Article courtesy of the Austin Board of Realtors.
The information below is helpful to know as a homeowner, first time buyer or investor. If you are thinking of selling and getting top dollar, now is the time to make a move. The interest rates are still at an all time low. With limited inventory and the influx of new people to Austin it is going to drive up the prices. It is also a good time to buy investment property, lease rates are going up, it guarantees a steady monthly income.
Call me today to discuss your options and how to take advantage of this amazing market we are experiencing.
Austin-area home sales rise 33 percent, hit six-year high for January
Austin Board of REALTORS® releases real estate statistics for January 2013
AUSTIN, Texas –
February 20, 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 January became the 20th straight month of sales
volume increases—the most home sales in January since 2007.
According to the report, 1,402 single-family homes were sold in the
Austin area in January 2013, which is 33 percent more than January
2012, and the total dollar volume of single-family properties sold was
$368,289,978, or 55 percent higher than the same month last year.
Cathy Coneway,
2013 Chairman of the Austin Board of REALTORS®, explained, “The
Austin real estate market showed steady growth in demand throughout
2012 and if the first month of 2013 is any indication, this year looks
to be continuing that momentum in a big way.”
In January 2013, the median price for Austin-area homes also increased
to $197,900, which is 10 percent more than the same month in 2012.
Additionally, the market featured 2.5 months of inventory in January
2013, which is 1.6 months less than January 2012 and the lowest
inventory figure seen in the Austin area in the last decade.
The market also featured one percent fewer new listings, 25 percent
fewer active listings and 25 percent more pending sales in January 2013
compared to the prior year. On average, homes spent 71 days on the
market, which is a decrease of 14 days from one year prior.
Chairman
Coneway continued, “The inventory of homes in Austin continues to
feature unprecedented lows and sales prices are starting to reflect
that. Those entering the market should be prepared to compete for
properties.”
January 2013 Statistics
- 1,402 – Single-family homes sold, 33 percent more than January 2012.
- $197,900 – Median price for single-family homes, 10 percent more than January 2012.
- 71 – Average number of days single-family homes spent on the market, 14 days fewer than January 2012.
- 2,252 – New single-family home listings on the market, one percent fewer than January 2012.
- 4,947 – Active single-family home listings on the market, 25 percent fewer than January 2012.
- 2,045 – Pending sales for single-family homes, 25 percent more than January 2012.
- 2.5 – Months of inventory* of single-family homes, 1.6 months less than January 2012.
- $368,289,978 – Total dollar volume of single-family properties sold, 55 percent more than January 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 January 2013 was 177, which is 39 percent more than
January 2012. In the same time period, the median price for condos was
$190,000, which is 23 percent more than the same month of the prior
year. When compared to January 2012, these properties spent 42 percent
less time on the market, or an average of 64 days.
Leasing
In January 2013, a total of 1,150 properties were leased in the
Austin area, which is two percent more than January 2012. The median
price for Austin-area leases was $1,300, which is four 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. To receive sales activity
updates, contact marketing@abor.com or 512-454-7636, ext. 1300.
* 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.
