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 May 2013 marked two straight years of sales volume increases and the most home sales in May on record.
According to the report, 2,991 single-family homes were sold in the Austin area in May 2013, which is 29 percent more than May 2012. On average, homes spent 44 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, “This is a great month for the Austin-area housing market. This is a record month with nearly 3,000 single-family homes sold in May—an incredible trend I expect to continue through the summer.”
The total dollar volume of single-family properties sold was $904,460,454, or 40 percent higher than the same month last year. The market also featured 11 percent more new listings, 24 percent fewer active listings and 10 percent more pending sales in May 2013 compared to the prior year.
In May 2013, the median price for Austin-area homes increased to $231,500, which is eight percent more than the same month in 2012. Additionally, the market featured 2.7 months of inventory in May 2013, which is 1.7 months less than May 2012.
Coneway adds, “The Austin Chamber of Commerce states that 150 people move to the Austin area every day, so it’s no surprise homes are selling at a rate not seen since 2001. With these numbers, it’s important that our housing inventory remain strong to meet this unprecedented demand.”
May 2013 Austin Real Estate Market Statistics
- 2,991 – Single-family homes sold, 29 percent more than May 2012.
- $231,500 – Median price for single-family homes, eight percent more than May 2012.
- 44 – Average number of days single-family homes spent on the market, 19 days fewer than May 2012.
- 3,735 – New single-family home listings on the market, 11 percent more than May 2012.
- 5,735 – Active single-family home listings on the market, 24 percent fewer than May 2012.
- 2,857 – Pending sales for single-family homes, 10 percent more than May 2012.
- 2.7 – Months of inventory* of single-family homes, 1.7 months less than May 2012.
- $904,460,454 – Total dollar volume of single-family properties sold, 40 percent more than May 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 May 2013 was 336, which is 17 percent more than May 2012. In the same time period, the median price for condos was $194,000, which is two percent more than the same month of the prior year. When compared to May 2012, these properties spent 38 percent less time on the market, or an average of 50 days.
In May 2013, a total of 1,532 properties were leased in Austin, which is 13 percent more than May 2012. The median price for Austin-area leases was $1,400, 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.
* 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.