Austin-area home sales rise 33 percent, hit six-year high for January according to the Multiple Listing Service (MLS) report released 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.
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 homes for lease in Austin was $1,300, which is four percent more 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.