According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, the competition for Austin real estate is intensifying as May 2012 became the 12th straight month of sales volume increases and the fourth straight month of price increases for Austin-area homes compared to the same month of the prior year.
Specifically, 2,340 single-family homes were sold in the Austin area in May 2012, which is 25 percent more than May 2011. During the same time period, the median price for Austin-area homes was $215,000, or 10 percent more than the same month in 2011.
Leonard Guerrero, Chairman of the Austin Board of REALTORS®, commented, “The inventory of homes in the Austin area has been shrinking since this time last year while demand has remained strong, outpacing 2011 by double digits each month since last summer. As a result, prices are increasing as buyers compete more aggressively for available properties.”
In May 2012, the market featured 4.4 months of inventory, which was 2.4 months less than May 2011. In addition, the market featured eight percent more new listings, 23 percent fewer active listings and 20 percent more pending sales in May 2012 compared to the prior year. On average, homes spent 62 days on the market in May 2012, which is 19 days less than May 2011.
May 2012 Statistics
- 2,340 – Single-family homes sold, 25 percent more than May 2011.
- $215,000 – Median price for single-family homes, 10 percent more than May 2011.
- 62 – Average number of days that single-family homes spent on the market, 19 days less than May 2011.
- 3,375 – New single-family home listings on the market, eight percent more than May 2011.
- 7,551 – Active single-family home listings on the market, 23 percent less than May 2011.
- 2,592 – Pending sales for single-family homes, 20 percent more than May 2011.
- 4.4 – Months of inventory* of single-family homes, 2.4 months less than May 2011.
- $652,520,700 – Total dollar volume of single-family properties sold, 31 percent more than May 2011.
The following sections describe trends in other sectors of the Austin-area real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in May 2012 was 278, which is 45 percent more than May 2011. In the same time period, the median price for condos was $190,000, or six percent more than May 2011. When compared to the same month of the prior year, these properties spent four percent more time on the market, or an average of 79 days.
Leasing
1,376 properties were leased in May 2012 in the Austin area, which is nine percent more than May 2011. The median price for Austin-area leases was $1,350, or eight percent higher than the same month of the prior year.
* 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.
