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Austin real estate market shows biggest sales volume increase in three years
Austin Board of REALTORS® releases October 2012 real estate statistics
AUSTIN, Texas – November 20, 2012 – In October 2012, the Austin real estate market saw the biggest year-over-year increase in the volume of single-family home sales since November 2009, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®.
According to the report, 1,960 single-family homes were sold in the Austin area in October 2012, which is 37 percent more than October 2011, and the total dollar volume of single-family properties sold was $543,466,840 or 51 percent higher than the same month last year.
Leonard Guerrero, Chairman of the Austin Board of REALTORS®, explained, “This is a significant increase in sales volume, even for the Austin market, which has seen 17 straight months of increasing sales. The last time our market saw increases of this size was in 2009, just prior to the expiration of federal homebuyer tax credits. To see these results now without those types of external factors stimulating the market is very encouraging.”
In October 2012, the median price for Austin-area homes also increased to $199,320, which is five percent more than the same month in 2011. In addition, the market featured 3.4 months of inventory in October 2012, which is 1.6 months less than October 2011 and the lowest inventory figure seen in Austin in the last decade.
The market also featured three percent more new listings, 20 percent fewer active listings and 19 percent more pending sales in October 2012 compared to the prior year. On average, homes spent 68 days on the market, which is a decrease of 14 days from one year prior.
Chairman Guerrero concluded, “With continued strong demand for homes and only modest increases in new listings, sellers can expect properties to move more quickly than this time last year and buyers should expect strong competition for properties.”
October 2012 Statistics
1,960 – Single-family homes sold, 37 percent more than October 2011.
$199,320 – Median price for single-family homes, five percent more than October 2011.
68 – Average number of days single-family homes spent on the market, 14 days less than October 2011.
2,245 – New single-family home listings on the market, three percent more than October 2011.
6,327 – Active single-family home listings on the market, 20 percent less than October 2011.
1,918 – Pending sales for single-family homes, 19 percent more than October 2011.
3.4 – Months of inventory* of single-family homes, 1.6 months less than October 2011.
$543,466,840 – Total dollar volume of single-family properties sold, 51 percent more than October 2011.
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 October 2012 was 197, which is 22 percent more than October 2011. In the same time period, the median price for condos was $183,890, which is three percent more than the same month of the prior year. When compared to October 2011, these properties spent 30 percent less time on the market, or an average of 63 days.
Leasing In October 2012, a total of 1,163 properties were leased in Austin, which is one percent more than October 2011. The median price for Austin-area leases was $1,300, which is two percent higher than the same month of the prior year.
The Austin Board of REALTORS® (ABoR) is a non-profit, voluntary organization representing nearly 9,000 licensed REALTORS® in Central Texas. As the primary source for accurate and comprehensive property listing information for REALTORS® in greater Austin, ABoR works to advance the REALTOR® mission and protect homeowner rights. 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.