.
Townhouses & Condominiums
The number of townhouses and condominiums (condos) purchased in the Austin area in September 2013 was 261, which is 25 percent more than September 2012. In the same time period, the median price for condos was $202,000, which is 13 percent more than the same month of the prior year. When compared to September 2012, these properties spent 37 percent less time on the market, or an average of 43 days.
In September 2013, a total of 1,409 properties were leased in Austin, which is 10 percent more than September 2012. The median price for Austin-area leases was $1,350, which is two 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 more than 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 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 is 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.